LEHIGH VALLEY, Pa., Feb. 4, 2021 /PRNewswire/ --

Q1 FY21 (comparisons versus prior year):

• GAAP EPS of $2.12, down one percent, including an estimated $0.10-$0.15 negative impact from COVID-19; GAAP net income of $487 million, flat; and GAAP net income margin of 20.5 percent, down 120 basis points
• Adjusted EPS* of $2.12, down one percent, including an estimated $0.10-$0.15 negative impact from COVID-19; adjusted EBITDA margin* of 39.2 percent, down 110 basis points

Q1 FY21 Highlights

• Continued to safely operate more than 750 facilities around the world, reliably supplying customers and executing world-scale projects despite the continued challenges of COVID-19
• Increased quarterly dividend 12 percent to $1.50 per share, representing the 39th consecutive year that dividends have increased
• Announced agreement to provide proprietary LNG technology, equipment and related process license and advisory services to Energia Costa Azul LNG export terminal project in Mexico
• Named to the Dow Jones Sustainability North America Index (DJSI) for 11th consecutive year, honored with Best Social Responsibility Brand Award at 10th China Charity Festival for sixth consecutive year, and received 100 percent score on the Corporate Equality Index for the fifth consecutive year

^#Earnings per share is calculated and presented on a diluted basis from continuing operations and attributable to Air Products.

*Certain results in this release, including in the highlights above, include references to non-GAAP financial measures on a consolidated, continuing operations basis and a segment basis. Additional information regarding these measures and a reconciliation of GAAP to non-GAAP historical results can be found below.

Air Products (NYSE:APD) today reported first quarter fiscal 2021 GAAP EPS from continuing operations of $2.12, down one percent, despite an estimated $0.10 to $0.15 negative impact from COVID-19; GAAP net income of $487 million, including $10 million from discontinued operations, which was flat; and GAAP net income margin of 20.5 percent, down 120 basis points, each versus prior year.

On a non-GAAP basis, adjusted EPS from continuing operations of $2.12 was down one percent, despite an estimated $0.10 to $0.15 negative impact from COVID-19; adjusted EBITDA* of $932 million was up three percent; and adjusted EBITDA margin of 39.2 percent was down 110 basis points, each versus prior year.

First quarter sales of $2.4 billion increased five percent on three percent favorable currency, two percent higher pricing and one percent higher energy pass-through. Volumes declined one percent, as new plants, acquisitions and increased sale-of-equipment activities were offset by lower demand from COVID-19 and a reduced contribution from the Lu'An gasification project in Asia ("Lu'An").

Commenting on the results, Air Products' Chairman, President and Chief Executive Officer Seifi Ghasemi said, "The resilient, hard-working and focused Air Products team delivered higher adjusted EBITDA this quarter—as well as maintained adjusted EBITDA margins of nearly 40 percent—despite the continued challenges of the global pandemic. From our position of financial strength, we continued to execute our growth strategy focused on industrial gas projects that address significant energy and environmental challenges. Meanwhile, we continue to create shareholder value through the dividend, with our latest 12 percent increase representing our 39th consecutive year of dividend payment increases."

Fiscal First Quarter Results by Business Segment 

• Industrial Gases - Americas sales of $933 million were flat versus the prior year. Three percent higher pricing and two percent higher energy pass-through were offset by five percent lower volumes, primarily due to the impact of COVID-19. Operating income of $226 million decreased 12 percent, due to lower volumes and higher planned maintenance, partially offset by higher pricing. Operating margin of 24.2 percent decreased 330 basis points. Adjusted EBITDA of $400 million decreased two percent, due to lower volumes and higher planned maintenance, partially offset by higher pricing and the acquisition of hydrogen assets. Adjusted EBITDA margin of 42.9 percent decreased 90 basis points.
  
  
  
  Sequentially, sales increased two percent on five percent higher energy pass-through and one percent higher pricing, partially offset by four percent lower volumes, primarily driven by seasonality.
  
  
  
  
• Industrial Gases - EMEA sales of $563 million increased 13 percent over the prior year. Volumes increased five percent, primarily driven by acquisitions and higher onsite volumes, partially offset by lower packaged gas demand from COVID-19. Three percent higher pricing and six percent favorable currency more than offset one percent lower energy pass-through. Operating income of $142 million increased 17 percent, primarily due to higher pricing, favorable currency and acquisitions, and operating margin of 25.1 percent increased 90 basis points. Adjusted EBITDA of $222 million increased 18 percent, primarily due to higher pricing, favorable currency and acquisitions, and adjusted EBITDA margin of 39.4 percent increased 170 basis points.
  
  
  
  Sequentially, sales increased 11 percent on six percent higher volumes, driven by modest COVID-19-related recovery in the merchant business, acquisitions and higher onsite volumes; two percent favorable currency; two percent higher energy cost pass-through; and one percent higher pricing.
  
  
  
  
• Industrial Gases - Asia sales of $718 million increased four percent from the prior year on six percent favorable currency and one percent each higher pricing and energy-pass through. Volumes decreased four percent, primarily from a reduced contribution from Lu'An, while the merchant business remained stable. Operating income of $215 million decreased six percent, primarily due to Lu'An, and operating margin of 29.9 percent decreased 310 basis points. Adjusted EBITDA of $343 million decreased one percent, primarily due to Lu'An, and adjusted EBITDA margin of 47.7 percent decreased 240 basis points. 
  
  
  
  Sequentially, sales increased one percent, as four percent favorable currency more than offset three percent lower volumes, including Lu'An.

Ghasemi added, "Despite continued, broad economic uncertainty in most of the world, we remain confident in the profitable growth strategy we are executing, providing innovative solutions for some of the world's most significant energy and environmental challenges. With our strong portfolio, we are able to meet customers' and countries' drive for cleaner and more sustainable solutions. We see great opportunities ahead in gasification, carbon capture and hydrogen for mobility, and we continue to develop and invest in strategic opportunities to drive our growth for decades to come. I continue to be as optimistic as ever about the future of Air Products." 

Discontinued Operations

During the first quarter of fiscal 2021, Air Products recorded net income from discontinued operations of $10.3 million ($0.05 per share), primarily from the settlement of a state tax appeal related to the gain on the sale of the former Performance Materials Division in fiscal year 2017. This settlement did not have an impact on Air Products' statement of cash flows in the first quarter.

Earnings Teleconference

Access the Q1 earnings teleconference scheduled for 10:00 a.m. Eastern Time on February 4, 2021 by calling 323-794-2094 and entering passcode 2829376 or access the Event Details page on Air Products' Investor Relations website.

About Air Products

Air Products (NYSE:APD) is a world-leading industrial gases company in operation for 80 years. Focused on serving energy, environment and emerging markets, the Company provides essential industrial gases, related equipment and applications expertise to customers in dozens of industries, including refining, chemical, metals, electronics, manufacturing, and food and beverage. Air Products is also the global leader in the supply of liquefied natural gas process technology and equipment. The Company develops, engineers, builds, owns and operates some of the world's largest industrial gas projects, including: gasification projects that sustainably convert abundant natural resources into syngas for the production of high-value power, fuels and chemicals; carbon capture projects; and world-scale carbon-free hydrogen projects supporting global transportation and the energy transition.

The Company had fiscal 2020 sales of $8.9 billion from operations in 50 countries and has a current market capitalization of about $60 billion. More than 19,000 passionate, talented and committed employees from diverse backgrounds are driven by Air Products' higher purpose to create innovative solutions that benefit the environment, enhance sustainability and address the challenges facing customers, communities, and the world. For more information, visit www.airproducts.com or follow us on LinkedIn, Twitter, Facebook or Instagram.

Cautionary Note Regarding Forward-Looking Statements: This release contains "forward-looking statements" within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements about earnings guidance, business outlook and investment opportunities. These forward-looking statements are based on management's expectations and assumptions as of the date of this release and are not guarantees of future performance. While forward-looking statements are made in good faith and based on assumptions, expectations and projections that management believes are reasonable based on currently available information, actual performance and financial results may differ materially from projections and estimates expressed in the forward-looking statements because of many factors, including, without limitation: the duration and impacts of the novel coronavirus ("COVID-19") global pandemic and efforts to contain its transmission, including the effect of these factors on our business, our customers, economic conditions and markets generally; changes in global or regional economic conditions, supply and demand dynamics in market segments we serve, or in the financial markets that may affect the availability and terms on which we may obtain financing; risks associated with having extensive international operations, including political risks, risks associated with unanticipated government actions and risks of investing in developing markets; project delays, contract terminations or customer cancellations or postponement of projects and sales; future financial and operating performance of major customers and joint venture partners; our ability to develop, implement, and operate new technologies; our ability to execute the projects in our backlog; our ability to develop and operate large scale and technically complex projects, including gasification projects; tariffs, economic sanctions and regulatory activities in jurisdictions in which we and our affiliates and joint ventures operate; the impact of environmental, tax or other legislation, as well as regulations affecting our business and related compliance requirements, including legislation or regulations related to global climate change; changes in tax rates and other changes in tax law; the timing, impact and other uncertainties relating to acquisitions and divestitures, including our ability to integrate acquisitions and separate divested businesses, respectively; risks relating to cybersecurity incidents, including risks from the interruption, failure or compromise of our information systems; catastrophic events, such as natural disasters, public health crises, acts of war, or terrorism; the impact on our business and customers of price fluctuations in oil and natural gas and disruptions in markets and the economy due to oil and natural gas price volatility; costs and outcomes of legal or regulatory proceedings and investigations; asset impairments due to economic conditions or specific events; significant fluctuations in interest rates and foreign currency exchange rates from those currently anticipated; damage to facilities, pipelines or delivery systems, including those we own or operate for third parties; availability and cost of raw materials; the success of productivity and operational improvement programs; and other risk factors described in our Annual Report on Form 10-K for the fiscal year ended September 30, 2020. Except as required by law, we disclaim any obligation or undertaking to update or revise any forward-looking statements contained herein to reflect any change in the assumptions, beliefs, or expectations or any change in events, conditions, or circumstances upon which any such forward-looking statements are based.

RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES

(Millions of dollars unless otherwise indicated, except for per share data)

We present certain financial measures, other than in accordance with U.S. generally accepted accounting principles ("GAAP"), on an "adjusted" or "non-GAAP" basis. On a consolidated basis, these measures include adjusted diluted earnings per share ("EPS"), adjusted EBITDA, adjusted EBITDA margin, and adjusted effective tax rate. On a segment basis, these measures include adjusted EBITDA and adjusted EBITDA margin. In addition to these measures, we also present certain supplemental non-GAAP financial measures to help the reader understand the impact that certain disclosed items, or "non-GAAP adjustments," have on the calculation of our adjusted diluted EPS. For each non-GAAP financial measure, we present a reconciliation to the most directly comparable financial measure calculated in accordance with GAAP.

Our non-GAAP financial measures are not meant to be considered in isolation or as a substitute for the most directly comparable measure calculated in accordance with GAAP. We believe these non-GAAP financial measures provide investors, potential investors, securities analysts, and others with useful information to evaluate the performance of our business because such measures, when viewed together with financial results computed in accordance with GAAP, provide a more complete understanding of the factors and trends affecting our historical financial performance and projected future results.

In many cases, non-GAAP financial measures are determined by adjusting the most directly comparable GAAP measure to exclude non-GAAP adjustments that we believe are not representative of our underlying business performance. For example, we previously excluded certain expenses associated with cost reduction actions, impairment charges, and gains on disclosed transactions. The reader should be aware that we may recognize similar losses or gains in the future. Readers should also consider the limitations associated with these non-GAAP financial measures, including the potential lack of comparability of these measures from one company to another. 

When applicable, the tax impact on our pre-tax non-GAAP adjustments reflects the expected current and deferred income tax impact of our non-GAAP adjustments. These tax impacts are primarily driven by the statutory tax rate of the various relevant jurisdictions and the taxability of the adjustments in those jurisdictions.

ADJUSTED DILUTED EPS

There were no non-GAAP adjustments in the first quarter of fiscal year 2021 or 2020 that impacted diluted EPS from continuing operations.

When applicable, the table below provides a reconciliation to the most directly comparable GAAP measure for each of the major components used to calculate adjusted diluted EPS from continuing operations, which we view as a key performance metric. In periods that we have non-GAAP adjustments, we believe it is important for the reader to understand the per share impact of each such adjustment because management does not consider these impacts when evaluating underlying business performance.

ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN

We define adjusted EBITDA as net income less income (loss) from discontinued operations, net of tax, and excluding non-GAAP adjustments, which we do not believe to be indicative of underlying business trends, before interest expense, other non-operating income (expense), net, income tax provision, and depreciation and amortization expense. Adjusted EBITDA and adjusted EBITDA margin provide useful metrics for management to assess operating performance. Margins are calculated independently for each period by dividing each line item by consolidated sales for the respective period and may not sum to total margin due to rounding.

The tables below present consolidated sales and a reconciliation of net income on a GAAP basis to adjusted EBITDA and net income margin on a GAAP basis to adjusted EBITDA margin:

The tables below present sales and a reconciliation of operating income and operating margin to adjusted EBITDA and adjusted EBITDA margin for each of our regional industrial gas segments for the three months ended 31 December 2020 and 2019:

ADJUSTED EFFECTIVE TAX RATE

The effective tax rate equals the income tax provision divided by income from continuing operations before taxes. There were no non-GAAP adjustments in the first quarter of fiscal year 2021 or 2020 that impacted our effective tax rate.

When applicable, the tax impact of our pre-tax non-GAAP adjustments reflects the expected current and deferred income tax expense associated with each adjustment and is primarily dependent upon the statutory tax rate of the various relevant jurisdictions and the taxability of the adjustments in those jurisdictions.

View original content:http://www.prnewswire.com/news-releases/air-products-reports-fiscal-2021-first-quarter-gaap-eps-and-adjusted-eps-of-2-12--301222099.html

SOURCE Air Products

LEHIGH VALLEY, Pa., Feb. 1, 2021 /PRNewswire/ -- Air Products (NYSE: APD), the world's leader in liquefied natural gas (LNG) technology and equipment, has signed an agreement to provide its proprietary LNG technology, equipment and related process license and advisory services to the Energia Costa Azul (ECA) LNG Export Terminal Project. Air Products' world-leading LNG manufacturing facility in Port Manatee, Florida will manufacture the coil wound heat exchangers (CWHE) for its AP-DMR™ LNG Process technology, which will then be shipped to the project export terminal site in Ensenada, Mexico. ECA LNG is a joint venture between Sempra LNG, IEnova and Total.  

"ECA LNG is a new customer for Air Products' LNG business, and we are pleased our AP-DMR process technology was selected to assist them in meeting their LNG business goals for the first phase of this strategic west coast North America LNG project. This project will showcase the innovative benefits of our technology, as it will utilize our highly efficient and cost effective dual mixed refrigerant (DMR) process for this unique, compact site location. Our recently expanded manufacturing facility can serve all customer needs in terms of LNG production capacity and reinforces our commitment and presence to serve all the LNG markets worldwide, from baseload mega trains to mid-scale bunkering facilities to small-scale facilities," said Dr. Samir J. Serhan, chief operating officer at Air Products.

Air Products' LNG equipment will be able to produce approximately three million tons per annum at the Ensenada location. Under the agreement, Air Products' DMR process technology, as well as engineering, design and manufacturing of the heat exchanger equipment for the liquefaction section, will be supplied for the single production train. The process uses Air Products' proprietary CWHE technology. This DMR process is particularly well suited for not only this land-based baseload LNG facility in Mexico, but also for Arctic locations and for offshore, floating LNG applications. The highly efficient process and CWHE equipment design, combined with fuel-efficient mechanical drivers, significantly reduces the greenhouse gas emissions from the liquefaction process.

Air Products will build the LNG heat exchangers at its Port Manatee, Florida manufacturing facility. Air Products opened its Port Manatee facility in January 2014 and completed a 60% expansion in October 2019 to meet the needs of the ever-growing LNG industry. In October 2018, Air Products dedicated a new LNG equipment test facility (ETF), which will enable Air Products to improve the reliability and yield produced from its LNG equipment and to design new equipment.

Air Products' proprietary LNG technology, vital to helping meet the world's increasing energy needs and desire for clean energy, processes and cryogenically liquefies valuable natural gas for consumer and industrial use. For over 50 years Air Products has manufactured LNG heat exchangers, which currently operate in over 100 LNG trains in 20 countries around the world. 

Typically, an LNG heat exchanger can be as large as over 15 feet (5 meters) in diameter and 180 feet (55 meters) long. A finished unit can weigh as much as 500 tons. Photos of Air Products' LNG technology can be downloaded for publication at http://prphotolibrary.airproducts.com/ImageViewer.aspx?q=LNG.

Air Products' LNG process technology and equipment is the heart of an LNG production plant. The technology, in place at some of the most remote locations around the world, takes natural gas and unlocks its value by liquefying it and making it possible to economically ship it. The LNG is eventually re-gasified for energy uses.

The majority of total worldwide LNG is produced with Air Products' technology. In support of the LNG industry, Air Products provides process technology and key equipment for the natural gas liquefaction process for large export plants, small and mid-sized LNG plants, floating LNG plants and LNG peak shavers. Upstream, Air Products provides both nitrogen and natural gas dehydration membrane systems for offshore platforms. Downstream, Air Products provides membrane nitrogen generators for LNG carriers, and land-based membrane and cryogenic nitrogen systems for LNG import terminals and baseload LNG plants.

About Air Products 

Air Products (NYSE:APD) is a world-leading industrial gases company in operation for 80 years. Focused on serving energy, environment and emerging markets, the Company provides essential industrial gases, related equipment and applications expertise to customers in dozens of industries, including refining, chemical, metals, electronics, manufacturing, and food and beverage. Air Products is also the global leader in the supply of liquefied natural gas process technology and equipment. The Company develops, engineers, builds, owns and operates some of the world's largest industrial gas projects, including: gasification projects that sustainably convert abundant natural resources into syngas for the production of high-value power, fuels and chemicals; carbon capture projects; and world-scale carbon-free hydrogen projects supporting global transportation and the energy transition.

The Company had fiscal 2020 sales of $8.9 billion from operations in 50 countries and has a current market capitalization of over $60 billion. More than 19,000 passionate, talented and committed employees from diverse backgrounds are driven by Air Products' higher purpose to create innovative solutions that benefit the environment, enhance sustainability and address the challenges facing customers, communities, and the world. For more information, visit airproducts.com or follow us on LinkedIn, Twitter, Facebook or Instagram. 

NOTE: This release may contain forward-looking statements within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management's reasonable expectations and assumptions as of the date of this release regarding important risk factors. Actual performance and financial results may differ materially from projections and estimates expressed in the forward-looking statements because of many factors not anticipated by management, including risk factors described in the company's Form 10K for its fiscal year ended September 30, 2020.

View original content:http://www.prnewswire.com/news-releases/air-products-lng-technology-selected-for-energia-costa-azul-export-project-in-mexico-301219130.html

SOURCE Air Products

SHANGHAI, Jan. 29, 2021 /PRNewswire/ -- Air Products (NYSE:APD) was presented with the 2020 Best Social Responsibility Brand Award at the 10^th China Charity Festival award ceremony held in Shanghai on January 28-29. This is the sixth consecutive year the company has been recognized at this influential event for its corporate social responsibility(CSR) activities and continued contributions to social development in China.

Over the past six years, Air Products has received the same honor four times, and also won both of the Overall Community Care Award and Best Community Program Award two times.

"Sustainability is part of Air Products' higher purpose and at the core of everything we do. Through the Air Products Foundation and our employees' joint efforts, we continued to expand our CSR programs in 2020 amid challenging times posed by the coronavirus pandemic. Working together, we have continued to make a positive impact on the communities where we operate," said Simon Moore, vice president, Investor Relations, Corporate Relations and Sustainability at Air Products.

Air Products' key CSR activities in China in 2020 included: 

• Launched a new program to help provide safe and healthy drinking water through the Air Products Foundation to more than 12,000 students at 17 rural schools in Xiangyuan county, Shanxi Province. 
• Continuing its LIN (liquid nitrogen) Ambassador gas science education program to foster the next generation's interest in innovation and scientific thinking through fun and safe LIN experiments. Now in its sixth year, the program has reached more than 7,000 students and teachers in 20 cities across the country.
• Supported COVID-19 rescue and recovery efforts, including an immediate donation of 500,000 renminbi, approximately $70,000, to support the most urgent medical care needs; a $100,000 grant via the Air Products Foundation to assist recovery efforts; and deliveries of most needed medical liquid oxygen and helium to hospitals.

"As a corporate citizen, we have been 'Working here. Living here. Giving here.' in China for over 30 years and supporting our customers and diverse industries to improve energy efficiency, productivity and environmental performance with our gases, leading-edge application technologies and innovative solutions," said Saw Choon Seong, China president at Air Products. "This award is a strong recognition of our company's continued contributions. The honor belongs to our employees who are passionate about and actively involved in contributing to a sustainable world. We will continue to work together with our customers and other stakeholders to build a better future for China during the 14^th Five-Year Plan period and beyond."

The 10^th China Charity Festival, co-organized by dozens of Chinese mainstream media outlets, honored approximately 260 leading organizations from a wide range of industries with various awards. The judging panel consisting of leaders and experts from public welfare organizations, consulting firms, institutions and media evaluated all candidates according to the indicators of sustainability, creativity, adaptability, credibility and level of influence.

About Air Products

Air Products (NYSE:APD) is a world-leading industrial gases company in operation for 80 years. Focused on serving energy, environment and emerging markets, the Company provides essential industrial gases, related equipment and applications expertise to customers in dozens of industries, including refining, chemical, metals, electronics, manufacturing, and food and beverage. Air Products is also the global leader in the supply of liquefied natural gas process technology and equipment. The Company develops, engineers, builds, owns and operates some of the world's largest industrial gas projects, including: gasification projects that sustainably convert abundant natural resources into syngas for the production of high-value power, fuels and chemicals; carbon capture projects; and world-scale carbon-free hydrogen projects supporting global transportation and the energy transition.

The Company had fiscal 2020 sales of $8.9 billion from operations in 50 countries and has a current market capitalization of over $60 billion. More than 19,000 passionate, talented and committed employees from diverse backgrounds are driven by Air Products' higher purpose to create innovative solutions that benefit the environment, enhance sustainability and address the challenges facing customers, communities, and the world. For more information, visit www.airproducts.com or follow us on LinkedIn, Twitter, Facebook or Instagram. 

NOTE: This release may contain forward-looking statements within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management's reasonable expectations and assumptions as of the date of this release regarding important risk factors. Actual performance and financial results may differ materially from projections and estimates expressed in the forward-looking statements because of many factors not anticipated by management, including risk factors described in the company's Form 10K for its fiscal year ended September 30, 2020.

View original content:http://www.prnewswire.com/news-releases/air-products-recognized-for-corporate-social-responsibility-at-china-charity-festival-for-sixth-consecutive-year-301218201.html

SOURCE Air Products

LEHIGH VALLEY, Pa., Jan. 28, 2021 /PRNewswire/ -- For the fifth consecutive year, Air Products (NYSE:APD) has earned a perfect score on the Human Rights Campaign Foundation's 2021 Corporate Equality Index (CEI), the nation's foremost benchmarking survey and report measuring corporate policies and practices related to LGBTQ workplace equality.

The results of the 2021 CEI showcase released today show how U.S.-based companies are not only promoting LGBTQ-friendly workplace policies in the U.S., but the 57% of CEI-rated companies with global operations are also helping advance the cause of LGBTQ inclusion in workplaces abroad. Air Products' efforts in satisfying all of the CEI's criteria earned a 100 percent ranking and the designation as one of the Best Places to Work for LGBTQ Equality.

"Every day we strive to build a more welcoming and inclusive workplace. We are pleased to have again achieved a perfect score from CEI, but know there will always be more work to be done," said Victoria Brifo, senior vice president and chief human resources officer at Air Products. "As a company that operates in more than 50 countries, our employees come from all walks of life and nationalities, creating an inclusive environment where feeling that they belong and matter is part of our higher purpose."

The CEI rates employers providing crucial protections to over 18 million U.S. workers and an additional 17 million abroad. Companies rated in the CEI include Fortune magazine's 500 largest publicly-traded businesses, American Lawyer magazine's top 200 revenue-grossing law firms (AmLaw 200), and hundreds of publicly and privately held mid- to large-sized businesses.

The CEI rates companies on detailed criteria falling under four central pillars:

• Non-discrimination policies across business entities;
• Equitable benefits for LGBTQ workers and their families;
• Support of an inclusive culture; and,
• Corporate social responsibility.

To continue its efforts to build a more inclusive workplace, in 2020 Air Products announced a new goal to further increase the percentage of women and U.S. minorities in professional and managerial roles. By 2025, Air Products aims to achieve at least 28 percent female representation in the professional and managerial population globally and at least 20 percent minority representation in the same population in the United States. The measures are increases from 25 and 17 percent (2020 baseline), respectively.

Air Products plans to share progress towards these goals both internally and externally. In its 2020 Sustainability Report, for the first time, Air Products published 2019 metrics on the representation of U.S. minorities and added an additional level of metrics for women in executive roles. 

Air Products' inclusion on HRC's "Best Places to Work for LGBTQ Equality" list is the latest recognition for the Company's efforts to continue to build the most diverse industrial gas workforce in the world. Air Products was also included in Corporate Responsibility Magazine's (CR Magazine) 100 Best Corporate Citizens List for the ninth consecutive year in 2020.

Additional details on Air Products' diversity and inclusion efforts can be found at: https://www.airproducts.com/company/diversity

"From the previously unimaginable impact of the COVID-19 pandemic, to a long overdue reckoning with racial injustice, 2020 was an unprecedented year. Yet, many businesses across the nation stepped up and continued to prioritize and champion LGBTQ equality," said Alphonso David, Human Rights Campaign President. "This year has shown us that tools like the CEI are crucial in the work to increase equity and inclusion in the workplace, but also that companies must breathe life into these policies and practices in real and tangible ways. Thank you to the companies that understand protecting their LGBTQ employees and consumers from discrimination is not just the right thing to do—but the best business decision."

The full report is available online at www.hrc.org/cei.

The Human Rights Campaign Foundation is the educational arm of America's largest civil rights organization working to achieve equality for lesbian, gay, bisexual transgender and queer people. HRC envisions a world where LGBTQ people are embraced as full members of society at home, at work and in every community.

About Air Products

Air Products (NYSE:APD) is a world-leading industrial gases company in operation for 80 years. Focused on serving energy, environment and emerging markets, the Company provides essential industrial gases, related equipment and applications expertise to customers in dozens of industries, including refining, chemical, metals, electronics, manufacturing, and food and beverage. Air Products is also the global leader in the supply of liquefied natural gas process technology and equipment. The Company develops, engineers, builds, owns and operates some of the world's largest industrial gas projects, including: gasification projects that sustainably convert abundant natural resources into syngas for the production of high-value power, fuels and chemicals; carbon capture projects; and world-scale carbon-free hydrogen projects supporting global transportation and the energy transition.

The Company had fiscal 2020 sales of $8.9 billion from operations in 50 countries and has a current market capitalization of over $60 billion. More than 19,000 passionate, talented and committed employees from diverse backgrounds are driven by Air Products' higher purpose to create innovative solutions that benefit the environment, enhance sustainability and address the challenges facing customers, communities, and the world. For more information, visit www.airproducts.com or follow us on LinkedIn, Twitter, Facebook or Instagram. 

NOTE: This release may contain forward-looking statements within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management's reasonable expectations and assumptions as of the date of this release regarding important risk factors. Actual performance and financial results may differ materially from projections and estimates expressed in the forward-looking statements because of many factors not anticipated by management, including risk factors described in the Company's Form 10K for its fiscal year ended September 30, 2020.

View original content:http://www.prnewswire.com/news-releases/air-products-receives-highest-rating-possible-for-5th-year-in-a-row-on-2021-corporate-equality-index-301217633.html

SOURCE Air Products

LEHIGH VALLEY, Pa., Jan. 28, 2021 /PRNewswire/ -- The Board of Directors of Air Products (NYSE: APD) has increased the quarterly dividend on the company's common stock by 16 cents per share—from $1.34 to $1.50 per share—representing a 12 percent increase.

This marks the 39th consecutive year that Air Products has increased its dividend payment. The dividend is payable on May 10, 2021 to shareholders of record at the close of business on April 1, 2021.

Air Products Chairman, President and Chief Executive Officer Seifi Ghasemi said, "We continue to operate from a position of significant financial strength and are excited about our tremendous opportunities to invest in strategic industrial gas projects around the world. At the same time, we remain committed to creating shareholder value through increasing dividends, underpinned by our strong cash flows. In fiscal 2020, we were proud to return about $1.1 billion to our shareholders through our dividend while having significant distributable cash flow for high-return industrial gas investments."

About Air Products 

Air Products (NYSE: APD) is a world-leading industrial gases company in operation for 80 years. Focused on serving energy, environment and emerging markets, the Company provides essential industrial gases, related equipment and applications expertise to customers in dozens of industries, including refining, chemical, metals, electronics, manufacturing, and food and beverage. Air Products is also the global leader in the supply of liquefied natural gas process technology and equipment. The Company develops, engineers, builds, owns and operates some of the world's largest industrial gas projects, including: gasification projects that sustainably convert abundant natural resources into syngas for the production of high-value power, fuels and chemicals; carbon capture projects; and world-scale carbon-free hydrogen projects supporting global transportation and the energy transition.



The Company had fiscal 2020 sales of $8.9 billion from operations in 50 countries and has a current market capitalization of about $60 billion. More than 19,000 passionate, talented and committed employees from diverse backgrounds are driven by Air Products' higher purpose to create innovative solutions that benefit the environment, enhance sustainability and address the challenges facing customers, communities, and the world. For more information, visit www.airproducts.com or follow us on LinkedIn, Twitter, Facebook or Instagram. 

View original content:http://www.prnewswire.com/news-releases/air-products-increases-quarterly-dividend-12-percent-to-1-50-per-share-the-39th-consecutive-year-of-increases-301217430.html

SOURCE Air Products

LEHIGH VALLEY, Pa., Jan. 27, 2021 /PRNewswire/ -- Air Products' (NYSE: APD) vice president - Hydrogen for Mobility Solutions, Eric Guter, took part in a virtual panel discussion today detailing the findings of the Fuel Cell & Hydrogen Energy Association's (FCHEA) "Road Map to a U.S. Hydrogen Economy" report.

The panel was part of FCHEA's northeast launch of the 96-page Road Map to a U.S. Hydrogen Economy report, which was created by a coalition including Air Products and 19 other major hydrogen, oil, gas, power, automotive, and fuel cell companies. The comprehensive report details how the United States can expand its global energy leadership by scaling up activity in the rapidly emerging and evolving hydrogen economy. The creation of the report was coordinated and managed by FCHEA.

"At Air Products, we are committed to developing new sources and types of hydrogen to meet increasing market needs," said Guter. "As a leader in hydrogen production for decades, we have the capabilities and know-how to provide the hydrogen needed to eliminate greenhouse gases from hard to abate sectors of the economy. We believe world-scale projects, such as the NEOM project, are required to rapidly reduce the cost of green hydrogen and more quickly help the world reduce its carbon footprint."

Hydrogen, when used in fuel cell applications, eliminates vehicle emissions as the only emission is water. As a world-leading producer of hydrogen and hydrogen for mobility applications, Air Products provides solutions from hydrogen supply to distribution to dispensing and has made significant investments to accelerate the transition to zero-carbon transportation.

Last year, Air Products, in conjunction with ACWA Power and NEOM, announced the signing of an agreement to build a $5 billion world-scale green hydrogen-based ammonia production facility powered by renewable energy. The green ammonia production project site is located in NEOM, in the northwest corner of the Kingdom of Saudi Arabia.

The joint venture project will include the innovative integration of over four gigawatts of renewable power from solar, wind and storage; production of 650 tons per day of hydrogen by electrolysis; production of nitrogen by air separation using Air Products' technology; and the production of 1.2 million tons per year of green ammonia. The project is scheduled to be onstream in 2025. Air Products will be the exclusive off-taker of the green ammonia and intends to transport it around the world to be dissociated into what is known as green hydrogen for use in the transportation market and other industries.

Air Products also made significant investments to increase hydrogen production in the U.S. This year, Air Products' newest liquid hydrogen plant at its La Porte, Texas industrial gas facility is scheduled to go onstream. Once onstream, the liquid hydrogen plant will produce approximately 30 tons of liquid hydrogen per day. It will draw its hydrogen from Air Products' existing Gulf Coast hydrogen pipeline system network.

Air Products operates extensive hydrogen pipeline networks around the world, including the nearly 700-mile Gulf Coast Pipeline Network – the world's largest – connected to more than 20 hydrogen production facilities and with a system capacity of 1.7 billion standard cubic feet per day.

Also, in Port Arthur, Texas, Air Products operates the largest CO₂ purification and capture project for enhanced oil recovery by an industrial gas company. Air Products designed, constructed and operates the state-of-the-art system to capture CO₂ from two steam methane reformers located at a Port Arthur refinery. The CO₂ removal technology was retrofitted to the SMRs, which produce hydrogen to assist in the making of cleaner burning transportation fuels by refinery customers on Air Products' Gulf Coast hydrogen pipeline network. Since 2014 Air Products has captured over six million tons of CO₂ at Port Arthur that has been put to beneficial use. Carbon capture is essential to producing what is known as blue hydrogen.

And last year, in Santa Ana, California, Air Products commissioned the nation's largest fast-fill hydrogen bus fueling station at the Orange County Transportation Authority (OCTA). The new fueling station, located at OCTA's bus depot, was designed by Air Products and is equipped with Air Products' hydrogen fueling technology. OCTA's current hydrogen fuel cell electric bus fleet consists of 10 buses, but the station is built for future growth. It has a bus fueling capacity for more than 50 buses, which corresponds to fueling up to 1,500 kilograms (kg) of hydrogen in an eight-hour time period.

For more information on Air Products and its hydrogen for mobility capabilities visit: https://www.airproducts.com/gases/hydrogen.

About Air Products

Air Products (NYSE: APD) is a world-leading industrial gases company in operation for 80 years. Focused on serving energy, environment and emerging markets, the Company provides essential industrial gases, related equipment and applications expertise to customers in dozens of industries, including refining, chemical, metals, electronics, manufacturing, and food and beverage. Air Products is also the global leader in the supply of liquefied natural gas process technology and equipment. The Company develops, engineers, builds, owns and operates some of the world's largest industrial gas projects, including: gasification projects that sustainably convert abundant natural resources into syngas for the production of high-value power, fuels and chemicals; carbon capture projects; and world-scale carbon-free hydrogen projects supporting global transportation and the energy transition.

The Company had fiscal 2020 sales of $8.9 billion from operations in 50 countries and has a current market capitalization of over $60 billion. More than 19,000 passionate, talented and committed employees from diverse backgrounds are driven by Air Products' higher purpose to create innovative solutions that benefit the environment, enhance sustainability and address the challenges facing customers, communities, and the world. For more information, visit www.airproducts.com or follow us on LinkedIn, Twitter, Facebook or Instagram. 

NOTE: This release may contain forward-looking statements within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management's reasonable expectations and assumptions as of the date of this release regarding important risk factors. Actual performance and financial results may differ materially from projections and estimates expressed in the forward-looking statements because of many factors not anticipated by management, including risk factors described in the company's Form 10K for its fiscal year ended September 30, 2020.

View original content:http://www.prnewswire.com/news-releases/air-products-hydrogen-for-mobility-solutions-vp-eric-guter-and-industry-leaders-discuss-steps-needed-on-the-road-to-the-us-hydrogen-economy-301216578.html

SOURCE Air Products