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.
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Air Products & Chemicals Inc. pages available for free this week:
- Statement of Comprehensive Income
- Cash Flow Statement
- Common-Size Income Statement
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Net Profit Margin since 2005
- Current Ratio since 2005
- Debt to Equity since 2005
- Analysis of Revenues
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Based on: 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-K (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-K (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-K (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-K (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-Q (reporting date: 2016-12-31), 10-K (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-Q (reporting date: 2015-12-31), 10-K (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-Q (reporting date: 2014-12-31).
- Sales Trends
- 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.