Air Products and Chemicals Inc (APD) 2025 Q1 法說會逐字稿

Good morning, and welcome to the Air Products first quarter earnings release conference call. Today's call is being recorded at the request of our 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.

早上好，歡迎參加空氣產品公司第一季財報發布電話會議。今天的通話是根據我們產品的要求進行錄音的。請注意，代表空氣產品公司發表的演示和評論均受空氣產品公司版權保護，並保留所有權利。

Beginning today's call is Mr. Eric Guter.

今天的電話會議由 Eric Guter 先生主持。

Please go ahead, sir.

先生，請繼續。

Good morning, everyone.

大家早安。

Welcome to Air Products' first quarter 2025 earnings results teleconference.

歡迎參加空氣產品公司 2025 年第一季收益結果電話會議。

This is Eric Guter, Vice President of Investor Relations.

我是投資者關係副總裁 Eric Guter。

I'm pleased to be joined today by Melissa Schaeffer, our Chief Financial Officer; and Sean Major, our Executive Vice President, General Counsel and Secretary.

我很高興今天能與我們的財務長 Melissa Schaeffer 一起參加；以及我們的執行副總裁、總法律顧問兼秘書 Sean Major。

On today's call, I'm also pleased to welcome Air Products Chairman of the Board, Wayne Smith, and Eduardo Menezes, Air Products' new CEO effective tomorrow, February 7, 2025.

在今天的電話會議上，我也很高興歡迎空氣產品公司董事會主席韋恩·史密斯 (Wayne Smith) 和空氣產品公司新任首席執行官愛德華多·梅內塞斯 (Eduardo Menezes)，新任首席執行官將於明天（2025 年 2 月 7 日）上任。

Turn to slide number 2, and let me now turn the call over to Wayne, a few brief remarks.

請翻到第二張投影片，現在讓我將電話轉給韋恩，並做幾個簡短的評論。

Thank you, Eric.

謝謝你，埃里克。

Good morning, and welcome, everyone.

早上好，歡迎大家。

Air Products Annual Meeting of Shareholders was held exactly two weeks ago and five new directors were elected to our board.

空氣產品公司年度股東大會剛好在兩週前舉行，我們董事會選出了五位新董事。

The reconstituted Board met immediately quickly coalesced worked intensively and made several key leadership decisions.

重組後的董事會立即召開會議，迅速凝聚力量，開展工作，並做出了多項關鍵的領導決策。

First, I'm honored to have been elected as Chairman of the Board of Air Products, where I served as a director since 2021, following my career in the chemicals industry, which included 11 years in industrial gases.

首先，我很榮幸被選為空氣產品公司董事會主席，此前我在化學工業領域工作了 11 年，其中包括在工業氣體領域工作。

Second, I'm honored to be working with our new Vice Chairman, Dennis Reilley.

其次，我很榮幸能與我們的新任副主席丹尼斯·雷利（Dennis Reilley）共事。

Dennis had a tremendous career in the industrial gas industry, leading Praxair as CEO.

丹尼斯在工業氣體產業有著輝煌的職業生涯，曾擔任普萊克斯公司的執行長。

Prior to that, Dennis held executive roles at DuPont and Conoco in industries which are significant consumers of industrial gases.

在此之前，丹尼斯曾在杜邦公司和康菲公司擔任高階主管職務，這些產業的工業氣體消耗量很大。

Finally, and most significantly, I'm very pleased to introduce our new CEO, Eduardo Menezes, who is on the call today.

最後，最重要的是，我很高興介紹我們新任執行長 Eduardo Menezes，他今天也出席了電話會議。

Eduardo brings more than 3.5 decades of international experience in all key sectors of industrial gases.

Eduardo 在工業氣體所有關鍵領域擁有超過 35 年的國際經驗。

In his last position, he was EVP of Linde for Europe, Middle East and Africa, with responsibility for operations in more than 40 countries, over $8 billion in sales and more than 18,000 employees.

在他的最後一個職位上，他是林德公司歐洲、中東和非洲地區的執行副總裁，負責 40 多個國家的業務，超過 80 億美元的銷售額和超過 18,000 名員工。

He's lived and worked around the world.

他曾在世界各地生活和工作。

We all look forward to working with him taking Air Products,forward and maximizing value for shareholders.

我們都期待與他合作，推動空氣產品公司向前發展並為股東實現價值最大化。

Let me now turn over the call to Eduardo to briefly introduce himself.

現在，讓我將電話轉給愛德華多，請他簡單介紹一下自己。

Thank you, Wayne.

謝謝你，韋恩。

Air Products is a fantastic company for a bright future, and I'm honored to have the opportunity to work with the team to build on the company's strong positions.

空氣產品公司是一家擁有光明前景的優秀公司，我很榮幸有機會與團隊合作，共同鞏固公司的強大地位。

I met several largest shareholders during the last few weeks to understand their perspectives and requests and starting tomorrow, I will begin meeting with employees, customers and business partners to move their products forward.

過去幾週我會見了幾位最大的股東，以了解他們的觀點和要求，從明天開始，我將開始與員工、客戶和商業夥伴會面，推動他們的產品發展。

Tomorrow is my first day as Air Products employee.

明天是我擔任空氣產品公司員工的第一天。

So I apologize if I'm not going to be able to take questions on this call, but I look forward to sharing my priorities as the new CEO of Air Products and to presenting the second fiscal quarter results on the next call.

因此，如果我無法在本次電話會議上回答問題，我深感抱歉，但我期待分享我作為空氣產品公司新任執行長的優先事項，並在下次電話會議上介紹第二財季的業績。

Now I'll turn the call back to Wayne.

現在我將把電話轉回給韋恩。

Thank you, Eduardo.

謝謝你，愛德華多。

Before turning the call back over to the management team, I would like to take a moment to thank the outstanding employees of our products.

在將電話轉回管理團隊之前，我想花點時間感謝我們產品的優秀員工。

We remain dedicated, energized and focused throughout this process.

在整個過程中，我們始終保持專注、充滿活力。

I'd also like to thank Seifi Ghasemi for his countless contributions and leadership of Air Products over the past decade.

我還要感謝 Seifi Ghasemi 在過去十年中對空氣產品公司的無數貢獻和領導。

We have a great foundation to build upon.

我們擁有良好的基礎以供繼續發展。

Now as you can appreciate, given the changes underway, the scope of today's call will be limited to discussion of the quarterly results of the company and our outlook.

現在您可以意識到，鑑於正在發生的變化，今天電話會議的範圍將僅限於討論公司的季度業績和我們的展望。

We appreciate you may have a variety of questions which extend beyond the results of the quarter, which will be addressed in due course.

我們理解您可能有各種超出本季業績的問題，我們將在適當的時候予以解決。

But for today, we kindly ask that questions be limited to and focused on the financial results that we disclosed this morning and our outlook for the remainder of the year.

但今天，我們懇請大家的問題僅限於並集中在我們今天早上披露的財務結果以及我們對今年剩餘時間的展望上。

With that, let me turn it back over to Eric.

說完這些，讓我把話題轉回給 Eric。

Our earnings release and the slides for this call are available on the earnings page of our website at investors.airproducts.com. Today's discussion contains forward-looking statements, including those about earnings and capital expenditure guidance, business outlook and investment opportunities.

我們的收益報告和本次電話會議的幻燈片可在我們網站 investors.airproducts.com 的收益頁面上找到。今天的討論包含前瞻性陳述，包括有關盈利和資本支出指引、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 3.

請參閱我們的收益報告和投影片 3 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 either on a total company or segment basis.

此外，在今天的討論中，我們將參考各種財務指標，包括每股盈餘、營業收入、營業利潤率、EBITDA、EBITDA 利潤率、有效稅率和 ROCE（無論是基於整個公司還是分部）。

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

除非我們另有明確說明，有關這些指標的聲明均指我們調整後的非公認會計準則財務指標。

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

這些指標與我們最直接可比較的 GAAP 財務指標的對帳表可在我們投資者網站的相關收益發布部分找到。

Now I'm pleased to turn the call over to Melissa.

現在我很高興將電話轉給梅麗莎。

Thank you, Eric, and good day to everyone.

謝謝你，艾瑞克，祝大家有愉快的一天。

Please turn to slide number 4 of the materials we have posted on the website for this call.

請參閱我們在網站上發佈的本次通話資料投影片第 4 頁。

Safety is our number 1 priority without exception.

毫無例外，安全是我們的首要任務。

We are proud of the continuous improvement we were able to achieve in this area, but our goal and efforts are always towards zero accidents and zero incidents.

我們為在該領域取得的持續進步感到自豪，但我們的目標和努力始終是零事故、零事件。

Now please turn to slide number 5 for our first quarter results.

現在請翻到投影片 5 查看我們的第一季業績。

As we announced in January, first quarter adjusted earnings per share of $2.86 exceeded the upper end of our guidance range of $2.75 to $2.85, up 1% over last year. driven by results in the Americas.

正如我們在一月份宣布的那樣，第一季調整後每股收益為 2.86 美元，超過了我們預期範圍的上限 2.75 美元至 2.85 美元，比去年同期增長了 1%。受美洲業績的推動。

Our earnings per share improved despite the divestment of the LNG process taking equipment business, which closed at the end of fiscal 2024.

儘管我們剝離了液化天然氣加工設備業務（該業務於 2024 財年末關閉），但我們的每股收益仍有所提高。

The LNG business contributed roughly $0.08 to our first quarter earnings in 2024.

液化天然氣業務為我們 2024 年第一季的收益貢獻了約 0.08 美元。

Our adjusted EBITDA margin was up 140 basis points.

我們的調整後 EBITDA 利潤率上升了 140 個基點。

Our adjusted operating margin increased 80 basis points versus prior year.

我們的調整後營業利益率較前一年增加了 80 個基點。

Please turn to slide number 6 for our fiscal 2025 second quarter and full year outlook.

請翻到第 6 張投影片查看我們對 2025 財年第二季和全年的展望。

We are maintaining our fiscal 2025 full year guidance.

我們維持 2025 財年全年預期不變。

We continue to monitor the strengthening US dollar, tariffs in a global helium market for potential impact for the remainder of the year.

我們將繼續關注美元走強、全球氦氣市場關稅等對今年剩餘時間的潛在影響。

Consistent with our focus on driving productivity, we continue to evaluate actions to reduce our costs and improve our services to our customers.

在專注於提高生產力的同時，我們不斷評估降低成本和改善客戶服務的措施。

We expect our second quarter adjusted earnings per share to be in the range of $2.75 to $2.85, which is up 1% to 4%, reflective of the LNG divestiture.

我們預計第二季調整後每股收益將在 2.75 美元至 2.85 美元之間，成長 1% 至 4%，反映了液化天然氣資產剝離的影響。

We are proud of the results this quarter.

我們對本季的業績感到自豪。

I am particularly grateful that our people stayed focused on the work at hand, demonstrating their unwavering commitment to our customers, shareholders and all of whom we serve.

我特別感謝我們的員工專注於手頭上的工作，並展示了他們對我們的客戶、股東和所有我們服務對象的堅定承諾。

I would like to thank them for their support and continued efforts to position the company for long-term success.

我要感謝他們的支持和為公司長期成功所做的持續努力。

Now please turn to slide number 7 for a detailed review of our first quarter results.

現在請翻到第 7 張投影片來詳細回顧我們的第一季業績。

Compared to last year, overall volume was down 2%, primarily due to the LNG business divestment.

與去年相比，整體銷售量下降了 2%，主要原因是液化天然氣業務的剝離。

Volume in Americas improved this quarter, but it was offset by the weakness in Europe.

本季美洲地區的銷售量有所改善，但被歐洲市場的疲軟所抵消。

Total company price was up 1%, which equates to a 2% improvement for the merchant business, driven by continued pricing strength in the Americas and Europe.

受美洲和歐洲價格持續走強的推動，公司整體價格上漲 1%，相當於商家業務成長 2%。

Adjusted EBITDA improved 1% and primarily due to better price, partially offset by higher costs and lower equity affiliate income.

調整後的 EBITDA 成長了 1%，主要原因是價格上漲，但成本上漲和股權關聯公司收入下降部分抵消了這一增長。

Adjusted EBITDA margin was up 140 basis points due to favorable business mix and price.

由於業務組合和價格有利，調整後的 EBITDA 利潤率上升了 140 個基點。

Sequentially, volume was down following a strong finish to fiscal 2024 and the sale of the LNG business in September.

由於 2024 財年業績強勁收官以及 9 月液化天然氣業務出售，銷量較上季下降。

Now please turn to slide number 8 for a discussion of our first quarter adjusted earnings per share.

現在請翻到第 8 張投影片，討論我們第一季調整後的每股盈餘。

Adjusted earnings per share of $2.86 increased $0.04 despite the $0.08 contribution from LNG in the prior year. which is reflected in our volume variance.

調整後每股收益為 2.86 美元，儘管去年液化天然氣貢獻了 0.08 美元，但仍增加了 0.04 美元。這反映在我們的銷售差異上。

Price, net of variable cost was favorable at $0.10, demonstrating continued strength in the Americas and Europe.

扣除變動成本後的價格為 0.10 美元，顯示出美洲和歐洲市場的持續強勁表現。

The pricing improvement more than offset unfavorable other costs of $0.07, low prior year incentive compensation and inflation drove increased costs, which were partially offset by our productivity improvement.

價格的改善超過了 0.07 美元的其他不利成本、去年同期較低的激勵薪酬和通貨膨脹導致的成本增加，但部分被我們的生產力提高所抵消。

Now please turn to slide number 9, for a brief discussion of our business segment results.

現在請翻到第 9 張投影片，簡要討論一下我們的業務部門業績。

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

您可以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.

縱觀每一個業務部門。

Americas, overall, pricing was 2% higher with improvement across most product lines.

美洲地區，總體而言，定價上漲了 2%，大多數產品線都有所改善。

This translates to a 4% merchant pricing gain for the region.

這意味著該地區商家價格上漲了 4%。

The 3% volume improvement was driven by a significant nonrecurring sale of helium to an existing merchant customer.

銷售成長 3% 是由於向現有商家客戶大量非經常性銷售氦氣所致。

These factors drove adjusted EBITDA 6% higher and improved adjusted EBITDA margin by 150 basis points.

這些因素推動調整後的 EBITDA 成長 6%，調整後的 EBITDA 利潤率提高 150 個基點。

For our Asia segment, the 2% volume improvement was driven by contributions from new assets.

對我們的亞洲分部而言，2%的銷售成長得益於新資產的貢獻。

Adjusted EBITDA increased 7% and primarily due to favorable volume, cost and equity affiliate income.

調整後的 EBITDA 成長了 7%，主要由於銷售、成本和股權關聯公司收入良好。

Adjusted EBITDA margin was up 160 basis points.

調整後的 EBITDA 利潤率上升了 160 個基點。

Looking at Europe results, broad-based pricing improved 1%.

從歐洲業績來看，普惠定價上漲了 1%。

Volume was down 5%, driven by lower upside and continued weakness in merchant demand, primarily helium.

由於上行空間較小且商家需求（主要是氦氣）持續疲軟，交易量下降了 5%。

Adjusted EBITDA was 3% lower as weaker volume was partially offset by higher price and favorable costs.

調整後的 EBITDA 下降了 3%，因為銷售下降被價格上漲和成本優惠部分抵消。

Uzbekistan project is undergoing planned facility upgrades during the first half of fiscal 2025.

烏茲別克計畫正按計畫於 2025 財年上半年進行設施升級。

We expect the facility to return to normal operation and contribute near its full run rate at the start of third quarter.

我們預計該工廠將在第三季初恢復正常運作並達到接近滿載運轉的水平。

Moving to our Middle East and India segment.

轉向我們的中東和印度部門。

Lower merchant volume was a headwind for sales and adjusted EBITDA.

商家數量下降對銷售和調整後 EBITDA 造成不利影響。

Adjusted EBITDA was also negatively impacted by unfavorable equity affiliate income and cost.

調整後的 EBITDA 也受到不利的股權關聯公司收入和成本的負面影響。

Finally, for our corporate and other cement, sales and profits were lower this quarter, primarily due to the sale of the LNG business.

最後，對於我們公司和其他水泥而言，本季的銷售額和利潤有所下降，主要是由於液化天然氣業務的出售。

Thank you.

謝謝。

And now we will be delighted to answer your questions.

現在我們非常高興回答您的問題。

And as a reminder, we request that questions be limited to our financial results and our outlook.

提醒一下，我們要求問題僅限於我們的財務表現和前景。

(Operator Instructions) Chris Parkinson with Wolfe Research.

（操作員指示）Wolfe Research 的 Chris Parkinson。

Great.

偉大的。

Thank you so much for taking my question.

非常感謝您回答我的問題。

Just very quickly, just given all the moving parts in Asia, should the Street be thinking about, obviously, some of the past headwinds in the helium business and electronics recovery and just general macroeconomic conditions in China.

只是很快，考慮到亞洲的所有動態，華爾街是否應該考慮過去氦氣業務和電子產品復甦中的一些阻力以及中國總體宏觀經濟狀況。

Are there just general things you can do to [triangulate] the forward outlook from this point in time?

從現在起，你能做一些一般性的事情來[三角測量]未來的前景嗎？

Chris, great to hear from you.

克里斯，很高興收到你的來信。

So yes, let's talk about China.

是的，讓我們來談談中國。

So China was supported this quarter by new assets and productivity actions.

因此，本季中國得到了新資產和生產力行動的支持。

But China is still a wait and see.

但中國仍在觀望。

So right now, we see no material improvement.

因此現在，我們沒有看到任何實質的改善。

The market still remains challenging.

市場依然充滿挑戰。

We obviously are watching tariffs as well as the China in country stimulus impact.

我們顯然正在關注關稅以及中國國內刺激措施的影響。

In the meantime, we remain focused on productivity and the things that we can manage, and we're focusing on delivering to our customers.

同時，我們仍將專注於生產力和我們能夠管理的事情，並專注於為客戶提供服務。

Got it.

知道了。

And just as a quick follow-up.

這只是快速的後續行動。

Can we just get a quick update on the Alberta project, please?

我們能快速了解阿爾伯塔計畫的最新進展嗎？

So thanks, Chris.

所以謝謝你，克里斯。

From a project perspective, at this point in time, I don't have any new updates from what we had previously shared on calls when we have updates, obviously, we'll bring that information to you.

從專案角度來看，目前為止，我還沒有收到我們之前在電話中分享的任何新更新，當我們有更新時，我們顯然會將這些資訊提供給您。

Duffy Fischer from Goldman Sachs.

高盛的達菲‧菲舍爾 (Duffy Fischer)。

Yes, good morning, guys.

是的，大家早安。

So at the midpoint of both your Q2 and the full year, you need the second half to be about $1.50 per share better than the first half.

因此，在第二季和全年中期，你需要下半年的每股盈餘比上半年高出約 1.50 美元。

Can you give us a walk how much of that is seasonality and how much is stuff like the Uzbekistan plant coming back?

您能否告訴我們其中有多少是季節性因素，有多少是烏茲別克工廠復工的影響？

Obviously, the helium going away, just some of the one-off stuff that helps us in the walk from first half to second half?

顯然，氦氣消失了，這只是一些幫助我們從上半場走到下半場的一次性物質？

Yes.

是的。

Duffy, thanks for the question.

達菲，謝謝你的提問。

So the split for the first half and second half is relatively consistent to what we've seen in the past couple of quarters, about 1% difference.

因此，上半年和下半年的分割與我們過去幾季看到的情況相對一致，相差約 1%。

There is definitely seasonality in Q1 and in Q2 because of the Lunar New Year in China.

由於中國農曆新年，第一季和第二季肯定存在季節性。

As you mentioned, we do have several planned maintenance outages, obviously, Uzbekistan being the most significant one.

正如您所說，我們確實有幾次計劃中的維護停機，顯然，烏茲別克是最重要的一次。

For the second half, we are going to be focusing on pricing actions, Uzbekistan coming back on stream early in Q3.

下半年，我們將重點放在定價行動，烏茲別克將在第三季初恢復生產。

We're obviously going to be looking to capture volume opportunities and we are going to be executing the remainder of our productivity initiatives.

我們顯然將尋求抓住批量機會，並將繼續執行剩餘的生產力措施。

We are though watching tariffs and seeing the impact from a customer perspective.

我們正在關注關稅並從客戶的角度觀察其影響。

Obviously, Washington is strengthening dollar and really just the general macro and geopolitical environment.

顯然，華盛頓正在加強美元，這實際上只是總體宏觀和地緣政治環境的加強。

So keeping an eye on all those things as we lead into the rest of the year.

因此，在進入今年剩餘時間之際，我們將密切關注所有這些事情。

Okay.

好的。

And then if you look at the Americas, excluding that onetime sale of helium, what would price and volume have been in Q1?

那麼，如果您看看美洲，不包括一次性的氦氣銷售，第一季的價格和數量是多少？

Fantastic, Duffy.

太棒了，達菲。

So let me just give you some generalizations about the Americas business.

因此，讓我給您一些有關美洲業務的概括。

So pricing was strong across our product lines outside of helium.

因此，我們除氦氣之外的其他產品線的定價都很強勁。

And hydrogen volumes remain strong.

氫氣產量依然強勁。

They were very strong in our HyCO business, and we actually saw some improvement in our merchants.

他們在我們的 HyCO 業務方面表現非常強勁，我們實際上也看到了商家業務的改善。

Okay.

好的。

Thank you.

謝謝。

Steve Byrne with Bank of America.

美國銀行的史蒂夫伯恩。

Yes.

是的。

Good morning.

早安.

Can you provide a breakdown on the outlook for the fiscal year, the $4.5 billion to $5 billion, how do you expect that CapEx to be deployed by projects?

您能否對本財年的前景進行細分，45 億美元到 50 億美元之間，您預計資本支出將如何按項目部署？

Yes, Steve, thanks for the question.

是的，史蒂夫，謝謝你的提問。

So we don't -- we aren't going to be breaking up that 4.5%, but the vast majority is going to be the deployment to our large projects.

所以我們不會分割那 4.5%，但絕大多數將部署到我們的大型專案。

We've got about $750 million associated to ongoing maintenance.

我們已經投入了大約 7.5 億美元用於持續維護。

And then there's about $1 billion that we associate to our normal, let's call it, traditional industrial gas business.

然後大約有 10 億美元與我們正常的、我們稱之為傳統工業氣體業務相關。

We're still forecasting that $4.5 billion to $5 billion to be what we're looking for, for this fiscal year.

我們仍預測本財年的營收將在 45 億至 50 億美元之間。

Okay, Melissa.

好的，梅麗莎。

And any update on the permitting project in the World Energy?

世界能源許可項目有什麼最新消息嗎？

So at this point in time, as we've talked about, that project still is on hold awaiting permits when we've got new updates for that, obviously, I'll bring it to you.

因此，正如我們所討論的，此時該項目仍處於擱置狀態，等待許可，當我們獲得新的更新時，顯然，我會將其帶給您。

Okay.

好的。

Thank you.

謝謝。

Jeff Zekauskas with JPMorgan.

摩根大通的 Jeff Zekauskas。

Thanks very much.

非常感謝。

What was the helium EBITDA contribution in the Americas in the quarter, if there was one?

如果有的話，本季美洲地區的氦氣 EBITDA 貢獻是多少？

So Jeff, as always, we've not broken out helium.

所以傑夫，和往常一樣，我們沒有釋放氦氣。

So I apologize.

所以我很抱歉。

From the sale.

來自銷售。

I'm sorry, fantastic.

很抱歉，太棒了。

So -- sorry, Jeff, go ahead.

所以 — — 抱歉，傑夫，請繼續。

The outsized sale, what was the benefit from that?

如此龐大的銷售，到底有什麼好處呢？

Yeah.

是的。

So from the onetime sale, what were the nonrecurring Americas sale, that is about a 10% EPS contribution for this quarter.

那麼從一次性銷售來看，非經常性美洲銷售是多少，這對本季的每股收益貢獻約為 10%。

10% for the whole company or 10% for that unit?

整個公司 10% 還是該單位 10%？

$0.10 EPS.

每股收益 0.10 美元。

Great.

偉大的。

And then, lastly can you talk about the overall helium market and what's happening with pricing?

最後，您能談談整個氦氣市場以及價格走勢嗎？

Is it different in the different geographic jurisdiction?

在不同的地理管轄範圍內是否有所不同？

Yeah.

是的。

Let's talk about helium.

讓我們來討論一下氦氣。

Thanks, Jeff.

謝謝，傑夫。

So the helium market, as you're aware, is silical in nature.

如您所知，氦氣市場本質上是矽質的。

We've worked through these silica ups and downs for many decades.

我們已經研究了這些二氧化矽問題好幾十年了。

At the moment, the market is long.

目前，市場多頭格局。

We are seeing helium come from the Russian assets into Asia, which is making the market long.

我們看到氦氣從俄羅斯資產流入亞洲，使得市場需求旺盛。

But we're continuing to manage that and optimize our helium business.

但我們仍在繼續管理並優化我們的氦氣業務。

And obviously, we are in a unique position to really reliably supply our customers.

顯然，我們處於獨特的地位，能夠真正可靠地為客戶提供供貨。

David Begleiter with Deutsche Bank.

德意志銀行的 David Begleiter。

Thank you.

謝謝。

Good morning.

早安.

Melissa, in the Americas on volume, ex helium volumes down around 3%?

梅麗莎，就美洲的氦氣運輸量而言，下降了 3％ 左右嗎？

No.

不。

So Helium was a contributor, but we really saw very strong merchant volumes.

因此，Helium 是一個貢獻者，但我們確實看到了非常強勁的商家數量。

And our HyCO business, especially along the Gulf Coast, continues to be very strong.

我們的 HyCO 業務，尤其是墨西哥灣沿岸的業務，持續保持強勁勢頭。

So Helium was a bit of a headwind outside of the onetime.

因此，除了一次性之外，氦氣也是一個阻力。

But again, merchant volumes are very strong and HyCO was strong as well.

但同樣，商家數量非常強勁，HyCO 也很強勁。

Understood.

明白了。

And just in the Middle East and India, can you talk about the equity affiliate income decline and what drove that?

僅在中東和印度，您能談談股權附屬公司收入的下降以及導致其的原因嗎？

Sure.

當然。

Absolutely.

絕對地。

Great question.

好問題。

So the equity affiliate income noise was really around our Jazan joint venture.

因此，股權關聯企業收入的噪音實際上圍繞著我們的吉贊合資企業。

Given the nature of that contract, we do see some fluctuations quarter-by-quarter.

鑑於該合約的性質，我們確實看到每個季度都會出現一些波動。

But the Jazan project is contributing as expected, and we do anticipate the contributions to be on par with what we saw in 2024.

但吉贊計畫的貢獻正如預期的那樣，我們預計其貢獻將與 2024 年的貢獻持平。

Thank you.

謝謝。

Mike Leithead with Barclays.

巴克萊銀行的 Mike Leithead。

Great.

偉大的。

Thanks.

謝謝。

Good morning.

早安.

Just on the 2Q guide, it looks like EPS is maybe about a nickel better sequentially if we back out the $0.10 or so from the helium nonrecurring sale.

僅根據第二季的指南，如果我們從氦氣非經常性銷售中撤出 0.10 美元左右，那麼 EPS 似乎可能比上一季好約 5 美分。

Can you just speak high level with sequentially getting better or worse as we think about modeling here?

當我們考慮建模時，您能否從高層次上講，依次變好或變壞？

Sure.

當然。

For the second quarter, we are looking to see some headwinds from Uzbekistan.

對於第二季度，我們預計烏茲別克將面臨一些阻力。

But we obviously have some seasonality going into Q1 in many of our geographies.

但在我們的許多地區，第一季顯然都存在一些季節性因素。

So we will see improved volumes in the Americas.

因此我們將看到美洲的銷量增加。

We're continuing to focus on pricing in Europe, especially with the higher power costs that we're seeing there.

我們將繼續關注歐洲的定價，特別是我們看到的歐洲較高的電力成本。

And as I mentioned, we are closing out the execution of our productivity programs that we had over the last couple of years.

正如我所提到的，我們正在結束過去幾年的生產力計劃的執行。

So those would really start to show through at many of our regional results.

因此，這些確實會在我們的許多地區結果中顯現出來。

Great.

偉大的。

And then just a quick clarification or confirmation.

然後只是快速澄清或確認。

Is full year guidance, it does not assume any contribution from the Alberta project this year.

這是全年指導，不假設今年阿爾伯塔計畫有任何貢獻。

Is that correct?

那正確嗎？

That is correct.

正確。

Patrick Cunningham with Citi.

花旗銀行的派崔克‧坎寧安 (Patrick Cunningham)。

Hi.

你好。

Good morning.

早安.

Melissa, you mentioned monitoring the tariff impact from customers.

梅麗莎，您提到了監控客戶的關稅影響。

I'm just wondering what your latest thoughts are there.

我只是想知道您最近有什麼想法。

Any conversations with customers suggesting this could be maybe a short-term negative to production, but is there any sort of long-term benefit of higher manufacturing here in the Americas, for example.

與客戶的任何對話都表明，這可能會在短期內對生產產生負面影響，但例如，在美洲提高製造業水平是否會帶來長期利益。

Sure.

當然。

Yes, tariffs are definitely on everybody's buying Patrick.

是的，所有購買帕特里克商品的人肯定會被徵收關稅。

So first, as you know, for the vast majority of our products were in region for region.

首先，如您所知，我們的絕大多數產品都是在特定地區生產的。

Industrial gas is a localized model.

工業氣體是本地化模式。

So likely from a supply chain and a localized customer perspective, that should have little impact.

因此從供應鏈和本地客戶的角度來看，這應該會影響不大。

There could be an impact on projects.

這可能會對專案產生影響。

We anticipate relative to the size of our projects is to be moderate.

我們預計相對於我們專案的規模來說是適中的。

And of course, we have a global diversified supply chain to reduce that exposure.

當然，我們擁有全球多元化的供應鏈來減少這種風險。

But as you note, we do need to consider the macro impact to our customers and the knock on effect to these tariffs.

但正如您所說，我們確實需要考慮對客戶的宏觀影響以及這些關稅的連鎖反應。

So we're staying very close to them and updating our forecast to meet their new production needs.

因此，我們與他們保持密切聯繫，並更新我們的預測以滿足他們的新生產需求。

Got it.

知道了。

Very helpful.

非常有幫助。

And then interest expense came in a bit lower than what maybe down $7 million or $8 million sequentially.

然後利息支出比上一季略有下降，可能下降了 700 萬美元或 800 萬美元。

I mean, is there anything -- any additional interest being capitalized, anything strange about the quarter?

我的意思是，有什麼事情——任何額外的利息被資本化，本季有什麼奇怪的事情嗎？

Or is this a sort of quarterly rate that we can expect going forward?

或者這是我們未來可以預期的季度利率？

So interest obviously has a little bit of movement based on the timing of the debt draw.

因此，根據債務提取的時間，利息顯然會有一點變動。

So we did obviously have capitalized interest associated to our Neon projects as well as our other projects. largest contribution of capitalized interest, of course, going to Neon.

因此，我們顯然對 Neon 項目以及其他項目擁有資本利息。資本化利息的最大貢獻當然是歸於 Neon。

But no -- nothing else really significant other than that capitalized interest obviously, as we take our new debt, that will increase, but we'll look to maximize capitalized interest as much as we can on our significant projects.

但是，除了資本化利息之外，沒有什麼真正重要的事情，顯然，隨著我們承擔新債務，利息會增加，但我們會盡可能地在我們的重要項目中最大化資本化利息。

Great.

偉大的。

Thank you so much.

太感謝了。

Josh Spector with UBS.

瑞銀的 Josh Spector。

Yeah.

是的。

Hi.

你好。

Good morning.

早安.

I wanted to follow up on the second half bridge.

我想跟進第二座半橋。

I think in response to the earlier question, you talked about pricing actions.

我認為在回答之前的問題時您談到了定價行動。

So specifically to that, I mean, I assume higher energy costs are having an impact negatively on 2Q?

那麼具體來說，我的意思是，我認為更高的能源成本會對第二季產生負面影響嗎？

Is your comment about second half improvement that you recover some of that?

您對下半年的進步有何評論？

Or do you have visibility to pricing actions beyond response to near-term energy that you have visibility to that you're baking into your guidance?

或者，除了對短期能源的反應之外，您是否對定價行為有清晰的了解，並且您是否已經將其納入您的指導中？

Josh, thanks.

喬希，謝謝。

It's good to hear from you.

很高興收到你的來信。

So as I mentioned, we are seeing power cost increase, specifically in Europe.

正如我所提到的，我們看到電力成本正在上升，特別是在歐洲。

So as you know, there is usually a month or a quarter, depending on the customer delay and being able to capture that increase in power costs with pricing actions.

因此，如您所知，通常是一個月或一個季度，這取決於客戶的延遲，並能夠透過定價行動捕捉電力成本的增加。

So obviously, the teams are working very hard with our customer base to be able to quickly action on those pricing actions, but there is usually about a month or so to maybe even a quarter delay.

因此顯然，我們的團隊正在與客戶群一起努力，以便能夠迅速採取這些定價行動，但通常會有大約一個月左右甚至一個季度的延遲。

So we are looking to take those pricing actions likely into the second half of this fiscal year.

因此，我們希望在今年財年下半年採取這些定價行動。

Okay.

好的。

And can you just comment on what corporate cost is baked into your guide?

您能否評論一下您的指南中包含的公司成本是多少？

I think the quarter came in a bit higher than we expected.

我認為本季的業績比我們預期的要高一些。

So we're not sure what the right run rate is you're assuming there.

所以我們不確定您假設的正確運行率是多少。

So we did see this quarter a bit of a headwind, let's call it, about $0.07. Now as I mentioned in my comments, there is some inflation baked in there.

因此，我們確實看到本季有點逆風，我們姑且稱之為約 0.07 美元。正如我在評論中提到的那樣，其中存在一些通貨膨脹。

The other main driver of that is, obviously, we had tougher results last year.

另一個主要驅動因素顯然是我們去年的業績更為艱難。

So we took incentive compensation down.

因此我們降低了激勵性薪酬。

So as we accrue for this year, you'll see a little bit of a headwind with the incentive compensation accrual and obviously, last year, we're looking to take the actions, and there was a little bit of cost associated with our productivity actions, having individuals come on and then being able to exit other individuals and other geographies.

因此，隨著我們今年的累積，你會看到激勵薪酬累積方面出現了一些阻力，顯然，去年，我們正在考慮採取行動，而我們的生產力行動也產生了一些成本，讓個人加入，然後讓其他個人和其他地區退出。

So productivity actions will start to really flow through this year.

因此，生產力行動將在今年開始真正發揮作用。

And likely in the second half, you'll see that really ramp up.

很可能在下半年，你會看到這種情況真正加劇。

John Roberts with Mizuho.

瑞穗的約翰‧羅伯茲 (John Roberts)。

Thank you.

謝謝。

And Wayne, good to talk again and congratulations to Eduardo and Dennis.

韋恩，很高興再次與您交談，並祝賀愛德華多和丹尼斯。

Wayne, how do you see the roles different between Chairman and Vice Chairman?

韋恩，您認為董事長和副董事長的角色有何不同？

Thanks, John, for your question.

謝謝約翰的提問。

Listen, I think you can understand that we've got a lot of change going on right now.

聽著，我想你能理解我們現在正在發生很多變化。

The Board really is coalescing and working nicely together, a lot to do.

董事會確實正在團結一致、良好合作，還有很多工作要做。

I think we can talk more on that in the future. once we've got things moving along a little bit better.

我想我們以後可以就此進行更多討論。一旦事情進展得更好一些。

But thanks for the question, John.

但謝謝你的提問，約翰。

Okay.

好的。

Maybe Melissa, Uzbekistan is a relatively new plan?

也許梅麗莎，烏茲別克斯坦是一個相對較新的計劃？

What upgrades does it need?

它需要什麼升級？

Yes.

是的。

Thanks for the question, John.

謝謝你的提問，約翰。

So as I mentioned, you expect to see us go through a planned maintenance the Uzbekistan asset when we took that asset on, we did determine that there was a need for a turnaround to allow some of the improvements to bring the plant up to speed to air product standards.

正如我所提到的那樣，您希望看到我們對烏茲別克資產進行計劃維護，當我們接手該資產時，我們確實確定需要進行週轉以進行一些改進，使工廠能夠快速達到空氣產品標準。

So this is all part of the plan.

所以這都是計劃的一部分。

We'll see that coming back on stream in Q3, and we'll see the full BFC run through the rest of the year.

我們將在第三季度看到它再次投入運營，我們將在今年剩餘時間內看到 BFC 的全面運行。

But again, was planned was built into the original acquisition pricing and plan for the BFC moving forward.

但再次強調，該計劃已納入最初的收購定價和 BFC 未來發展計畫中。

Thank you.

謝謝。

Laurence Alexander with Jefferies.

傑富瑞 (Jefferies) 的勞倫斯‧亞歷山大 (Laurence Alexander)。

Hi, this is Daniel Rizzo for Laurence.

大家好，我是 Laurence 的 Daniel Rizzo。

Does your outlook for 2025 assume any improvement in like industrial activity or in consumer demand?

您對 2025 年的展望是否認為工業活動或消費者需求會有所改善？

So we -- thanks for the question.

所以我們—感謝您的提問。

And we are not looking for very much improvement from a global perspective in industrial production.

從全球角度來看，我們並不期望工業生產有太大改善。

You guys can see the numbers.

你們可以看看這些數字。

There is not a lot of significant improvement in any geographies that we're seeing.

我們看到的任何地區都沒有顯著的改善。

There's about 2%, I believe, from an average globally.

我認為，全球平均約為 2%。

So we're not looking to say there's going to be significant industrial production improvement throughout this year.

因此，我們並不認為今年全年的工業生產將會顯著改善。

And can you guys remind us, in 2017, 2018, did those tariffs have any effect at all on the demand -- on your demand -- on you and on your customer production levels, particularly in Asia, I guess, where the weather was focused last time?

你們能否提醒我們一下，2017 年和 2018 年的關稅是否對需求——對你們的需求——對你們和你們客戶的生產水平產生了任何影響，特別是在亞洲，我想上次天氣主要集中在亞洲？

So I'm going to have to come back to you on that question.

因此我必須再一次回答您的這個問題。

I was not CFO at that time.

我當時還不是財務長。

So I will have the teams come back to you with that answer on 2017 and 2018.

因此，我將讓團隊在 2017 年和 2018 年向您提供答案。

All right.

好的。

Kevin McCarthy with Vertical Research Partners.

Vertical Research Partners 的 Kevin McCarthy 說。

Thank you, and good morning.

謝謝，早安。

I was wondering if you could provide an update on your blue hydrogen project in Louisiana.

我想知道您是否可以提供有關路易斯安那州藍氫計畫的最新進展。

And specifically, I'm interested in the prospects for partnerships.

具體來說，我對合作的前景很感興趣。

I think in the past, you've discussed potentially bringing in an equity partner and or partners for sequestration or blue ammonia offtake, I appreciate you've had your hands full perhaps in recent months.

我想在過去，您曾討論過可能引入股權合作夥伴或合作夥伴來進行封存或藍氨回收，我知道您最近幾個月可能很忙。

But wondering if there has been any progress made towards those ends.

但想知道在實現這些目標方面是否取得了任何進展。

Yes.

是的。

Kevin, good to hear from you.

凱文，很高興收到你的來信。

So as associated to our Louisiana project, it's being executed on the normal course.

因此，與我們的路易斯安那州計畫相關，它正在正常進行。

No significant updates on the project execution on the normal course as we projected.

正如我們預計的那樣，專案執行情況正常，沒有重大更新。

From a partnership perspective, you're right, we've been busy, but the teams have been focused on going out and having the right conversations with parties that would be interested in equity partnerships, coupled with offtake.

從合作夥伴的角度來看，您說得對，我們一直很忙，但團隊一直專注於走出去，與對股權合作和承購感興趣的各方進行正確的對話。

So we are having those active conversations focusing largely in Asia, Japan, Korea on potential equity partnerships, but we really are opening it up to other partnerships from an industry perspective as well when we have an update and progress those discussions, obviously, we'll bring that forward to you.

因此，我們正在進行積極的對話，主要集中在亞洲、日本、韓國潛在的股權合作夥伴關係，但我們也從行業角度向其他合作夥伴關係開放，當我們有更新和進展這些討論時，顯然，我們會將其帶給您。

Very good.

非常好。

And then secondly, Melissa, I think your products have signaled in the past that you would intend to be free cash flow positive in fiscal 2027, I believe.

其次，梅麗莎，我認為你們的產品過去已經表明你們打算在 2027 財年實現自由現金流為正。

Is that still the case?

現在還是這樣嗎？

And perhaps you can elaborate on the free cash flow trajectory as you see it shaping up here through the management transition, if possible?

如果可以的話，您能否詳細說明一下在管理層過渡過程中自由現金流的變化軌跡？

Great question.

好問題。

Yes.

是的。

Let's talk about cash flow.

讓我們來談談現金流。

So we are still projecting to be net cash flow positive in FY 2027, that's still the forecast.

因此，我們仍然預計 2027 財年的淨現金流將為正，這仍然是預測。

We could look, as we just talked about, for opportunities for equity partnerships, potentially even project financing if the portfolio fits.

正如我們剛才所說，我們可以尋找股權合作的機會，如果投資組合合適，甚至可以尋找專案融資的機會。

And as those progress, obviously, as I said, I will keep you updated.

隨著這些工作的進展，顯然，正如我所說，我會隨時向你們通報最新進展。

At this point in time, I look forward to working with Eduardo and the Board to understand what their plans are for the projects.

此時此刻，我期待與愛德華多和董事會合作，了解他們對這些項目的計劃。

And as we have updates from that perspective and how that affects our cash flow, obviously, we'll bring those forward as well.

當我們從這個角度獲得更新並了解這會如何影響我們的現金流時，顯然我們也會提前。

No changes at this point.

目前沒有變化。

Michael Sison with Wells Fargo.

富國銀行的麥可·西森。

This is [Abigail ] on for Mike.

我是 [Abigail]，為 Mike 播音。

I know you touched on pricing in Europe being higher because energy prices are higher.

我知道您提到歐洲的定價較高是因為能源價格較高。

Are you similarly going to be pushing for higher pricing in Americas in Asia as well?

您是否也同樣會在美洲和亞洲推動提高價格？

Absolutely.

絕對地。

So pricing is something that we focus on, on a day-to-day hourly basis, right?

所以定價是我們每天每小時關注的重點，對嗎？

So our teams are actively working pricing and that is not just unique to Europe.

因此，我們的團隊正在積極制定定價政策，而這不僅僅是歐洲獨有的。

Europe, I spiked out specifically because we are seeing power cost increase, but we are trying to maximize pricing and the balance of pricing and volume every single day with our customers.

歐洲，我之所以特別提出這一點，是因為我們看到電力成本正在增加，但我們每天都在與客戶一起努力最大化價格以及價格與銷售的平衡。

So absolutely, the teams are looking to take pricing actions where they can in the Americas and in the Asia market as well.

因此，各團隊絕對正在考慮在美洲和亞洲市場盡可能採取定價行動。

Got it.

知道了。

And are you able to give us a feel for the capital intensity of the Uzbekistan upgrade?

您能否讓我們感受一下烏茲別克升級的資本密集度？

So there is no -- a little bit of what I spoke about before, it's an increasing situation.

所以沒有——我之前談到的一點是，這是一種日益增多的情況。

So this was negotiated into the acquisition price.

因此這已被協商並納入收購價格。

So there will be no additional capital outlay associated to these upgrades.

因此，這些升級不會產生額外的資本支出。

That will be a discount to the $100 million that we have outstanding on that acquisition.

這將是我們在該收購中所欠的 1 億美元未償債務的折扣。

So the acquisition price doesn't change no additional capital outlays that what we spoke about before.

因此，收購價格不會改變，也不會產生我們之前談到的額外資本支出。

It will just be a discount associated to the $100 million outstanding aided to be much less.

這只是與 1 億美元未償還債務相關的折扣，有助於減少債務。

But that, again, will be no additional outlay for Air Products.

但這對空氣產品公司來說仍舊不是額外支出。

John McNulty from BMO Capital Markets.

BMO 資本市場的 John McNulty。

Yeah, good morning.

是的，早安。

Thanks for taking my question.

感謝您回答我的問題。

So I know Air Products had a number of cost-cutting and restructuring initiatives in kind of late '23 and then in '24 as -- can you help us to think about how much in terms of the benefit of that we should see in 2025 and how it sequences through the year?

所以我知道空氣產品公司在 23 年末和 24 年推出了一系列成本削減和重組舉措，您能幫助我們思考一下我們在 2025 年應該看到多少收益，以及它在全年的順序如何？

Yes.

是的。

It's great to hear from you, and thank you for the question.

很高興收到您的來信，感謝您的提問。

So you're right, we've had, let's call it, two significant tranches of cost productivity actions.

所以你說得對，我們已經採取了兩次重大的成本生產力行動。

In aggregate, we've taken about 5% of our workforce down.

整體而言，我們裁掉了約 5% 的員工。

If you look about that over a fiscal year, it's about $75 million.

如果你以財政年度來算，這個數字大約是 7,500 萬美元。

That being said, obviously, as you could consider, there is inflation as well as wage increases that could compensate overcompensate some of that but we're still looking for the cost productivity to really support us in the back half of this fiscal year.

話雖如此，顯然，正如你所考慮的，通貨膨脹和工資上漲可以彌補其中的一些損失，但我們仍然在尋找成本生產力來真正支持我們度過本財年下半年。

Got it.

知道了。

Okay.

好的。

So at least as of now, $75 million through 2025 offset by some inflation.

因此至少截至目前，到 2025 年將有 7,500 萬美元被一些通貨膨脹所抵消。

Am I understanding that right?

我的理解對嗎？

Proportional.

成比例。

So we'll see that ramp up in the back half of the fiscal year.

因此，我們將在本財年下半年看到這一成長。

We are seeing some of that flow through for Q1, Q2, but not the full ramp.

我們看到其中的一些流量在第一季和第二季有所流出，但並未全面上升。

Okay.

好的。

And then just one follow-up on Uzbek.

接下來是關於烏茲別克語的後續問題。

I think that was supposed to add about $0.35, $0.36 to EPS on an annualized basis.

我認為這應該會使年度每股收益增加約 0.35 美元至 0.36 美元。

Given what the turnaround work that you're doing, what do you expect that contribution to be in '25, just so we can kind of think about when we get to normalize what the additional help is going to be in '26?

考慮到您正在進行的扭轉局面工作，您預計 25 年的貢獻會是多少，這樣我們就可以思考，當我們能夠正常化 26 年的額外幫助會是多少？

So -- and starting in Q2 will be fully ramped up again.

所以 — — 從第二季開始將再次全面加速。

So you should take the proportional quarters for Q3 and Q4.

因此您應該對 Q3 和 Q4 採取比例四分之一。

We had about, let's call it, 1.5 months of contributions in one, Q2 will be down and Q3 and Q4 should be fully ramped.

我們可以說，我們的貢獻在一個季度中大約有 1.5 個月，第二季將會下降，而第三季和第四季將會全面上升。

Got it.

知道了。

Thanks for the color.

謝謝你的顏色。

And ladies and gentlemen, that concludes today's question-and-answer session.

女士們、先生們，今天的問答環節到此結束。

At this time, I'll turn the conference back to our speakers for any additional or closing remarks.

現在，我將把會議交還給我們的發言人，以便他們發表任何補充言論或結束語。

Yeah.

是的。

Thank you.

謝謝。

I would like to thank everyone again for joining our call today.

我想再次感謝大家今天參加我們的電話會議。

We appreciate your interest in Air Products, and we look forward to discussing our results with you again next quarter.

感謝您對空氣產品的關注，我們期待下個季度再次與您討論我們的業績。

Please stay safe and healthy and all the best and have a wonderful day.

請保持安全和健康並祝一切順利並度過美好的一天。

And ladies and gentlemen, this concludes today's call.

女士們、先生們，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, and have a great day.

現在您可以斷開連接並享受美好的一天。