The following is a summary of the Air Products and Chemicals, Inc. (APD) Q2 2024 Earnings Call Transcript:

Financial Performance:

• Air Products reported Q2 adjusted earnings per share of $2.85, a 4% improvement from last year, mainly due to strong performances in the Americas and Europe.

• The adjusted earnings per share guidance for Q3 2024 is between $3.00 and $3.05. The company maintains its full-year guidance of $12.20 to $12.50 per share.

• The capital expenditure for the fiscal year 2024 is expected to be between $5 billion and $5.5 billion.

• The dividend per share per quarter has been increased to $1.77, marking the 42nd year of consecutive dividend increases.

• Despite inflation, the company improved its pricing with a 6% increase in U.S. merchant pricing during Q2 2024.

Business Progress:

• The company's industrial gases business and large-scale, low-carbon hydrogen projects are key drivers of growth and sustainability.

• Significant improvements were observed in productivity during the execution of their long-term growth strategy.

• Management aims for more than 10% annual growth in adjusted earnings per share over the next decade.

• Major increases in Q3 2024 maintenance costs are expected due to turnarounds in the Americas and Europe operations.

• Cost actions, including severance costs, are expected to generate around $75 million in full-year savings.

• The ongoing green hydrogen project in Saudi Arabia shows progress; the finalization of rules for the implementation of the ITA is awaited for making financial decisions for the North Texas project.

• Upcoming new plants are anticipated to contribute to volume growth, positioning the company favorably for better-than-expected Q2 2024 results.

• The company plans to operate their Steam Methane Reformers (SMRs) only with carbon capture in 15 years, a significant step towards more sustainable operations.

More details: Air Products & Chemicals IR

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