Air Products’ Q3 FY2024 Sales Decline

In the third quarter of fiscal year 2024 (ended June 30), Air Products reported sales of $3.0 billion, a 2% decline year-over-year. Under U.S. GAAP, net income totaled $709 million, an increase of 16% year-over-year, driven primarily by favorable pricing and business mix. GAAP net profit margin was 23.7%, up 360 basis points year-over-year. On a non-GAAP basis, adjusted earnings per share (EPS) for the quarter were $3.20, up 7% year-over-year. Adjusted EBITDA was $1.3 billion, with an adjusted EBITDA margin of 42.4%, up 260 basis points year-over-year. Sales declined across all global regions in the third quarter. Sales in the Americas amounted to $1.2 billion, down 2% year-over-year. Sales in Asia totaled $790 million, down 4% year-over-year. In Europe, sales fell 2% to $693 million.

After the ‘Black Swan’ Ravages the Market, Could These Three ‘10/10’ Stocks Be Lifelines?

Financially, Hanon has announced the issuance of $400 million in 6% green bonds and $350 million in senior unsecured notes. Issuing bonds of this scale amid such market turbulence is a bold move—and signals strong corporate confidence. Christopher Van Horn, in his commentary on the stock for B.Riley FBR, wrote: “We estimate that disruptions from COVID-19 may not be as volatile relative to stock price. Given the financial nature of this business model, we believe the pipeline remains intact. While we wouldn’t be surprised if certain projects are delayed, over $2.5 billion in investments remains substantial.” Consistent with his optimistic outlook on Hanon’s prospects, Van Horn assigned the stock a “Buy” rating. His $42 price target implies 59% upside potential. Oppenheimer analyst Noah Kaye concurred—indeed, he set the same $42 price target for HASI. Supporting his bullish view, Kaye wrote: “We believe demand for green bonds remains relatively strong, and we will look to the note pricing terms to validate our view. Although we do acknowledge that the persistence of current macroeconomic conditions may pressure components of the balance-sheet investment portfolio, we expect earnings to remain relatively resilient given the portfolio’s diversification…” Hanon’s “10” Smart Score stems from its “Strong Buy” consensus rating, along with rising stock purchases by both investors and insiders. In recent weeks, Hanon has received five “Buy” ratings and only one “Hold.” With the current share price at $26.46 and an average target price of $35.83, the stock shows strong 12-month upside potential of 35%. That’s a solid outlook for a green stock maintaining steady investment discipline. Air Products and Chemicals (APD) Our final name on the list is Air Products and Chemicals, an industrial chemicals and gases supplier. Headquartered in Allentown, Pennsylvania, APD remains a major employer in the Rust Belt and generates significant revenue for the region. In its first quarter (ended December 2019), the company reported total revenue of $2.254 billion, up 1% year-over-year. Like Hanon above, APD pays a dividend. For the past 20 years, APD has maintained reliable dividend payments. Its 62% payout ratio reflects a commitment to sharing profits with shareholders, while its 2.6% yield notably exceeds the roughly 2% yield of the S&P 500. APD has raised its quarterly dividend three times over the past three years. Michael Sison, a five-star analyst covering the stock for Wells Fargo, is clearly impressed. His “Buy” rating is supported by a $265 price target—implying 20% upside potential. In his report on the stock, Sison wrote: “Although risks from COVID-19 and sharply lower oil prices persist, we believe APD has sufficient leverage to drive EPS growth in FY20 and FY21… even amid slowing economic growth, in our view.”

Air Products & Chemicals Inc. Stock (US0091581068): Guidance Update and Dividend Stability in Focus

May 25, 2026

Air Products & Chemicals Inc. updated earnings guidance and reaffirmed dividends, though shares lagged the S&P 500. Growth prospects hinge on clean hydrogen investments complementing its industrial gas contracts.

AD HOC NEWS

2026-01-28

Air Products awarded $140M supply contract by NASA for liquid hydrogen

2026-04-17

From boilers to truck fueling, Air Products brings hydrogen tech to Edmonton

2026-04-17

Air Products to Showcase Industrial Decarbonization Solutions at Canadian Hydrogen Convention

2026-04-20

Air Products & Chemicals Inc. Stock Analysis: Hydrogen Leadership Potential

2026-04-20

Here's What to Expect From Air Products and Chemicals' Next Earnings Report