Air Products and Chemicals Inc (APD) 2024 Q3 法說會逐字稿

Good morning and welcome to Air Products; third quarter earnings release conference call.

早上好，歡迎來到空氣產品公司；第三季財報發布電話會議。

Today's call is being recorded at the request of Air Products.

應空氣產品公司的要求，我們對今天的通話進行了錄音。

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.

請注意，本簡報和代表空氣產品公司發表的評論受空氣產品公司版權保護，並保留所有權利。

Beginning.

開始。

Today's call is Mr. Sidd Manjeshwar.

今天的電話是 Sidd Manjeshwar 先生。

Thank you, Samira.

謝謝你，薩米拉。

Good morning, everyone.

大家，早安。

Welcome to Air Products; third quarter 2024 earnings results teleconference.

歡迎來到空氣產品公司； 2024 年第三季獲利結果電話會議。

This is Sidd Manjeshwar, Vice President of Investor Relations.

我是投資者關係副總裁 Sidd Manjeshwar。

I am pleased to be joined today by Seifi Ghasemi, our Chairman, President and CEO; Melissa Schaeffer, our Chief Financial Officer; Sean Major, our Executive Vice President, General Counsel and Secretary; and Eric Guter, our incoming Head of Investor Relations.

我很高興今天能與我們的董事長、總裁兼執行長 Seifi Ghasemi 一起出席會議。 Melissa Schaeffer，我們的財務長； Sean Major，我們的執行副總裁、總法律顧問兼秘書；以及即將上任的投資者關係主管艾瑞克‧古特 (Eric Guter)。

After our comments, we will be pleased to take your questions.

在我們提出意見後，我們將很樂意回答您的問題。

Our earnings release and the slides for this call are available on our website at airproducts.com.

我們的收益發布和本次電話會議的幻燈片可在我們的網站 airproducts.com 上取得。

Today's discussion contains forward-looking statements, including those about our earnings and capital expenditure guidance, business outlook and investment opportunities.

今天的討論包含前瞻性陳述，包括有關我們的收益和資本支出指導、業務前景和投資機會的陳述。

Please refer to the cautionary note regarding forward-looking statements that is provided in our earnings release and on slide number two.

請參閱我們的收益報告和第二張投影片中提供的有關前瞻性陳述的警告說明。

Additionally, throughout today's discussion, we will refer to various financial measures including earnings per share, operating income, operating margin, EBITDA, EBITDA margin, the effective tax rate and ROCE, both on a total company and segment basis.

此外，在今天的討論中，我們將參考公司整體和部門的各種財務指標，包括每股收益、營業收入、營業利潤率、EBITDA、EBITDA 利潤率、有效稅率和 ROCE。

Unless we specifically state otherwise, statements regarding these measures are referring to our adjusted non-GAAP financial measures.

除非我們另有明確說明，否則有關這些措施的聲明指的是我們調整後的非公認會計準則財務措施。

Reconciliations of these measures to our most directly comparable GAAP financial measures can be found on our website in the relevant Earnings Release section.

這些指標與我們最直接可比較的 GAAP 財務指標的調整可以在我們網站的相關收益發布部分找到。

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

現在，我很高興將電話轉給 Seifi。

Thank you, Sidd, and good day to everyone.

謝謝你，西德，祝大家有美好的一天。

Thank you for taking time from your busy schedules to join our call today.

感謝您在百忙之中抽空參加今天的電話會議。

Before I discuss our results, I would like to introduce Eric Guter, who is with us today.

在討論我們的結果之前，我想先介紹一下今天和我們在一起的艾瑞克古特（Eric Guter）。

Eric has been with the Company for nearly 30 years, most recently serving as our Vice President of Hydrogen for Mobility.

Eric 在公司工作近 30 年，最近擔任我們的氫移動副總裁。

He will bring a wealth of knowledge and experience to Investor Relations.

他將為投資者關係帶來豐富的知識和經驗。

I'm happy that he has agreed to take on this new challenge.

我很高興他同意接受這個新的挑戰。

Eric, would you like to say a few words?

艾瑞克，你願意說幾句話嗎？

Thank you, Seifi.

謝謝你，賽菲。

I appreciate your kind words, and I'm humbled and honored to be part of this tremendous team and to be taking on this new role within Air Products.

我感謝您的善意之言，我很榮幸能夠成為這個偉大團隊的一員，並在空氣產品公司擔任這一新角色。

I'm looking forward to meeting with our analysts and investors and continuing the great work, Sidd and the team have done as we continue to execute our growth strategy.

我期待與我們的分析師和投資者會面，並繼續 Sidd 和團隊在我們繼續執行成長策略時所做的出色工作。

Thank you, Eric.

謝謝你，埃里克。

And as we have announced, Sidd will be leaving the company to pursue other career opportunities.

正如我們所宣布的，Sidd 將離開公司去尋求其他職業機會。

Sidd has made great contribution to Air Products.

Sidd為空氣產品公司做出了巨大貢獻。

I want to thank him for continuing to build strong relationship with investors and analysts and for his work over the past few years at the company.

我要感謝他繼續與投資者和分析師建立牢固的關係，以及過去幾年在公司所做的工作。

Sidd and Eric are already working closely together to ensure a smooth transition.

Sidd 和 Eric 已經密切合作，以確保平穩過渡。

Now, please turn to slide number three.

現在，請翻到第三張投影片。

As always, I would like to begin with our record on safety, which is our top priority at Air Products.

像往常一樣，我想從我們的安全記錄開始，這是空氣產品公司的首要任務。

We have made significant progress on both our employee lost time, injury rate and recordable injury rate since 2014.

自 2014 年以來，我們在員工損失時間、受傷率和可記錄受傷率方面都取得了重大進展。

We are proud of this improvement and we are very proud to have the best safety record in the industry.

我們為這項改進感到自豪，並為擁有業內最佳的安全記錄感到非常自豪。

But we always strive to achieved zero incidents and zero accidents.

但我們始終努力實現零事故、零事故。

That is our ultimate goal.

這是我們的最終目標。

Slide number four summarizes our management philosophy.

第四張投影片總結了我們的管理理念。

We have shared this with you many times before.

我們之前已經多次與您分享過這一點。

They are, as we have been for the past 10 years, committed to these principles and practices practice them every single day.

正如我們過去 10 年來所做的那樣，他們致力於遵守這些原則，並每天實踐這些原則。

Now, please turn to slide number five.

現在，請翻到第五張投影片。

Our third quarter adjusted earnings per share of $3.02 exceeded the upper end of our prior prior guidance range of $3.0 to $ 3.5 and improved 7% over last year.

我們第三季調整後每股收益為 3.02 美元，超出了先前 3.0 美元至 3.5 美元指導範圍的上限，比去年提高了 7%。

Our results reflect strong underlying performance in the Americas and Europe.

我們的結果反映了美洲和歐洲強勁的基本表現。

Additionally, we saw improvements across our organization, driven by our price and productivity actions.

此外，在我們的價格和生產力行動的推動下，我們整個組織都取得了進步。

We continue to execute our two pillar growth strategy, which includes driving operational excellence and growth in our industrial gas business, while executing our energy transition projects focused on clean hydrogen.

我們繼續執行我們的兩大支柱成長策略，其中包括推動卓越營運和工業氣體業務的成長，同時執行專注於清潔氫氣的能源轉型專案。

Now, please turn to slide number six.

現在，請翻到第六張投影片。

We are maintaining our full year adjusted earnings per share guidance of $12.20 to $12.50. And we still expect our CapEx to be in the range of $5 billion to $5.5 billion in fiscal year 2024.

我們維持全年調整後每股盈餘指引 12.20 美元至 12.50 美元。我們仍預期 2024 財年的資本支出將在 50 億至 55 億美元之間。

Now, please turn to slide number seven.

現在，請翻到第七張投影片。

During our fiscal third quarter, in addition to achieving 7% earnings per share growth, we have also reached overall significant milestones.

在第三財季，除了實現每股收益 7% 的成長外，我們還實現了整體的重要里程碑。

In June, we announced a very large scale long term green hydrogen supply agreement with Total Energies.

六月，我們宣布與 Total Energies 達成超大規模長期綠氫供應協議。

Beginning in 2030, Air Products will supply Total Energies 70,000 tons per year of green hydrogen for 15 years.

從2030年開始，空氣產品公司將在15年內每年向Total Energies供應7萬噸綠氫。

This pioneering agreement, which has already generated significant interest from other customers, validates our long-term strategy and demonstrates a strong demand for green hydrogen.

這項開創性的協議已經引起了其他客戶的極大興趣，驗證了我們的長期策略，並表明了對綠氫的強勁需求。

We are seeing the development of significant demand for green hydrogen in Europe.

我們看到歐洲對綠氫的巨大需求的發展。

And as a result, we are even more excited and committed to our strategy to be a pioneer in the production of clean hydrogen.

因此，我們更加興奮並致力於成為清潔氫氣生產先驅的策略。

In July, we announced the planned sale of our LNG process technology & equipment business to Honeywell for an all-cash price of roughly $1.8 billion.

7 月，我們宣布計劃以約 18 億美元的全現金價格將我們的液化天然氣製程技術和設備業務出售給霍尼韋爾。

The divestment of this business will allow us to focus on our core business, while bolstering our balance sheet and our liquidity position.

剝離該業務將使我們能夠專注於我們的核心業務，同時加強我們的資產負債表和流動性狀況。

Also in July, we were pleased to announce our collaboration with Mercedes-Benz to help decarbonize the heavy transport sector.

同樣在 7 月，我們很高興地宣布與梅賽德斯-奔馳合作，幫助重型運輸業實現脫碳。

Air Products was among five other companies that took delivery of Mercedes-Benz hydrogen fuel-cell trust.

空氣產品公司是接受梅賽德斯-奔馳氫燃料電池信託的另外五家公司之一。

This is a significant milestone toward the eventual mass production of hydrogen fuel cell heavy-duty truck.

這是氫燃料電池重型卡車最終量產的重要里程碑。

In a related development, we have also announced plans to build a network of permanent commercial hydrogen fueling stations along the Trans European Transport Network.

在相關進展中，我們也宣布計劃沿著跨歐洲運輸網絡建設永久性商業加氫站網路。

Now, please turn to slide number eight, which illustrates our greater than 10% average growth rate for our adjusted earnings per share in the past 10 years.

現在，請翻到第八張投影片，它說明了過去 10 年我們調整後每股盈餘的平均成長率超過 10%。

Our goal is to extend this trend for another 10 years, while remaining the safest, most diverse and most profitable industrial gas company in the world.

我們的目標是將這一趨勢再延續 10 年，同時保持世界上最安全、最多元化和最盈利的工業氣體公司的地位。

We have done this before, and I'm confident we will do it again.

我們以前這樣做過，我相信我們會再做一次。

Now, please turn to slide number nine.

現在，請翻到第九張投影片。

We take a balanced approach to determining our dividend.

我們採取平衡的方法來確定股息。

We are confident that our cash flows from operations and our ability to raise capital through financing and other strategic initiatives will allow us to continue rewarding our shareholders through increased dividends, while meeting it cash needs of our growth strategy.

我們相信，我們的營運現金流以及透過融資和其他策略舉措籌集資金的能力將使我們能夠繼續透過增加股息來回報股東，同時滿足我們成長策略的現金需求。

Now, turning to slide number 10, which, as I always say is my favorite slide.

現在，轉到第 10 張投影片，正如我常說的，這是我最喜歡的幻燈片。

It shows that our EBITDA, margins have significantly grown and now, it stands at 42% leading the industry by far and demonstrating our persistent focus on effectively running our base business.

這表明我們的 EBITDA 利潤率顯著增長，目前已達 42%，遙遙領先於行業，這表明我們對有效運營基礎業務的持續關注。

We are very much focused on profitability, and this slide is a living proof of that, I want to thank all of our employees for delivering these outstanding results in very challenging economic conditions.

我們非常關注獲利能力，這張投影片就是一個活生生的證明，我要感謝我們所有的員工在非常具有挑戰性的經濟條件下取得了這些出色的成果。

At this point, I would like to turn it over to Melissa Schaeffer, our Chief Financial Officer, to provide a summary of our third quarter financial and business segment results.

現在，我想將其交給我們的財務長 Melissa Schaeffer，以提供我們第三季財務和業務部門業績的摘要。

Melissa?

梅莉莎？

Thank you, Seifi.

謝謝你，賽菲。

Now, please turn to Slide 11.

現在，請翻到投影片 11。

Compared to last year, underlying sales volume and price together were up 1% and positive across most reporting segments.

與去年相比，基本銷量和價格合計增長了 1%，並且大多數報告分部均呈正增長。

The 2% reduction on the company's top line was primarily due to unfavorable currencies.

公司收入下降 2% 主要是由於不利的貨幣。

On-site volume was again positive this quarter, driven by strong demand for hydrogen as well as contributions from new assets.

在對氫氣的強勁需求以及新資產的貢獻的推動下，本季現場成交量再次呈現正成長。

However, overall volume was flat due to lower demand for merchant products.

然而，由於對商業產品的需求下降，整體銷量持平。

Overall price improved modestly at 1%, with continued strong performance in the Americas, coupled with lower power costs, which improved contribution margins.

整體價格小幅上漲 1%，美洲地區的表現持續強勁，加上電力成本下降，貢獻利潤率有所提升。

Declining natural gas prices in Europe and North America resulted in 1% lower energy cost pass-through, which has no impact on price.

歐洲和北美天然氣價格下降導致能源成本轉嫁降低1%，但對價格沒有影響。

EBITDA of $1.3 billion, increased 5%, primarily driven by positive contribution margin and favorable business mix.

EBITDA 為 13 億美元，成長 5%，主要得益於積極的邊際貢獻和有利的業務組合。

Although cost is mildly unfavorable, this with heavy planned maintenance this quarter, we are starting to see positive momentum on our productivity actions across the organization.

儘管成本略有不利，但由於本季計劃進行大量維護，我們開始看到整個組織生產力行動的積極勢頭。

ROCE of 11% was down 70 basis points and revenue relatively flat sequentially.

ROCE 為 11%，下降 70 個基點，營收較去年同期持平。

Adjusted for cash, our ROCE is about 12%.

經現金調整後，我們的 ROCE 約為 12%。

Sequentially, volume improved across both reporting segments.

隨後，兩個報告部門的銷售量均有所改善。

Now, please turn to Slide 12, for a discussion of our earnings per share.

現在，請翻到投影片 12，討論我們的每股盈餘。

Our third quarter adjusted earnings per share was $3.20, up $0.22 or 7% compared to last year, mainly due to better operating results.

我們第三季調整後每股收益為 3.20 美元，比去年增長 0.22 美元，即 7%，主要是由於更好的經營業績。

Overall, volume was up $0.05 on higher on-sites, including new assets, partially offset by lower merchant demand.

總體而言，包括新資產在內的較高場館成交量增加了 0.05 美元，但部分被商家需求下降所抵消。

Price net of variable costs contributed $0.16, this quarter, driven by both pricing gains and lower power costs.

在定價收益和電力成本下降的推動下，本季扣除變動成本的價格貢獻了 0.16 美元。

Costs were $0.04 unfavorable as productivity actions offset much of the costs related to planned maintenance and inflation.

成本為 0.04 美元，因為生產力行動抵消了與計劃維護和通貨膨脹相關的大部分成本。

Again, we are making good progress implementing the productivity actions and exercising significant cost control throughout the organization.

我們再次在整個組織內實施生產力行動和實施重大成本控制方面取得了良好進展。

Currency was negative $0.04, mainly due to weaker currencies in Asia and South America.

貨幣負0.04美元，主要是因為亞洲和南美貨幣疲軟。

Additional debt contributed to higher interest expense of $0.03 and one-time items of lower the effective tax rate this quarter.

額外的債務導致本季利息支出增加 0.03 美元，一次性項目降低了有效稅率。

Our full year effective tax rate is expected to be about 18%.

我們全年的有效稅率預計約為18%。

Now please turn to slide 13, for a discussion of our business segment results.

現在請翻到投影片 13，討論我們的業務部門表現。

Instead of viewing each business segment in detail, I would like to provide a focused discussion summarizing our segment results and highlighting key items for the quarter.

我不想詳細查看每個業務部門，而是想提供一次重點討論，總結我們的部門業績並強調本季的關鍵項目。

You will find individual slides covering each of the business segments in the appendix.

您將在附錄中找到涵蓋每個業務部門的單獨投影片。

Looking at each business segment, Americas underlying sales were positive, with price and volume together up 2%.

從各個業務部門來看，美洲地區的基本銷售額呈正值，價格和銷售量合計成長了 2%。

Merchant pricing was 7% higher, which resulted in a 3% overall price gain for the region.

商家定價上漲 7%，導致該地區整體價格上漲 3%。

Volume was relatively stable as weaker merchant demand was offset by strong demand for hydrogen.

由於商業需求疲軟被氫氣需求強勁所抵消，銷售量相對穩定。

EBITDA increased 6% and EBITDA margin increased about 400 basis points, primarily driven by strong price, despite increased costs due to higher planned maintenance.

EBITDA 成長了 6%，EBITDA 利潤率成長了約 400 個基點，主要是由於價格強勁，儘管計劃維護費用增加導致成本增加。

Looking at Asia results, the region's underlying sales were relatively stable.

從亞洲業績來看，該地區的基本銷售額相對穩定。

Volume was down 1% as lower demand for merchant products and planned maintenance outages were offset by new assets, EBITDA and EBITDA margin were unfavorable, primarily driven by the planned maintenance outages.

由於對商業產品的需求下降和計劃中的維護中斷被新資產所抵消，銷售量下降了 1%，EBITDA 和 EBITDA 利潤率不利，這主要是由計劃中的維護中斷造成的。

Switching to our Europe segment, merchant pricing was held firm and combined with our declining power costs in the region, drove improved contribution margin.

轉向我們的歐洲業務，商業定價保持堅挺，加上我們在該地區不斷下降的電力成本，推動了貢獻利潤率的提高。

Volume was up 1%, largely due to our our new assets in Uzbekistan.

成交量增加了 1%，主要歸功於我們在烏茲別克的新資產。

EBITDA improved 12% and EBITDA margin increased nearly 500 basis points, mainly due to improved volume and contribution margin.

EBITDA 提高了 12%，EBITDA 利潤率提高了近 500 個基點，這主要是由於銷量和邊際貢獻率的提高。

Moving to our Middle East and India segments, sales and operating income decline due to unfavorable merchant price and volume.

轉向我們的中東和印度部門，由於商家價格和數量不利，銷售額和營業收入下降。

Equity affiliate's income was 7% lower due to higher costs.

由於成本上升，股權附屬公司的收入下降了 7%。

For our corporate and other segment, sales and profit were up this quarter, primarily due to higher sale of equipment, including LNG.

對於我們的企業和其他部門，本季的銷售額和利潤有所增長，主要是由於包括液化天然氣在內的設備銷售增加。

We're making good progress on our productivity actions across all segments of the company.

我們在公司各部門的生產力行動方面都取得了良好進展。

Before I turn the call back to Seifi, let me take a moment to thank our teams around the world for delivering these outstanding results.

在我將電話轉回給 Seifi 之前，請允許我花點時間感謝我們世界各地的團隊取得了這些出色的成果。

Now, I'd like to turn the call back to Seifi to provide closing remarks.

現在，我想將電話轉回給 Seifi，以發表結束語。

Thank you, Melissa.

謝謝你，梅麗莎。

Now, please turn to slide number 14.

現在，請翻到第 14 號投影片。

Our Industrial gases business is a great business, and we are committed to invest and grow it.

我們的工業氣體業務是一項偉大的業務，我們致力於投資和發展它。

Our recent announcements to expand our membrane production facility in St. Louis and to build two new air separation units in Georgia and North Carolina are just the latest example.

我們最近宣布擴建聖路易斯的膜生產設施，並在喬治亞州和北卡羅來納州建造兩個新的空氣分離裝置，這只是最新的例子。

We are also leading the way to deliver low carbon hydrogen at scale to help decarbonize the industrial and heavy-duty transportation sectors of the economy.

我們也引領大規模提供低碳氫，以幫助工業和重型運輸經濟部門脫碳。

Our two pillar growth strategy drives our company towards these two goals in parallel.

我們的兩大支柱成長策略推動我們公司同時實現這兩個目標。

The outstanding results and the significant project milestones that we were able to achieve this quarter demonstrates that we have the right strategy, and as I always say, we have there commitment and motivation our employees to make it happen.

我們本季取得的出色成果和重要的專案里程碑表明我們擁有正確的策略，正如我常說的，我們的員工有承諾和動力來實現這一目標。

Now, before I open it up for industrial -- for questions.

現在，在我向工業部門開放之前，請大家提問。

I want to make some comments about our Management Board and succession planning.

我想對我們的管理委員會和繼任計畫發表一些評論。

The formation of the Management Board was a strategic step to delegate more responsibility to our senior executives, who our close to the business.

管理委員會的成立是一項策略步驟，旨在將更多責任委託給與業務關係密切的高階主管。

You have seen our public announcements and our 8-K filing on these organizational changes, and I don't really have any additional comments to make on them.

您已經看到了我們關於這些組織變革的公告和 8-K 文件，我對此沒有其他評論。

On a personal basis, you all know that I am firmly committed to our two pillar growth strategy and I have -- as I have articulated that many times, I fully intend to continue leading Air Products, ensuring that our growth strategy is fully implemented, our mega projects projects are built, and we are serving our customers with low carbon and zero carbon hydrogen.

就我個人而言，你們都知道我堅定地致力於我們的兩大支柱成長策略，而且正如我多次闡明的那樣，我完全打算繼續領導空氣產品公司，確保我們的成長策略得到充分實施，我們的大型專案已建成，我們正在為客戶提供低碳和零碳氫。

However, with our continued commitment to good governance and succession planning, it is prudent and good practice to have a fully qualified individual who can be my successor if something unexpected that happened to me.

然而，隨著我們對良好治理和繼任計劃的持續承諾，如果我發生意外情況，擁有一個完全合格的個人可以成為我的繼任者是謹慎和良好的做法。

I currently serve in three roles at Air Products, Chairman of the Board, Chief Executive Officer and President.

我目前在空氣產品公司擔任三個職位：董事會主席、執行長和總裁。

With good governance in mind.

謹記善政。

I have decided to bring into the company a fully qualified potential successor as President and a Member of our Board of Directors.

我決定引進一位完全合格的潛在繼任者加入公司擔任總裁和董事會成員。

This person should be well known to investors with a clear record of success, preferably a current or former CEO of a public company with significant international experience and relationships.

此人應該為具有明確成功記錄的投資者所熟知，最好是具有豐富國際經驗和關係的上市公司現任或前任執行長。

I have started this process and we will take our time to find the right person for the job.

我已經開始了這個過程，我們將花時間尋找合適的人選。

At this point, I'd be delighted, we all will be delighted to answer your questions.

在這一點上，我很高興，我們都將很高興回答您的問題。

(operator Instructions)

（操作員說明）

John McNulty, BMO Capital Markets.

約翰·麥克納爾蒂 (John McNulty)，BMO 資本市場部。

Good morning, Seifi, and thanks for all the color.

早安，Seifi，感謝所有的顏色。

And on the commentary around the management's management committee, it's definitely helpful in terms of how to think about things going forward.

關於管理層管理委員會的評論，對於如何思考未來的事情絕對有幫助。

So I guess one of the things I wanted to dig into one of the newer.

所以我想我想深入研究其中一件較新的事。

I guess, events that came up during the quarter was on the green hydrogen announcement with total.

我想，本季發生的事件與總計綠氫公告有關。

It came admittedly, it came earlier than what we were thinking in terms of offtake arrangements.

誠然，它來得比我們在承購安排方面的想法還要早。

So I guess, can you speak to, one. maybe what brought that forward or kind of brought the timing of it, maybe a little bit earlier than expecte?

所以我想，你能和一個人談談嗎？也許是什麼導致了這一點，或者說是什麼導致了它發生的時間，也許比預期早了一點？

And then two, you spoke to kind of how that heightened incremental demand for green hydrogen.

第二，您談到如何增加對綠氫的需求增量。

Can you speak to that and and maybe the potential for further offtake arrangements as we look out over the next 12 months or so?

您能否談談這一點，以及我們在未來 12 個月左右的時間內進行進一步承購安排的可能性？

Good morning, John, and thanks for the very good questions.

早安，約翰，感謝您提出很好的問題。

John, we have been talking to potential customers for hydrogen since even before we announced our project in New York, so for the past five years.

約翰，甚至在我們宣佈在紐約的專案之前，我們就一直在與潛在客戶討論氫氣，所以在過去的五年裡。

And with these things, they have a life of their own.

有了這些東西，他們就有了自己的人生。

The customers need to decide when they want to make a public announcement about having made a commitment.

客戶需要決定何時公開宣布所做的承諾。

It depends on their needs.

這取決於他們的需求。

It depends on the regulatory conditions.

這取決於監管條件。

It depends on conditions of the industry and all of that.

這取決於行業的狀況等等。

And I'm very happy to see that the visionary leader like Mr. Patrick Pouyanne, of total decided to be the first mover and announce early that he is committed to green hydrogen and he is committed to convert at least his Northern refineries to hydrogen.

我很高興看到道達爾的帕特里克·普亞納（Patrick Pouyanne）先生這樣有遠見的領導人決定成為先行者，並提前宣布他致力於綠色氫，並致力於至少將他的北方煉油廠轉變為氫。

Since we had been talking to him for a long time, it was not too difficult to kind of get our act together and put a contract together and make a commitment on both sides.

由於我們已經和他談了很長時間，所以我們一起行動、簽訂合約並做出雙方的承諾並不是太困難。

We are obviously delighted.

我們顯然很高興。

We could not have found a better customer for a better application for significant amount of hydrogen.

我們無法找到更好的客戶來更好地應用大量氫氣。

In terms of additional volumes for them, I want to leave it to Total Energies to make those statements.

至於他們的額外產量，我想讓 Total Energies 來發表這些聲明。

I do not want to preempt anything, but what has happened since you have made the announcement, it has proven that people go through an auction process and then they find that the best possible alternative is Air Products.

我不想先發制人，但自從你宣布這一消息以來所發生的事情已經證明人們經過了拍賣過程，然後他們發現最好的替代方案是空氣產品公司。

So a lot of other customers are taking the cue from total energy.

因此，許多其他客戶正在從總能量中汲取靈感。

Obviously, if they are going to convert a refinery to green, what are the other refineries going to do?

顯然，如果他們要將煉油廠轉變為綠色煉油廠，那麼其他煉油廠會做什麼？

They have to follow.

他們必須跟隨。

So we are being contacted by other refineries.

因此其他煉油廠正在聯繫我們。

We are being contacted by steelmakers, who -- and now, it has become a little bit of a dynamic of well, maybe we should get to Air Products before they run out of product, which is obviously puts us in a very good position.

鋼鐵製造商正在聯繫我們，他們現在已經變得有點動態了，也許我們應該在空氣產品公司的產品耗盡之前聯繫他們，這顯然使我們處於一個非常有利的位置。

In terms of future contracts and so on, I have always been very acting very responsibly. not to lead anything or give a hand until we actually do something.

在以後的合約等等方面，我一直表現得非常負責任。在我們真正做某事之前，不要領導任何事情或伸出援手。

And I like to keep it that way.

我喜歡保持這種狀態。

We are obviously working with other people.

顯然我們正在與其他人合作。

It is our intention is obviously to sell everything that they make, but if anything comes up at the appropriate time, we will make an announcement.

我們的意圖顯然是出售他們生產的所有產品，但如果在適當的時間出現任何情況，我們將發佈公告。

But there is no question that the agreement with total is significant new beginning for us.

但毫無疑問，與道達爾的協議對我們來說是一個重要的新開始。

Got it.

知道了。

Thanks.

謝謝。

Thanks so much for the color.

非常感謝你的顏色。

Maybe just as a follow-up.

也許只是作為後續。

So can you give us an update on the progress that you're making with the Louisiana project?

能為我們介紹一下路易斯安那計畫的最新進展嗎？

And I guess somewhat tied to the total arrangement, it seems like if the markets opening up for green, I would imagine it's opening up even even more quickly for what should be a more cost effective solution, which would be blue.

我想這與整體安排有些聯繫，如果市場向綠色開放，我想它會更快地向更具成本效益的解決方案（藍色）開放。

So can you speak to maybe that dynamic as well?

那麼您能談談這種動態嗎？

Sure.

當然。

Again, another good question.

又是一個好問題。

Number one, our project in Louisiana, we call it the Dero project is moving very well.

第一，我們在路易斯安那州的項目，我們稱之為 Dero 項目，進展非常順利。

We feel very confident about the capital that we have announced and I feel very good that we have done our homework.

我們對我們宣布的資金非常有信心，我對我們已經做好功課感到非常高興。

We have done the testing and all of that.

我們已經完成了測試以及所有這些。

And we filed last week our Class six permit through the state of Louisiana.

上週我們透過路易斯安那州提交了六級許可證。

That is a major -- minor -- milestone and the clock starts running in terms of getting approval for that, which is the most critical item for that project to be viable.

這是一個主要的、次要的里程碑，並且從獲得批准的時間開始計時，這是該專案可行的最關鍵的專案。

We feel very good about the pore space that we have.

我們對自己擁有的孔隙空間感覺非常好。

We have proven that we have the pore space, which I think is a challenge for a lot of other people.

我們已經證明我們擁有孔隙空間，我認為這對許多其他人來說是一個挑戰。

And there we are very confident that we should be able to bring that plant on stream sometime in 2028.

我們非常有信心能夠在 2028 年的某個時候讓工廠投產。

In terms of the demand for the product, you are right, there is a lot of discussions about the demand.

就產品的需求而言，你是對的，有很多關於需求的討論。

And we have the ad discussions.

我們也進行了廣告討論。

The target for that product is two.

該產品的目標是兩個。

Number one, the blue hydrogen, we are going to put it in our pipeline and serve our existing customers with blue hydrogen.

第一，藍色氫，我們將把它放入我們的管道中，並為我們現有的客戶提供藍色氫。

And then a significant part of the hydrogen will be converted to ammonia for shipment to places like Japan and Korea to decarbonize their power plants.

然後，氫氣將有很大一部分轉化為氨，運往日本和韓國等地，以實現其發電廠脫碳。

So we feel very good about that.

所以我們對此感覺非常好。

And if we have -- if we ever sign anything different definitive, David, obviously be in a position to announce.

如果我們簽署了任何不同的明確文件，大衛，顯然我們可以宣布。

Great.

偉大的。

Thanks very much for the color, Seifi.

非常感謝 Seifi 的色彩。

Jeff Zekauskas, JPMorgan.

傑夫‧澤考斯卡斯，摩根大通。

Thanks very much.

非常感謝。

Is the NEOM project still to come on stream at the end of calendar 2026?

NEOM 計畫還會在 2026 年底上線嗎？

And what's the state of your hydrogen dissociation technology?

你們的氫解離技術進展如何？

Jeff, good morning.

傑夫，早安。

Number one, our at the plant in NEMO is on schedule.

第一，我們在 NEMO 的工廠正在按計劃進行。

We expect that plant to be mechanically complete and hopefully commissioned by, as you said, December of 2026, and we should have product for sale in early 2027.

我們預計工廠將在機械上完成，並希望如您所說，在 2026 年 12 月之前投入使用，我們應該在 2027 年初就有產品出售。

In terms of the cracking technology, which I think is what you are referring to with the ammonia dissociated, we have proven that technology and we obviously will deploy it like in total and in other places.

就裂解技術而言，我認為您所指的是氨解離技術，我們已經證明了該技術，並且我們顯然將在整體和其他地方部署它。

Okay.

好的。

Great.

偉大的。

When I look at Air Products' results, which I think are not dissimilar from what's happening with Air Liquide or Linde, there's been a slowdown in volume over time and there's also been a slowdown in price price change.

當我看到空氣產品公司的業績時，我認為這與液化空氣公司或林德公司的業績沒有什麼不同，隨著時間的推移，銷量有所放緩，價格變化也有所放緩。

Now, it's hard to know whether raw materials have moved down and so probably on-site prices have moved down, which in the end doesn't really matter very much.

現在，很難知道原材料是否已經下降，因此現場價格可能已經下降，這最終並不那麼重要。

But can you talk about the sequential change in merchant prices and the overall volumes slowed down in the industrial gas industry?

但您能談談工業氣體產業商業價格的連續變化和整體銷售放緩嗎？

Jeff, I wouldn't say that we have an overall.

傑夫，我不會說我們有一個整體。

The reduction in industrial gases.

工業氣體的減少。

Our merchant volumes in the US is okay and the depth pace that then you look at overall at Air Products, where we are seeing a slowdown is obviously in China, and that affects our numbers.

我們在美國的商業量還不錯，然後你看看空氣產品公司的整體深度，我們發現中國的成長明顯放緩，這影響了我們的數字。

In terms of pricing, I can only comment on the past.

在定價方面，我只能評論過去。

I will not comment on our future, but obviously, when you increase prices, there comes a time bill year-to-year, you don't show a huge amount of improvement, because there is a limit to what you can increase the price to because that people find alternatives and there is a certain price at which you start being demand destructive.

我不會評論我們的未來，但顯然，當你提高價格時，每年都會有一個時間賬單，你不會表現出巨大的改進，因為你可以提高價格的範圍是有限的因為人們會找到替代品，而達到一定的價格後，你就會開始破壞需求。

So I feel very good about what our people have done the pricing and our overall volumes in the US is good.

因此，我對我們的員工所做的定價感到非常滿意，而且我們在美國的整體銷售也很好。

In Europe, it's steady, but it is weak in China.

在歐洲，它很穩定，但在中國很弱。

No question about that.

毫無疑問。

We have talked about that.

我們已經討論過這一點。

That was one of the principal reasons that the missed our estimate in the first quarter and -- but it has stabilized, but we are not seeing much growth in that part of the world.

這是第一季未達到我們預期的主要原因之一，但它已經穩定下來，但我們沒有看到該地區有太多成長。

Great.

偉大的。

Thank you so much.

太感謝了。

Thank you very much.

非常感謝。

Vincent Andrews, Morgan Stanley.

文森安德魯斯，摩根士丹利。

Thank you, and good morning, Seifi.

謝謝你，早安，Seifi。

I'm wondering if you can give us an update on the sustainable aviation fuel project out in Los Angeles, both in terms of how the relationship with World Energy is going in the JV itself as well as the permitting process and sort of what your expectations are, if there's any update in terms of timeline or customers or just anything we should know incrementally there?

我想知道您是否可以向我們介紹洛杉磯可持續航空燃料項目的最新情況，包括合資企業本身與世界能源公司的關係如何，以及許可流程以及您的期望是的，在時間表或客戶方面是否有任何更新，或只是我們應該逐步了解的任何內容？

Good morning, Vincent.

早上好，文森。

In terms of our relationship with TotalEnergies, we have a very good relationship with them.

就我們與 TotalEnergies 的關係而言，我們與他們的關係非常好。

Obviously, we have been working with them for a few years.

顯然，我們已經與他們合作了幾年。

In terms of the status of the project, we have put that project on hold until we get our permits.

就該項目的狀態而言，我們已暫停該項目，直到獲得許可。

We always said that would probably -- process will probably take a year and we still expect that.

我們總是說，這個過程可能需要一年的時間，我們仍然預期這一點。

In terms of the demand for the product and all of that, SAF seems to be very much in demand.

就產品的需求以及所有這些而言，SAF 似乎非常受歡迎。

And as you have seen, Vincent, I mean you're very well informed, and a lot of people are trying to make SAF all over the world.

正如你所看到的，文森特，我的意思是你消息靈通，全世界有很多人都在努力創建 SAF。

So we just got a contract to supply hydrogen to it unit in Europe.

因此，我們剛剛獲得了一份向歐洲工廠供應氫氣的合約。

So we feel pretty good about that project, but it is on hold until we get our permits.

所以我們對該項目感覺非常好，但在我們獲得許可之前它被擱置了。

And considering that we are operating in the State of California, we just have to wait and see how that works out.

考慮到我們是在加利福尼亞州運營，我們只需等待，看看結果如何。

Okay.

好的。

And as a follow-up on the tax rate in the quarter came in a little bit lower than we had expected.

作為本季稅率的後續調查，稅率略低於我們的預期。

Should we assume that same tax rate in the fourth quarter?

我們是否應該假設第四季的稅率相同？

I would like to turn that question to Melissa to give you a color on that.

我想把這個問題轉給梅麗莎，讓你對此有所了解。

Thank you.

謝謝。

I appreciate that.

我很感激。

So for as we mentioned in the comments, we did see a lower tax rate this quarter, but for the full year, we do expect it to be at 18%.

因此，正如我們在評論中提到的，我們確實看到本季的稅率較低，但全年的稅率確實預計為 18%。

We had a number of one-time items that occurred this quarter.

本季我們發生了許多一次性事件。

For example, there was a significant stock option exercise and some foreign restructuring, which did support the lower tax rate.

例如，大量的股票選擇權行使和一些外國重組確實支持了較低的稅率。

But again, 18% is what you should forecast for the year.

但同樣，18% 是您今年應該預測的數字。

Thank you very much.

非常感謝。

Thank you.

謝謝。

David Begleiter, Deutsche Bank.

大衛‧貝格萊特，德意志銀行。

Thank you.

謝謝。

Good morning.

早安.

Do you have an update on the Alberta project as to when it will start up and will contribute to '25 earnings?

您是否了解艾伯塔省計畫何時啟動以及為 25 年收益做出貢獻的最新情況？

Our Alberta project will come on-stream sometimes in '25, and whether it will contribute to our fiscal year results, we have to wait and see exactly when that project comes on stream.

我們的艾伯塔省專案有時會在 25 年投產，至於它是否會對我們的財政年度業績做出貢獻，我們必須等待，看看該專案何時投產。

We are building a plant in the middle of Alberta, what the winters are like.

我們正在艾伯塔省中部建造一家工廠，那裡的冬天很酷。

So it's anybody's guess how much construction and how fast construction we can do during this winter.

所以大家都在猜測今年冬天我們能進行多少建設以及建造速度有多快。

So I don't want to commit to any specific date.

所以我不想承諾任何具體日期。

We are going to give you -- when we issue our guidance for the year, we are going to be conservative and assume no contribution from that project in '25.

我們將為您提供——當我們發布今年的指導時，我們將採取保守態度，假設該項目在 25 年不會做出任何貢獻。

Understood.

明白了。

And just the Q4 guidance, it is a bit wide.

只是第四季的指導，有點寬。

Why is it so wide and is what would cause you to come in at the higher-end or lower-end of the guidance range?

為什麼它如此之寬？

Thank you.

謝謝。

David, you make a very good point.

大衛，你說得很好。

Number one, we didn't want to change the guidance for the year, quite honestly.

第一，老實說，我們不想改變今年的指導。

So by default, you end up with the numbers that you have, because I thought if you start changing the guidance for the year, it might get misinterpreted.

所以預設情況下，你最終會得到現有的數字，因為我認為如果你開始改變今年的指導，它可能會被誤解。

Because we either had to move the bottom up or the top down, but there is good reason for the wide range, David.

因為我們要嘛必須從下往上移動，要嘛從上往下移動，但範圍很廣是有充分理由的，大衛。

And you see the news, the geopolitical situation in the Board is very unstable.

而且你看新聞，董事會的地緣政治局勢非常不穩定。

We are going through an election cycle at the Federal Reserve hasn't made up their mind about exactly what they want to do.

我們正在經歷一個選舉週期，而聯準會尚未決定到底要做什麼。

There is a lot of unknowns and therefore trying to kind of add thread the needle and come up with the $0.05 range and so on, we did that last quarter because it was -- I was not as worried about the overall geopolitical situation as I am now.

有很多未知因素，因此試圖添加線索並得出 0.05 美元的範圍等等，我們上個季度這樣做是因為——我並不像現在這樣擔心整體地緣政治局勢現在。

But overall, I think you should focus, I would appreciate if you focus on the year guidance rather than just the quarter guidance.

但總的來說，我認為你應該關注，如果你關注年度指導而不僅僅是季度指導，我將不勝感激。

We are going to be somewhere between $12.20 and $12.50, right.

我們的價格將在 12.20 美元到 12.50 美元之間，對吧。

Understood.

明白了。

Thank you.

謝謝。

Chris Parkinson, Wolfe Research.

克里斯帕金森，沃爾夫研究中心。

Great.

偉大的。

Seifi, you've put together a couple of decent quarters, I should say, good between the US and Europe.

Seifi，我應該說，你在美國和歐洲之間創造了幾個不錯的季度。

And yet the macro, I think across all geographies has been fairly choppy and you've been navigating a lot of difficulties across the board and yet you're kind of moving in the right direction now.

然而，我認為所有地區的宏觀經濟都相當不穩定，你們一直在全面克服許多困難，但現在正朝著正確的方向前進。

So can you just kind of give us a quick update on the outcome of some of the key things that you're seeing on a regional basis, specifically what's the latest manufacturing and electronics, perhaps a little update on helium in Asia.

那麼，您能否向我們快速介紹一下您在區域範圍內看到的一些關鍵事情的結果，特別是最新的製造業和電子產品，也許是亞洲氦氣的一些最新情況。

Putting everything together now that we are in a more favorable trajectory, I'd love to hear your thoughts on entering 2025?

現在我們正處於一個更有利的軌道上，把一切放在一起，我很想聽聽您對進入 2025 年的想法？

Thank you so much.

太感謝了。

Thank you, Chris.

謝謝你，克里斯。

That's an excellent question.

這是一個很好的問題。

Chris, on a on a macro basis, I'm always an optimist and I'm generally optimistic.

克里斯，從宏觀角度來看，我一直是個樂觀主義者，而且我總體上很樂觀。

I think the US economy has proven everybody wrong.

我認為美國經濟已經證明每個人都錯了。

It is moving a strong than quite honestly we expected.

老實說，它的發展比我們預期的還要強烈。

Our on-site volumes, especially hydrogen is very strong in the US and the merchant business is doing fine.

我們的現場銷售（尤其是氫氣）在美國非常強勁，商業業務也表現良好。

So I for the US, I feel very, very comfortable going into 2025, unless something significantly unexpected happens with the interest rates.

因此，對於美國來說，進入 2025 年我感覺非常非常舒服，除非利率發生重大意外。

And with the election, we all know what to expect.

對於選舉，我們都知道會發生什麼。

It's either one or the other.

要嘛是其中之一，要嘛是另一個。

So I don't think that will change things that much.

所以我認為這不會改變太多事情。

Then with respect to Europe, Europe is holding up relatively well.

然後就歐洲而言，歐洲的表現相對較好。

We have been successful in holding on to the price increases that is making sure that they have a good margins there.

我們成功地控制了價格上漲，確保了他們在那裡擁有良好的利潤率。

And then my only concern going into '25 is how would Asia develop.

進入 25 世紀，我唯一關心的是亞洲將如何發展。

But considering where China is right now, I don't expect it to get any worse.

但考慮到中國現在的處境，我預計情況不會變得更糟。

Some people are predicting that the change will improve, especially in the electronics sector, as you mentioned, but we will wait and see.

正如您所提到的，有些人預測這種變化將會改善，特別是在電子產業，但我們將拭目以待。

So overall going into 2025, I'm very optimistic for sure about Air Products and in terms of our ability to deliver the growth that we in general want, which is 10% growth every year on our EPS.

因此，總體而言，進入 2025 年，我對空氣產品公司以及我們實現我們普遍希望的成長的能力非常樂觀，即每股收益每年增長 10%。

Thank you for the color.

謝謝你的顏色。

Thank you.

謝謝。

Duffy Fischer, Goldman Sachs.

達菲費雪，高盛。

Yes, good morning, guys.

是的，早上好，夥計們。

If you could maybe talk us through what the economics look like for the two hydrogen stations that you called out, the one that you're going to do in Europe and then the one in California.

如果您能向我們介紹您提到的兩個加氫站的經濟效益如何，您將在歐洲建造一個，然後在加利福尼亞州建造一個。

Roughly how much capital is that?

大概有多少資本？

And then what's the business model there?

那麼那裡的商業模式是什麼呢？

Will you own the stations and then push your hydrogen through it or will other people own it and just source from you?

你會擁有這些加氫站，然後通過它輸送氫氣，還是其他人擁有它，然後只從你那裡獲取氫氣？

I mean, just can you give us some rough scope of what that project looks like?

我的意思是，您能給我們介紹一下該專案的大概範圍嗎？

Sure, Duffy, our intention is at that visit that we kind of go own their whole supply chain.

當然，達菲，我們的目的是在那次訪問中我們擁有他們的整個供應鏈。

We produce the green hydrogen, we move it, whether it's in form of liquid or in form of ammonia that we then crack.

我們生產綠色氫，我們移動它，無論是液體形式還是氨形式，然後我們將其裂解。

Then we rebuild the station, we will own this station, we might own this station jointly with some other people, but we will have control over their station, and we will sell it to the end customer to the truck company or add a train company or anybody else.

然後我們重建車站，我們將擁有這個車站，我們可能與其他一些人共同擁有這個車站，但我們將控制他們的車站，我們將把它賣給最終客戶給卡車公司或增加一個火車公司或任何其他人。

So we want to own the whole supply chain.

所以我們想擁有整個供應鏈。

And that is why in terms of economics, obviously, it depends -- the capital deployed, it depends on the number of stations you are going to build.

這就是為什麼從經濟角度來看，顯然，這取決於部署的資本，這取決於你要建造的車站數量。

That will be a gradual development depending on how much product we have and all of that.

這將是一個漸進的發展，取決於我們擁有多少產品以及所有這些。

I mean, right now, we fully intend to build these stations in Europe and in California.

我的意思是，現在我們完全打算在歐洲和加州建立這些車站。

But in Europe, if we sell out NEMO, all four application of decarbonizing refineries, then obviously, we will build a NEMO2 and therefore, building these stations will be a little bit delayed.

但在歐洲，如果我們賣掉 NEMO，所有四個脫碳煉油廠的應用，那麼顯然，我們將建造一個 NEMO2，因此，建造這些站會有點延遲。

And same thing in California.

在加州也是如此。

So it very much depends on how the market develops, but the idea is exactly what you said that we will either own the stations 100% or the shared ownership with Air Products and control, so that we make sure that our molecules are the molecules that are going through it.

所以這很大程度上取決於市場如何發展，但這個想法正是你所說的，我們要么100%擁有這些加油站，要么與空氣產品公司共享所有權和控制權，這樣我們就能確保我們的分子是那些正在經歷它。

And if other people build stations, we might or might not sell them the molecules, it depends.

如果其他人建造了太空站，我們可能會也可能不會向他們出售分子，這取決於情況。

Okay, great.

好的，太好了。

And then for the second one, if I could, when we look at the sequential walk from Q3 to Q4 at the midpoint of the guide, it's up $0.28, but Melissa just talked about having a tax headwind sequentially that might be a nickel or a dime.

然後對於第二個，如果可以的話，當我們在指南的中點查看從第三季度到第四季度的連續步行時，它上漲了0.28 美元，但梅麗莎剛剛談到了連續的稅收逆風，可能是五分錢或五分錢十分錢。

Can you bridge us to getting, let's say that $0.30 better in EPS going from Q3 and Q4, what drives that?

您能否幫助我們實現每股收益比第三季和第四季提高 0.30 美元，是什麼推動了這一成長？

What drives that is, Duffy, that's obviously a very good question.

達菲，這顯然是一個非常好的問題。

What drives that is that number one is, when you look at our results in the last 10 years or 15 years or 20 years, fourth quarter of our fiscal year is one of our strongest quarters.

推動這一趨勢的首要因素是，當你查看我們過去 10 年、15 年或 20 年的業績時，我們財年的第四季是我們最強勁的季度之一。

It is not the only one of, it is our strongest quarter.

這不是唯一的一個，而是我們最強勁的一個季度。

So we expect that we would have better results than the $3.20 just because of the cyclicality.

因此，由於週期性，我們預計我們會得到比 3.20 美元更好的結果。

The second reason is that we have taken serious productivity actions.

第二個原因是我們採取了認真的生產力行動。

You are seeing some of the results in this quarter, but you'll see a lot more of that in the next quarter.

您將在本季度看到一些結果，但在下個季度您將看到更多結果。

And then the third thing is that we do have some new smaller projects coming on stream that will contribute.

第三件事是，我們確實有一些新的小型專案即將投入使用，這些專案將做出貢獻。

So we feel pretty confident that we should be able to, as you said, bridge that $0.30 and deliver the midpoint of what they have delivered $0.48 that we need to get to the midpoint of our guidance.

因此，我們非常有信心，正如您所說，我們應該能夠跨越 0.30 美元，並交付他們交付的 0.48 美元的中點，我們需要達到我們指導的中點。

Terrific.

了不起。

Thank you, guys.

感謝你們。

Thank you.

謝謝。

Steve Byrne, Bank of America.

史蒂夫伯恩，美國銀行。

Thank you very much.

非常感謝。

This Salvator Tiano filling in for Steve.

薩爾瓦托·蒂亞諾（Salvator Tiano）取代了史蒂夫。

So firstly, I wanted to go back a little bit to the Louisiana project where you mentioned you're still on track for a 2028 startup.

首先，我想回顧一下路易斯安那州項目，您提到您仍有望在 2028 年啟動一家新創公司。

And you made the comment that blue ammonia will be sold to the export market for energy.

您曾評論說，藍氨將銷往能源出口市場。

However, it seems like companies such as some of the major Japanese utilities will probably not need that much ammonia, if any, at all at that time, perhaps where you have to wait two or three years.

然而，似乎日本一些主要公用事業公司等公司當時可能根本不需要那麼多氨（如果有的話），也許你必須等待兩三年。

So is it safe to assume that you will not focus on ammonia until perhaps 2030?

那麼可以肯定地說，您可能要到 2030 年才會關注氨嗎？

Or are there any other outlets for that when do you start up?

或是什麼時候啟動還有其他管道嗎？

Thank you for your question.

謝謝你的問題。

Obviously, we are hearing a different story from them.

顯然，我們從他們那裡聽到了不同的故事。

I don't know what they tell you, but that they tell us there is a lot of demand.

我不知道他們告訴你什麼，但他們告訴我們有很多需求。

But there is also another sector that is developing pretty rapidly and that is ammonia for as a marine fuel for shipping.

但還有另一個發展相當快速的產業，那就是用作航運船用燃料的氨。

So we feel pretty confident that by 2028, we will be able to start loading that facility.

因此，我們非常有信心，到 2028 年，我們將能夠開始裝載該設施。

We also have the capacity and capability of balancing between hydrogen and ammonia and we do have the pipeline.

我們也有平衡氫和氨的能力和能力，我們也有管道。

And I think by 2028, a lot of our existing customers might have on blue hydrogen instead of gray hydrogen.

我認為到 2028 年，我們的許多現有客戶可能會使用藍氫而不是灰氫。

Perfect.

完美的。

And I wanted to go back a little bit to the World Energy Project.

我想稍微回顧一下世界能源計畫。

You mentioned that it's roughly a one year time line to get the permits.

您提到獲得許可證大約需要一年的時間。

I think the project itself was amounts over two years ago.

我認為該項目本身的金額是兩年多前的。

So is it safe to assume you'd naturally apply for permits still over a year after that?

那麼可以肯定的是，您自然會在一年多後申請許可證嗎？

And when these kind of the one year deadline that you kind of alluded to?

您提到的一年期限是什麼時候？

And does this mean at that point, you're going to proceed with the final FID and we're going to -- We'll know if it's a go or no-go?

這是否意味著到那時，您將繼續進行最終的最終投資決定，而我們將會知道這是否是可行還是不可行？

Well, we hope to get our permit and we hope to finish the plan.

好吧，我們希望獲得許可，並希望完成計劃。

But we have to wait for the permits because we don't want to commit and then find out that is an issue with the permit or we have to wait some more.

但我們必須等待許可證，因為我們不想承諾，然後發現許可證有問題，否則我們必須再等一段時間。

So I'm not sure at if there is anything more for me to add, we are just waiting for the permit.

所以我不確定是否還有什麼需要補充的，我們只是在等待許可。

And we don't want to hurry up like we did last time and start getting ahead of ourselves and then finding that the permit gets challenged and all of that.

我們不想像上次那樣快點開始超前，然後發現許可證受到質疑等等。

We want to make sure that it is bulletproof before we have a final FID decision.

在做出最終最終決定之前，我們希望確保它是萬無一失的。

Thank you vey much.

非常感謝。

Okay.

好的。

Thank you.

謝謝。

Mike Leithead, Barclays.

麥克萊特黑德，巴克萊銀行。

Great.

偉大的。

Thank you.

謝謝。

Good morning, guys.

早上好傢伙。

Seifi, I wanted to estimate the total green hydrogen agreement.

Seifi，我想估算一下綠氫協議的總量。

And I appreciate you likely won't talk about pricing.

我很感激你可能不會談論定價。

If you want to give us the agreed-upon price.

如果您想給我們約定的價格。

I'd happily take it.

我很樂意接受。

But can you speak to the return hurdle of this agreement?

但您能談談該協議的回報障礙嗎？

You've obviously taken a lot of risk by being a first mover.

身為先行者，你顯然冒了很大的風險。

So in this validation, are you getting a return profile that is and materially above your traditional project hurdle?

那麼，在此驗證中，您是否獲得了明顯高於傳統專案障礙的回報概況？

Well, you're asking a very good question.

嗯，你問了一個非常好的問題。

Obviously the answer to that is yes.

顯然，答案是肯定的。

But I hope you have some sympathy with me that we are negotiating with people to sell them something and you don't expect me to be sitting here on a public call saying, hey, we are going to make a lot of money, right?

但我希望你們對我有一些同情，我們正在與人們談判向他​​們出售一些東西，你們不會指望我坐在這兒參加公開電話會議說，嘿，我們會賺很多錢，對嗎？

So we have to be cautious in terms of our comments.

所以我們的評論必須謹慎。

But you can be sure that as I have always said, they have taken the risk and therefore, the reward should be higher than what we do when the you change that at no risk, not risk.

但你可以確信，正如我一直說的那樣，他們承擔了風險，因此，當你無風險、不冒險地改變這一點時，回報應該高於我們所做的。

Makes a lot of sense.

很有道理。

And then I think you've talked before about being excited about building, like you just said, NEMO2 or other large clean energy projects, but at the same time, you didn't want to commit to announcing much until you've signed tangible offtake agreements for what you already have out there.

然後我認為您之前曾談到對建設感到興奮，就像您剛才所說的那樣，NEMO2 或其他大型清潔能源項目，但與此同時，在簽署有形協議之前，您不想承諾宣布太多內容您已有的產品的承購協議。

So now that we have the total contract, it sounds like you're far along and some other negotiations.

現在我們已經拿到了總合同，聽起來你們已經在進行其他一些談判了。

Should we expect further clean energy project announcements in, say, the next 12 months or so?

我們是否應該期待在未來 12 個月左右的時間內宣布更多清潔能源項目？

I did only commit to that if we have announced enough projects, so that the investors see that we are sold out.

只有當我們宣布了足夠的項目時，我才會承諾這一點，以便投資者看到我們已經售罄。

I don't want to say that, okay, we have sold 35% of NEMO, therefore, we should rush and go and build NEMO number two.

我不想說，好吧，我們已經售出了 35% 的 NEMO，因此，我們應該趕緊打造第二號 NEMO。

I'd like to wait until we have sold 80% of NEMO and then commit to that.

我想等到我們售出 80% 的 NEMO 後再做出承諾。

So we are going to be conservative and cautious and not to get ahead of ourselves.

因此，我們將保持保守和謹慎，不要超前。

But the fact that we have demonstrated that there is significant volume demand is a good sign because until a few months ago, you have seen the slides from some of our competitors where they put it in writing that there is no demand for green hydrogen.

但事實上，我們已經證明存在巨大的需求量，這是一個好兆頭，因為直到幾個月前，您還看到了我們一些競爭對手的幻燈片，他們書面表示對綠色氫沒有需求。

So I think, and now it's obviously a little bit of a different story.

所以我認為，現在情況顯然有點不同了。

There is demand for green hydrogen.

對綠氫有需求。

But I would like to give some confidence to the investors that we are truly have signed enough things that it is sold out before we commit to additional projects.

但我想給投資者一些信心，讓他們相信我們確實已經簽署了足夠多的東西，在我們承諾其他項目之前就已經售罄了。

Depending on how fast those things come, you're right, it might be that in a year, we will announce a new NEMO project, but it will depend on how fast the progress with signing contracts for the current production.

取決於這些事情發生的速度，你是對的，我們可能會在一年內宣布一個新的 NEMO 項目，但這將取決於當前生產合約簽訂的進度有多快。

Great.

偉大的。

Thank you so much.

太感謝了。

Thank you.

謝謝。

Mike Sison, Wells Fargo.

麥克西森，富國銀行。

Hey, good morning.

嗨，早安。

Nice quarter and outlook.

不錯的季度和前景。

Seifi when you think about '25, I know it's a little bit early to give any specific outlook.

Seifi 當你想到 '25 時，我知道現在給出任何具體的展望還為時過早。

How much earnings growth do you think will be anchored by your projects next year?

您認為明年您的專案將帶動多少收入成長？

And maybe any any sort of color you can have in terms of how much that could help or kind of sort of support some earnings growth -- support earnings growth next year?

也許你可以用任何顏色來說明可以在多大程度上幫助或支持一些獲利成長——支持明年的獲利成長？

Thank you.

謝謝。

Good morning and thanks for your comment.

早上好，感謝您的評論。

It would be very difficult right now to give you details.

現在很難向您提供詳細資訊。

We are going to give you all those details when we announce our fourth quarter results.

當我們宣布第四季度業績時，我們將向您提供所有這些細節。

But in general, I would like to say that Air Products, 10 years ago, we committed to delivering an average of 10% growth in earnings.

但總的來說，我想說，空氣產品公司10年前就承諾實現平均10%的獲利成長。

And today, we are committing that for the next 10 years, we will do the same.

今天，我們承諾在未來 10 年，我們將這樣做。

So our target our goal, our challenge is to deliver at least a 10% growth for next quarter -- for next year.

因此，我們的目標和挑戰是在下個季度（明年）實現至少 10% 的成長。

But we will obviously, we are going through the budgeting process.

但顯然我們會的，我們正在經歷預算過程。

We have all of the details and then we'll give you a number and we announce our results in late October or early November.

我們掌握了所有詳細信息，然後會給您一個數字，並在 10 月底或 11 月初公佈我們的結果。

Great.

偉大的。

Thank you.

謝謝。

Thank you.

謝謝。

John Roberts, Mizuho.

約翰·羅伯茨，瑞穗。

Thank you.

謝謝。

And best wishes Sidd.

並致以最美好的祝愿西德。

Welcome, Eric and thanks for being in the rock.

歡迎，埃里克，感謝您來到岩石中。

Seifi, in your price discussions on clean hydrogen between Alberta, Louisiana, NEMO, I know you don't want to give any details, but is there a really wide range that you're seeing in terms of discussions with customers?

Seifi，在阿爾伯塔省、路易斯安那州和 NEMO 之間關於清潔氫的價格討論中，我知道您不想提供任何細節，但是您在與客戶的討論中看到的範圍是否真的很廣泛？

And have they all been, I assume above gray hydrogen plus carbon credits?

我假設它們都是灰氫加碳信用嗎？

Good morning, John.

早安，約翰。

The guidance that -- the overall guidance that we have been telling people is if the gray price is something, they blew prices at least twice that and the green prices is twice that.

我們一直告訴人們的整體指引是，如果灰色價格是某種東西，他們的價格至少是這個價格的兩倍，而綠色價格是這個價格的兩倍。

So it's double for blue and then double for green.

所以藍色是雙倍，然後綠色是雙倍。

And that is the kind of the overall guidance for pricing.

這就是定價的整體指導。

So I think, you all have a pretty good idea of the kind of pricing that we are looking for and we are getting that.

所以我認為，你們都非常清楚我們正在尋找的定價類型，而我們正在獲得它。

And I think that a pricing change will improve as we go forward when the demand exceeds the supply.

我認為，當需求超過供應時，隨著我們的前進，定價變化將會改善。

And that's a price that the customer receipt level and your netback pricing will be significantly different across the various customers because obviously some in Alberta are right next door and for NEMO, it's going to be pretty far away?

這個價格對於不同的客戶來說，客戶收貨水平和淨回值定價將有顯著差異，因為顯然艾伯塔省的一些客戶就在隔壁，而對於 NEMO 來說，它會很遠？

Well, the thing is that there is some element of that, but we do take that into consideration when we give the pricing.

嗯，問題是有一些因素，但我們在定價時確實考慮到了這一點。

I mean, if it is very difficult to serve a customer, then obviously the price will be significantly higher than, as you said, somebody in next door.

我的意思是，如果很難為客戶提供服務，那麼顯然價格會比您所說的隔壁的人高得多。

Okay.

好的。

Thank you.

謝謝。

Thank you.

謝謝。

Josh Spector, UBS.

喬許‧斯佩克特，瑞銀集團。

Yeah, hi, good morning.

是的，嗨，早安。

So I wanted to follow up on the question earlier around your commitment to announce additional projects.

因此，我想就您宣布更多項目的承諾早些時候跟進這個問題。

I think during the quarter, you've been more explicit that you will FID, I believe, any projects until you get more offtakes.

我認為在本季度，您更加明確地表示，我相信您將最終決定任何項目，直到您獲得更多承購權。

And I wanted to see how precise we should be taking that language.

我想看看我們應該如何精確地採用這種語言。

So you talked about NEMO earlier, but as we think about Louisiana, should we think about both of those need to reach 80% offtakes before you announce anything else or is your expectation to be lower than that?

所以你之前談到了 NEMO，但當我們考慮路易斯安那州時，我們是否應該在宣布其他內容之前考慮這兩個需要達到 80% 的承購率，或者你的預期是否會低於這個數字？

I think you should expect that we would kind of see our way of loading those three facilities that you talked about NEMO, Louisiana and Edmonton fully-loaded before we make an FID for another project.

我認為您應該期望，在我們為另一個項目制定最終投資決定之前，我們會看到您談到的 NEMO、路易斯安那州和埃德蒙頓這三個設施滿載的方式。

There is one other project that we are working on, which is the project that we did announce, a green hydrogen hydrogen project in Northern Texas.

我們正在進行的另一個項目，也就是我們確實宣布的項目，是德州北部的一個綠色氫能項目。

But that project, we have not taken FID.

但那個項目，我們還沒有拿FID。

We do not plan to take any FID until we have total clarity on what the IRS rules are for interpretation of this green hydrogen.

在我們完全清楚美國國稅局對這種綠色氫的解釋規則之前，我們不打算採取任何最終決定。

So other than that, I don't expect us to make any announcements until we see our way very clearly.

因此除此之外，在我們非常清楚地了解自己的方向之前，我不希望我們發布任何公告。

And this is quite frankly, a fundamental issue of being respectful to the investors.

坦白說，這是尊重投資者的一個根本問題。

I think we announced many, many projects and the investors got very concerned and that is why, I mean, our stock should be $400 now and it is at, I don't know $285 to $290,$300.

我認為我們宣布了很多很多項目，投資者非常擔心，這就是為什麼我們的股票現在應該是 400 美元，我不知道是 285 美元到 290 美元，還是 300 美元。

But that that the reason for that is that I think we quite the investors a little bit concerned that we are getting ahead of ourselves.

但我認為原因是我們讓投資者有點擔心我們有點超前了。

We didn't think so, but certainly the impression was with the investors that we are building plants without any clue about where to sell it.

我們不這麼認為，但投資者的印象肯定是我們正在建造工廠，但不知道在哪裡出售它。

That was never the case, but that was the impression.

事實並非如此，但印象就是如此。

So I don't want to get into that mode again.

所以我不想再陷入那種模式了。

We want to fully demonstrate that is demand before we make any FID -- announce any and major project.

我們希望在做出任何最終投資決定（宣布任何重大項目）之前充分證明這是需求。

Thanks.

謝謝。

I appreciate that.

我很感激。

And just a quick follow-up then on Texas.

接下來是德克薩斯州的快速跟進。

I guess specifically, do you consider that a new project?

我想具體來說，您認為這是一個新專案嗎？

So if we get IR clarity, IRA clarity in the next, I don't know, six, nine months, but Japan takes longer to say what their credits are going to be for blue hydrogen into utility coal energy production, is that something you would FID that Texas project without that Louisiana project sold out or is always the a project or whatever project sold out the limiting factor in your view?

因此，如果我們在接下來的六個月、九個月內獲得IR和IRA的明確性，但日本需要更長的時間來說明他們將把藍色氫用於公用煤炭能源生產，這就是你想要的嗎？

Yeah, the project in Northern Texas, and we can demonstrate to you that it is fully sold out in a few years because that project is directed at making liquid green hydrogen, liquid green hydrogen, and that is targeted for the market in California.

是的，德克薩斯州北部的項目，我們可以向您證明，它在幾年內就全部售罄，因為該項目旨在製造液態綠氫，液態綠氫，並且針對加利福尼亞州的市場。

We can easily transport that without any significant cost to California.

我們可以輕鬆地將其運送到加利福尼亞州，而無需支付任何重大費用。

And when you look at the demand in California for green hydrogen and the number of stations and so on, you can easily come up with the demand to fill that project up.

當您查看加州對綠氫的需求以及加氫站的數量等時，您可以輕鬆地得出滿足該專案的需求。

The main reason that we are holding on that project is because we want to understand what is the definition of green and we know that we qualify to get $3.

我們堅持該項目的主要原因是我們想了解綠色的定義是什麼，我們知道我們有資格獲得 3 美元。

We want to see if other people qualify to get the $3 or not.

我們想看看其他人是否有資格獲得 3 美元。

But I am very confident about fact that we can sell that product for very good prices.

但我非常有信心，我們可以以非常優惠的價格出售該產品。

Right now, we are selling green hydrogen into that market at close to $30 a kilogram, $30 a kilogram.

目前，我們以接近每公斤 30 美元、每公斤 30 美元的價格向該市場出售綠氫。

And if you do the math that makes everything you know.

如果你進行數學計算，你就會得到你所知道的一切。

So the project in Northern Texas is very much we are waiting for the definition of the IRA.

因此，德克薩斯州北部的項目非常值得我們等待 IRA 的定義。

And as you said, I don't think we will have clarity on that until probably beginning of next year.

正如你所說，我認為我們可能要到明年初才能明確這一點。

So we are not going to do anything until then.

所以在那之前我們不會做任何事。

Okay?

好的？

Understood.

明白了。

Thank you.

謝謝。

Operator, do you have time for two other questions, please?

接線生，您還有時間問另外兩個問題嗎？

Patrick Cunningham, Citi.

派崔克‧坎寧安，花旗銀行。

Hi, good morning, everyone.

嗨，大家早安。

Maybe just wanted to follow up, you mentioned the election multiply times.

也許只是想跟進，你多次提到選舉。

I just want to understand your latest and greatest thoughts on what either outcome might mean for the two pillars of your business?

我只是想了解您關於這兩種結果對您業務的兩大支柱可能意味著什麼的最新和最偉大的想法？

And then maybe more specifically, what you think each outcome might mean for interpretation of the IRA rules?

然後也許更具體地說，您認為每個結果對於 IRA 規則的解釋可能意味著什麼？

I'm sure, I would have understood.

我確信，我會理解的。

Can you just hold on?

你能堅持住嗎？

Let me -- Sidd, can you.

讓我——Sidd，可以嗎？

Yeah.

是的。

I think the question was related to the IRA guidance and with incumbents or a new administration coming in, what does that mean?

我認為這個問題與愛爾蘭共和軍的指導有關，隨著現任者或新政府的上任，這意味著什麼？

Well, the IRA is as the part that is related to us, it has two dimensions.

那麼，IRA作為與我們相關的部分，它有兩個維度。

One dimension is the so called 45Q, which is that you get $85 per ton of CO2 that you sequester.

其中一個維度是所謂的 45Q，每封存一噸二氧化碳您將獲得 85 美元。

I think there is not much controversy around that road, No matter which administration you have, I think that will get support and that is why we are building the project in Louisiana, we feel very confident about that.

我認為這條道路沒有太多爭議，無論哪個政府，我認為都會得到支持，這就是我們在路易斯安那州建造該項目的原因，我們對此感到非常有信心。

The challenge is on the other part, which is called 45V, which is the $3 the for green hydrogen and the controversy is very simple.

挑戰在於另一部分，即45V，也就是綠氫的3美元，爭議非常簡單。

What is the definition of green hydrogen.

綠氫的定義是什麼？

Is it enough to say, oh, I connected to the grid, I'm getting electricity, I'm breaking down water and therefore, I'm making green hydrogen and therefore give me the $3 irrespective of the fact that I might be using the electricity that is made by burning coal.

是不是可以說，哦，我連接到電網，我得到了電力，我正在分解水，因此，我正在製造綠色氫氣，因此給我 3 美元，無論我可能正在使用什麼通過燃燒煤炭產生的電力。

That is the controversy.

這就是爭議所在。

obviously, Air Products has position has been crystal clear from day one that we believe that green hydrogen means that you are using green electricity.

顯然，空氣產品公司的立場從第一天起就非常明確，我們相信綠氫意味著您正在使用綠色電力。

If you are not using green electricity, then it is not a green hydrogen.

如果你不使用綠色電力，那麼它就不是綠氫。

And a green electricity should also be available 24 hours a day.

綠色電力也應該24小時供應。

That means you need to prove that every hour you have green electricity.

這意味著您需要證明每小時都有綠色電力。

You can make a lot of green electricity during the day that the sun shines and then say, okay, now in the night, I'm going to connect to the grid.

你可以在陽光明媚的白天產生大量的綠色電力，然後說，好吧，現在到了晚上，我要連接到電網。

So we have been very clear with our three pillars, and that is what we think is the definition of green.

因此，我們的三大支柱非常明確，這就是我們認為的綠色定義。

The administration, the current administration has agreed with us.

政府，現任政府已經同意我們的觀點。

That is the way they have issued the rules that are public right now.

這就是他們發布目前公開規則的方式。

The issue is they have not finalized the rules.

問題是他們還沒有最終確定規則。

And from what I hear, they are saying they are not going to finalize their rules until after the election.

據我所知，他們說要等到選舉後才會最終確定規則。

So the issue is if they have a change of administration, would the new administration see those rules as good or bad or do they want to modify.

因此，問題是，如果他們更換政府，新政府會認為這些規則是好還是壞，或者他們是否想要修改。

And we are not going to go and commit billions of dollars building a facility not knowing what the exact interpretation is.

我們不會在不知道確切解釋是什麼的情況下投入數十億美元建設設施。

So we are going to wait until we have rules that have been approved, Press and the Treasury Department that we can certainly count on and then we will proceed.

因此，我們將等到我們可以信賴的規則獲得新聞界和財政部批准後，我們才會繼續。

Sorry for the long answer, but I just wanted to address agility.

很抱歉回答很長，但我只是想解決敏捷性問題。

No, thank you so much, Seifi.

不，非常感謝你，賽菲。

I'll leave it there.

我會把它留在那裡。

Thank you.

謝謝。

Okay, Operator, last question, please.

好的，接線員，請回答最後一個問題。

Laurence Alexander, Jefferies.

勞倫斯·亞歷山大，杰弗里斯。

Hi, this is Dan Rizzo on for Laurence.

大家好，我是勞倫斯的丹·里佐。

Thank you for fitting me in.

謝謝你讓我適應。

And I'm sorry if I missed this, but have you update on the status for the green hydrogen project in upstate New York?

如果我錯過了這一點，我很抱歉，但是您有更新紐約州北部綠氫計畫的狀態嗎？

I don't remember that being mentioned recently.

我不記得最近有人提到過這件事。

Yes, we are building a green hydrogen project in upstate New York, we are using hydropower to add.

是的，我們正在紐約州北部建造一個綠氫項目，我們正在利用水力發電來補充。

Hydropower is green power.

水電是綠色能源。

And the capacity of that plant is not huge.

而且那個工廠的產能也不大。

It's a small plant, 35 tonne a day.

這是一家小型工廠，每天產量 35 噸。

And the reason they put it in that part of the world is because they obviously could get their power from Niagara Falls is coming from.

他們之所以把它放在世界的那個地方，是因為他們顯然可以從尼加拉瀑布獲得力量。

And we see significant demand for mobility.

我們看到了對移動性的巨大需求。

We are going to produce liquefied green hydrogen, and we see significant demand for that in that part of the world because by being in Messino, they can serve all the way to Pennsylvania, New York and all of that.

我們將生產液化綠氫，我們看到世界該地區對此有巨大的需求，因為透過在梅西諾，他們可以一直服務到賓夕法尼亞州、紐約州等所有地方。

And therefore, we are very optimistic about that project.

因此，我們對該專案非常樂觀。

That project is moving forward and it is on time.

該項目正在按時推進。

And I'm sorry, just remind me when coming online?

抱歉，上線時提醒我好嗎？

In terms of the timing, I think you have said sometime in '27 or '28.

就時間而言，我想你已經說過27年或28年的某個時候。

'27.

'27。

Thank you.

謝謝。

Very much.

非常。

Well, thank you very much, and thank you, operator.

嗯，非常感謝，也謝謝接線生。

And we thank -- I'd like to thank everybody for joining on the call.

我們感謝—我要感謝大家參加這次電話會議。

We do appreciate your interest in Air Products.

我們非常感謝您對空氣產品公司的興趣。

And we do appreciate your very good and insightful questions.

我們非常感謝您提出非常好的、富有洞察力的問題。

Please be safe, stay healthy and we look forward to talking to you when we announce our fourth quarter results.

請注意安全，保持健康，我們期待在宣布第四季度業績時與您交談。

Thanks again, everybody.

再次感謝大家。

This concludes today's call.

今天的電話會議到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。