Stock Analysis on Net
Stock Analysis on Net

Air Products & Chemicals Inc. (NYSE:APD)

Income Statement

Beginner level

The income statement presents information on the financial results of a company’s business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Air Products & Chemicals Inc., consolidated income statement

US$ in thousands

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12 months ended: Sep 30, 2019 Sep 30, 2018 Sep 30, 2017 Sep 30, 2016 Sep 30, 2015 Sep 30, 2014
Sales 8,918,900  8,930,200  8,187,600  9,524,400  9,894,900  10,439,000 
Cost of sales (5,975,500) (6,189,500) (5,753,400) (6,402,700) (6,944,100) (7,634,600)
Facility closure (29,000) —  —  —  —  — 
Gross profit 2,914,400  2,740,700  2,434,200  3,121,700  2,950,800  2,804,400 
Selling and administrative (750,000) (760,800) (715,600) (849,300) (941,700) (1,059,300)
Research and development (72,900) (64,500) (57,800) (132,000) (138,800) (141,400)
Business separation costs —  —  (30,200) (52,200) (7,500) — 
Cost reduction and asset actions (25,500) —  (151,400) (33,900) (207,700) (12,700)
Pension settlement loss —  —  (10,500) (6,400) (21,200) (5,500)
Goodwill and intangible asset impairment charge —  —  (162,100) —  —  (310,100)
Gain on exchange of equity affiliate investments 29,100  —  —  —  17,900  — 
Other income (expense), net 49,300  50,200  121,000  58,100  47,300  52,800 
Operating income 2,144,400  1,965,600  1,427,600  2,106,000  1,699,100  1,328,200 
Equity affiliates’ income 215,400  174,800  80,100  148,600  154,500  151,400 
Interest expense (137,000) (130,500) (120,600) (115,500) (103,500) (125,100)
Other non-operating income (expense), net 66,700  5,100  29,000  —  —  — 
Loss on extinguishment of debt —  —  —  (6,900) (16,600) — 
Income from continuing operations before taxes 2,289,500  2,015,000  1,416,100  2,132,200  1,733,500  1,354,500 
Income tax provision (480,100) (524,300) (260,900) (586,500) (415,900) (366,000)
Income from continuing operations 1,809,400  1,490,700  1,155,200  1,545,700  1,317,600  988,500 
Income (loss) from discontinued operations, net of tax —  42,200  1,866,000  (884,200) —  4,600 
Net income 1,809,400  1,532,900  3,021,200  661,500  1,317,600  993,100 
Net income attributable to noncontrolling interests (49,400) (35,100) (20,800) (30,400) (39,700) (1,400)
Net income attributable to Air Products 1,760,000  1,497,800  3,000,400  631,100  1,277,900  991,700 

Based on: 10-K (filing date: 2019-11-26), 10-K (filing date: 2018-11-20), 10-K (filing date: 2017-11-16), 10-K (filing date: 2016-11-21), 10-K (filing date: 2015-11-24), 10-K (filing date: 2014-11-24).

Income statement item Description The company
Sales Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise. Air Products & Chemicals Inc.’s sales increased from 2017 to 2018 but then slightly decreased from 2018 to 2019.
Operating income The net result for the period of deducting operating expenses from operating revenues. Air Products & Chemicals Inc.’s operating income increased from 2017 to 2018 and from 2018 to 2019.
Income from continuing operations before taxes Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest. Air Products & Chemicals Inc.’s income from continuing operations before taxes increased from 2017 to 2018 and from 2018 to 2019.
Net income attributable to Air Products The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Air Products & Chemicals Inc.’s net income attributable to Air Products decreased from 2017 to 2018 but then slightly increased from 2018 to 2019.