Air Products reported Q1 sale of $3bn, a 26% increase over the prior year, on 14% higher energy cost pass-through, eight percent higher volumes and five percent higher pricing, partially offset by one percent unfavorable currency. The volume growth was driven by new assets, hydrogen and merchant recovery, and higher equipment sales. Pricing improved in the Americas, Asia and Europe—the Company's three largest segments—and in most major product lines.

GAAP EP from continuing operations of $2.52 was up 19% over the prior year, and GAAP net income of $550m was up 13% over prior year as higher volumes, pricing and equity affiliate income more than offset higher costs.

On a non-GAAP basis, adjusted EPS from continuing operations of $2.52 increased 19% over the prior year, and adjusted EBITDA of $1.03bn was up 8% over the prior year due to high volumes, pricing and equity affiliate income more than offset higher costs.

Commenting on the results, Air Products' Chairman, President and Chief Executive Officer Seifi Ghasemi said, "With our secure business model, strong cash flows, and the continued hard work and dedication of the Air Products team around the world, we again performed in keeping with our commitments to our shareholders.

“The team delivered these results despite unprecedented energy cost increases, supply chain disruptions and the continuing pandemic. At the end of October, we also closed on Phase I of the Jazan project―the largest in our company’s history―which will create value for many years to come.

“As we continue to deploy capital into megaprojects that provide lower-carbon forms of energy and improve sustainability, we also remain committed to return cash to shareholders through our dividend, which we proudly increased for the 40th consecutive year."

Air Products expects capital expenditures of $4.5-$5bn for full-year fiscal 2022.