Air Products and Chemicals, Inc. (NYSE:APD) Q3 2020 Earnings Conference Call - Final Transcript

Jul 23, 2020 • 10:00 am ET


Air Products and Chemicals, Inc. (NYSE:APD) Q3 2020 Earnings Conference Call - Final Transcript


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Good morning, and welcome to Air Products and Chemicals Third Quarter Earnings Release Call. Today's call is being recorded at the request of Air Products. Please note that the 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 R. Moore

Thank you, Leanne. Good morning, everyone. Welcome to Air Products' Third 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, when we refer to earnings per share, EBITDA, EBITDA margin and ROCE, both on a company-wide and segment basis, we are referring to our adjusted non-GAAP financial measures; adjusted earnings per share, adjusted EBITDA, adjusted EBITDA margin and return on capital employed. 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. As always, we thank you for taking time from your busy schedule to be on our call today. Before we talk about our results this quarter, please turn to slide number 3. As I said last quarter, the true character and leadership of individuals and companies are revealed during times of crisis, and unfortunately this crisis continues at different levels in different places around the world.

Our number one priority has been and will continue to be the safety and well-being of our people. We have provided all the necessary protective equipment and instituted protocols focused on the safety and health of our people. I want to thank our employees for following these procedures and working hard to serve our customers under challenging conditions.

In addition, as we mentioned last quarter, to ensure the peace of mind during this time of higher stress with COVID-19, we have not reduced the staff, nor cut everybody salaries. Our people are doing a great job in keeping all of our 750 plants running around the world. All of our corporate and business functions are running smoothly. We continue to win mega projects around the world and serve our customers and deliver good results despite the significant crisis facing our world. Our robust business model is proving its resilience globally. Our onsite business remains stable. In addition, we have maintained our focus on pricing discipline despite the lower volumes and as you