This company has been moved to the archive! The financial data has not been updated since August 9, 2021.
Income Statement Quarterly Data
The income statement presents information on the financial results of a company 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 (quarterly data)
US$ in thousands
3 months ended:
Jun 30, 2021
Mar 31, 2021
Dec 31, 2020
Sep 30, 2020
Jun 30, 2020
Mar 31, 2020
Dec 31, 2019
Sep 30, 2019
Jun 30, 2019
Mar 31, 2019
Dec 31, 2018
Sep 30, 2018
Jun 30, 2018
Mar 31, 2018
Dec 31, 2017
Sep 30, 2017
Jun 30, 2017
Mar 31, 2017
Dec 31, 2016
Sep 30, 2016
Jun 30, 2016
Mar 31, 2016
Dec 31, 2015
Sep 30, 2015
Jun 30, 2015
Mar 31, 2015
Dec 31, 2014
Sales
2,604,700)
2,502,000)
2,375,200)
2,320,100)
2,065,200)
2,216,300)
2,254,700)
2,283,200)
2,224,000)
2,187,700)
2,224,000)
2,298,900)
2,259,000)
2,155,700)
2,216,600)
2,203,100)
2,121,900)
1,980,100)
1,882,500)
2,463,000)
2,434,400)
2,271,200)
2,355,800)
2,449,400)
2,470,200)
2,414,500)
2,560,800)
Cost of sales
(1,801,900)
(1,745,500)
(1,632,400)
(1,566,500)
(1,344,900)
(1,460,100)
(1,486,600)
(1,490,800)
(1,466,000)
(1,474,700)
(1,544,000)
(1,565,800)
(1,545,400)
(1,506,500)
(1,571,800)
(1,545,300)
(1,486,200)
(1,403,800)
(1,318,100)
(1,648,700)
(1,639,300)
(1,519,000)
(1,595,700)
(1,697,100)
(1,716,400)
(1,699,600)
(1,831,000)
Facility closure
—)
(23,200)
—)
—)
—)
—)
—)
—)
—)
—)
(29,000)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
Gross profit
802,800)
733,300)
742,800)
753,600)
720,300)
756,200)
768,100)
792,400)
758,000)
713,000)
651,000)
733,100)
713,600)
649,200)
644,800)
657,800)
635,700)
576,300)
564,400)
814,300)
795,100)
752,200)
760,100)
752,300)
753,800)
714,900)
729,800)
Selling and administrative
(213,300)
(210,300)
(202,700)
(195,600)
(176,900)
(201,700)
(201,700)
(181,900)
(188,500)
(190,000)
(189,600)
(186,000)
(188,600)
(194,600)
(191,600)
(187,500)
(184,500)
(177,900)
(165,700)
(218,800)
(212,000)
(207,100)
(211,400)
(200,400)
(242,200)
(240,900)
(258,200)
Research and development
(23,200)
(21,100)
(23,500)
(27,100)
(19,900)
(19,200)
(17,700)
(22,900)
(18,100)
(16,900)
(15,000)
(20,400)
(15,000)
(14,500)
(14,600)
(13,300)
(14,600)
(14,800)
(15,100)
(33,200)
(34,100)
(32,700)
(32,000)
(33,300)
(33,800)
(36,300)
(35,400)
Business separation costs
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
(30,200)
(23,300)
(9,500)
(7,400)
(12,000)
(7,500)
—)
—)
—)
Cost reduction actions
—)
—)
—)
—)
—)
—)
—)
—)
(25,500)
—)
—)
—)
—)
—)
—)
(48,400)
(42,700)
(10,300)
(50,000)
(11,100)
(14,200)
(8,600)
—)
(61,700)
(58,200)
(55,400)
(32,400)
Pension settlement loss
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
(900)
(5,500)
(4,100)
—)
(2,800)
(1,000)
(2,600)
—)
(7,000)
(1,600)
(12,600)
—)
Goodwill and intangible asset impairment charge
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
(162,100)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
Gain on exchange with joint venture partner
—)
36,800)
—)
—)
—)
—)
—)
—)
29,100)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
17,900)
Company headquarters relocation income
—)
—)
—)
—)
—)
33,800)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
Other income (expense), net
10,800)
9,800)
22,500)
29,300)
15,700)
8,100)
12,300)
15,600)
14,700)
10,400)
8,600)
7,000)
5,800)
15,300)
22,100)
48,000)
26,300)
22,000)
24,700)
21,900)
10,800)
19,500)
5,900)
29,800)
4,500)
4,700)
8,300)
Operating income
577,100)
548,500)
539,100)
560,200)
539,200)
577,200)
561,000)
603,200)
569,700)
516,500)
455,000)
533,700)
515,800)
455,400)
460,700)
455,700)
252,600)
391,200)
328,100)
547,000)
535,100)
513,300)
510,600)
472,200)
422,500)
374,400)
430,000)
Equity affiliates’ income (loss)
63,200)
69,800)
69,300)
67,200)
51,200)
88,200)
58,200)
59,900)
56,400)
46,200)
52,900)
59,200)
58,100)
43,700)
13,800)
44,800)
(36,900)
34,200)
38,000)
40,000)
42,400)
32,500)
33,700)
36,000)
42,400)
33,000)
43,100)
Interest expense
(35,600)
(36,100)
(36,700)
(39,200)
(32,100)
(19,300)
(18,700)
(30,100)
(34,200)
(35,400)
(37,300)
(35,400)
(34,900)
(30,400)
(29,800)
(30,800)
(29,800)
(30,500)
(29,500)
(32,600)
(35,000)
(25,700)
(22,200)
(22,800)
(28,200)
(23,400)
(29,100)
Other non-operating income (expense), net
21,100)
16,800)
18,600)
6,400)
8,100)
7,100)
9,100)
16,900)
17,600)
13,700)
18,500)
(28,600)
12,800)
11,100)
9,800)
9,500)
9,800)
9,700)
—)
—)
—)
—)
—)
—)
—)
—)
—)
Loss on extinguishment of debt
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
(6,900)
—)
—)
—)
(16,600)
—)
—)
—)
Income from continuing operations before taxes
625,800)
599,000)
590,300)
594,600)
566,400)
653,200)
609,600)
649,900)
609,500)
541,000)
489,100)
528,900)
551,800)
479,800)
454,500)
479,200)
195,700)
404,600)
336,600)
547,500)
542,500)
520,100)
522,100)
468,800)
436,700)
384,000)
444,000)
Income tax provision
(101,700)
(121,900)
(113,900)
(99,900)
(109,300)
(148,500)
(120,700)
(131,200)
(109,300)
(107,500)
(132,100)
(69,200)
(107,100)
(56,200)
(291,800)
1,300)
(89,300)
(94,500)
(78,400)
(138,600)
(179,500)
(132,500)
(135,900)
(118,800)
(103,500)
(87,100)
(106,500)
Income from continuing operations
524,100)
477,100)
476,400)
494,700)
457,100)
504,700)
488,900)
518,700)
500,200)
433,500)
357,000)
459,700)
444,700)
423,600)
162,700)
480,500)
106,400)
310,100)
258,200)
408,900)
363,000)
387,600)
386,200)
350,000)
333,200)
296,900)
337,500)
Income (loss) from discontinued operations, net of tax
8,200)
—)
10,300)
—)
—)
(14,300)
—)
—)
—)
—)
—)
—)
43,200)
—)
(1,000)
(5,500)
(2,300)
1,825,600)
48,200)
(8,000)
(8,900)
(853,100)
(14,200)
—)
—)
—)
—)
Net income (loss)
532,300)
477,100)
486,700)
494,700)
457,100)
490,400)
488,900)
518,700)
500,200)
433,500)
357,000)
459,700)
487,900)
423,600)
161,700)
475,000)
104,100)
2,135,700)
306,400)
400,900)
354,100)
(465,500)
372,000)
350,000)
333,200)
296,900)
337,500)
Net income attributable to noncontrolling interests
Sales figures display a generally fluctuating pattern with an initial decline from December 2014 through December 2016, falling from approximately 2.56 billion to around 1.88 billion US dollars. Following this period, sales recover steadily, reaching near 2.6 billion US dollars by June 2021. This indicates a recovery phase after a trough in 2016, with growth resetting to previous levels by mid-2021.
Cost of Sales
Cost of sales decreases significantly in line with sales, dropping from roughly 1.83 billion US dollars at end of 2014 to near 1.32 billion at December 2016. Post-2016, costs gradually rise reaching 1.8 billion by June 2021. The pattern mirrors sales movements, suggesting proportional cost adjustments relative to revenue changes. Noteworthy are periodic cost reduction actions reflected sporadically, including notable charges in 2015 and 2016 as well as facility closure impacts in 2018 and 2020.
Gross Profit
Gross profit initially declines sharply to a low of approximately 564 million US dollars in December 2016, aligning with sales trough. Subsequently, it grows steadily, culminating around 802 million US dollars by June 2021. The gross margin appears variable but follows general sales and cost trends, showing resilience and recovery after 2016.
Operating Expenses
Selling and administrative expenses maintain a relatively stable trajectory with mild fluctuations, generally ranging between 165 million and 260 million US dollars. Research and development expenses remain modest and steady throughout, mostly between 14 million and 33 million US dollars except for occasional increases. Exceptional items such as business separation costs and pension settlement losses appear sporadically, contributing to episodic expense spikes.
Operating Income
Operating income exhibits volatility, with a pronounced dip to around 328 million US dollars in December 2016 from peak levels exceeding 510 million earlier in 2015. Recovery is evident post-2016, with operating income improving to moderate levels slightly over 577 million US dollars by June 2021. This suggests operational performance challenges mid-period but solid recovery thereafter.
Non-operating and Other Income
Other income and expenses display a generally positive contribution with some variability, inclusive of gains from joint ventures and other one-off items such as company headquarters relocation income recorded in 2020. Interest expenses remain significant but show some variation, indicating fluctuating debt levels or interest rates. Occasional large non-operating charges, such as goodwill impairment in late 2016, impact net results but are isolated events.
Income Before Taxes and Tax Provision
Income before taxes follows the trend of operating income with a noticeable dip to approximately 336 million US dollars in December 2016, rebounding strongly thereafter. Tax provisions fluctuate considerably, with some quarters showing negative tax provision suggesting tax benefits, while others show significant positive tax charges. Notable is the substantial negative tax provision in December 2017, likely linked to special tax adjustments or deferred tax impacts.
Net Income and Related Measures
Net income is marked by extreme volatility, particularly with a major loss in March 2016 reflecting a substantial loss from discontinued operations. Several quarters show large positive net income spikes, notably in March 2017, coinciding with income from discontinued operations and other non-recurring gains. Overall, net income attributable to Air Products mirrors this pattern of volatility but shows a comforting trend toward stabilization and growth, reaching over half a billion US dollars by mid-2021. Noncontrolling interests remain relatively minor and steadily negative, with few exceptions. Discontinued operations generate significant distortions around 2016–2017 but diminish in later periods.
Summary of Key Insights
The financial data reveal a challenging period culminating in a low point around 2016, with reduced sales, compressions in gross profit, and a downturn in operating income and net income. Exceptionally large charges, impairments, and discontinued operations heavily influence reported results during this period. Recovery is evident from 2017 onward, with improvements across sales, gross profit, operating income, and net income metrics, reflecting successful operational adjustments and possible strategic restructuring. Despite episodic fluctuations in expenses and non-operating items, the overall performance trajectory is upward in the latter years analyzed.
