Air Products and Chemicals, Inc. (NYSE:APD) Q1 2020 Earnings Conference Call - Final Transcript

Jan 24, 2020 • 10:00 am ET


Air Products and Chemicals, Inc. (NYSE:APD) Q1 2020 Earnings Conference Call - Final Transcript


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Good morning, and welcome to Air Products and Chemicals First Quarter Earnings Release Call. Today's call is being recorded at the request of Air Products. Please note that this presentation and the comments made on behalf of Air Products are subject to copyright by Air Products and all rights are reserved. Beginning today's call is Mr. Simon Moore, Vice President of Investor Relations.

Simon Moore

Thank you, Leanne. Good morning, everyone. Welcome to Air Products' first quarter 2020 earnings results teleconference. This is Simon Moore, Vice President of Investor Relations. I'm pleased to be joined today by Seifi Ghasemi, our Chairman, President and CEO; Scott Crocco, our Executive Vice President and Chief Financial Officer; and Sean Major, our Executive Vice President, General Counsel and Secretary. After our comments, we'll be pleased to take your questions. Our earnings release and the slides for this call are available on our website at

This discussion contains forward-looking statements. Please refer to the forward-looking statement disclosure that can be found in our earnings release and on Slide number 2. In addition, throughout today's discussion, we will refer to various financial measures. Unless we specifically state otherwise, we are referring to adjusted non-GAAP measures, including adjusted earnings per share, adjusted EBITDA and adjusted EBITDA margin on both the Company-wide and segment basis and ROCE. Reconciliations can be found on our website in the relevant Earnings Release section.

Now, I'm pleased to turn the call over to Seifi.

Seifi Ghasemi

Thank you, Simon, and good morning, everyone. Thank you for taking time from your very busier schedule to be on our call today. I would like to thank everybody at Air Products to again delivering a very strong quarter. We are very pleased with our earning per share of $2.14 for the first quarter, up 15% over last year's strong results and the 23rd -- I'd like to repeat that the 23rd consecutive quarter of year-over-year earning growth.

Please now turn to Slide number 3. Safety is always the most important focus for all of us at Air Products, and our goal continues to be zero accidents and incidents. I was pleased to see improvement this quarter as our people redoubled their efforts, so that we can move toward our ultimate goal of an accident-free work environment.

The Slide number 4 shows our goal and the Slide number 5 shows our management philosophy. I have discussed with you many times before, so I don't want to take your time to repeat it, but those slides are very important guiding principles that we follow.

Now please turn to Slide number 6, our Five Point Plan that we have discussed with you in detail before. But I do not want to focus on our past performance, because frankly I like the dreams of the future more than the history of the past. Our dream of the future is to make sure Air Products will continue to be the safest, most diverse and most profitable industrial gas company in the world, providing excellent