Air Products has reported fiscal year 2021 results, including GAAP EPS from continuing operations of $9.12, up seven percent over prior year, and GAAP net income of $2,115 million, up 10 percent over prior year due to favorable pricing, currencies, equity affiliate income, and a discontinued operations related tax reserve release, partially offset by higher costs to support growth. GAAP net income margin of 20.5 percent was down 130 basis points, including higher energy cost pass-through, which negatively impacted margin by about 100 basis points.
For the year, on a non-GAAP basis, adjusted EPS from continuing operations of $9.02 increased eight percent over the prior year, and adjusted EBITDA of $3,883 million was up seven percent over the prior year, as favorable pricing, currencies, and equity affiliate income more than offset higher costs to support growth. Adjusted EBITDA margin of 37.6 percent decreased 330 basis points, primarily due to higher energy cost pass-through, which negatively impacted margin by about 200 basis points.
Full-year sales of $10.3 billion increased 17 percent over the prior year, on six percent higher energy pass-through, five percent higher volumes, four percent favorable currency, and two percent higher pricing. Volume growth was primarily driven by the EMEA and Global Gases segments, and pricing improved in all three regions and across most major product lines.
For its fiscal fourth quarter 2021, Air Products reported GAAP EPS from continuing operations of $2.51, up 15 percent over prior year, and GAAP net income of $619 million, up 25 percent over prior year, as favorable volume, pricing, currencies, equity affiliate income, and a discontinued operations related tax reserve release more than offset higher costs. GAAP net income margin of 21.8 percent was up 50 basis points over prior year, primarily due to higher energy cost pass-through, which negatively impacted margin by about 150 basis points.
For the quarter, on a non-GAAP basis, adjusted EPS from continuing operations of $2.51 was up 15 percent over prior year, and adjusted EBITDA of $1,041 million was up 11 percent over prior year due to favorable volume, pricing, currencies, and equity affiliate income, partially offset by higher costs. Adjusted EBITDA margin of 36.6 percent was down 380 basis points versus prior year, primarily due to higher energy cost pass-through, which negatively impacted margin by about 300 basis points.
Fourth quarter sales of $2,841 million increased 22 percent on nine percent higher volumes, eight percent higher energy cost pass-through, three percent higher pricing and two percent favorable currency. Volume growth from improved hydrogen and merchant demand and new assets more than offset reduced contributions from the Lu'An facility in China. Pricing again improved in all three regions.
Commenting on the results, Air Products' Chairman, President and Chief Executive Officer Seifi Ghasemi said, "The committed, dedicated and motivated team at Air Products proved once again that they can deliver results now while developing and executing megaprojects for profitable growth in the future. We delivered excellent results for the year, despite significant external challenges. We announced significant projects across our core gasification, carbon capture and hydrogen growth platforms, including the net-zero hydrogen facility in Alberta, Canada and the massive blue hydrogen project in Louisiana, while also closing on the $12 billion Jazan acquisition. I remain very optimistic about the future of Air Products.”
Air Products expects full-year fiscal 2022 adjusted EPS guidance of $10.20 to $10.40, up 13 to 15 percent over prior year adjusted EPS. For the fiscal 2022 first quarter, Air Products' adjusted EPS guidance is $2.45 to $2.55, up 16 to 20 percent over fiscal 2021 first quarter adjusted EPS.
Company expects capital expenditures of $4.5 to $5.0 billion for full-year fiscal 2022.
