Core Viewpoint - Air Products and Chemicals (APD) reported quarterly earnings of $3.39 per share, which fell short of the Zacks Consensus Estimate of $3.41 per share, and decreased from $3.56 per share a year ago [1][2] Financial Performance - The company experienced an earnings surprise of -0.59% for the quarter, having previously exceeded earnings expectations by +3.69% in the prior quarter [2] - Revenues for the quarter ended September 2025 were $3.17 billion, missing the Zacks Consensus Estimate by 1.58%, and down from $3.19 billion year-over-year [3] - Over the last four quarters, the company has only surpassed consensus revenue estimates once [3] Stock Performance - Air Products and Chemicals shares have declined approximately 18.1% since the beginning of the year, contrasting with the S&P 500's gain of 15.6% [4] - The current Zacks Rank for the stock is 3 (Hold), indicating expected performance in line with the market in the near future [7] Earnings Outlook - The consensus EPS estimate for the upcoming quarter is $3.12 on revenues of $3.15 billion, and for the current fiscal year, it is $12.90 on revenues of $12.68 billion [8] - The trend of estimate revisions for the company was mixed ahead of the earnings release, which may change following the recent report [7] Industry Context - The Chemical - Diversified industry, to which Air Products and Chemicals belongs, is currently ranked in the bottom 9% of over 250 Zacks industries, indicating potential challenges ahead [9]

Core Viewpoint - Air Products forecasts 2026 adjusted profit exceeding Wall Street estimates after surpassing quarterly profit expectations due to strong sales in Europe and Asia [1] Group 1: Financial Performance - The company reported strong quarterly profits driven by robust sales in European and Asian markets [1] - Adjusted profit for 2026 is projected to be above Wall Street estimates, indicating positive growth expectations [1] Group 2: Market Dynamics - The strong sales performance in Europe and Asia highlights the company's effective market strategies and demand for industrial gases in these regions [1]

Exhibit 99.1 News Release Air Products Reports Fiscal 2025 Full-Year and Fourth Quarter Results Exceeded FY25 guidance midpoint | Demonstrated strength and resilience in core business Unlocked value through pricing, operational excellence, and disciplined cost management Restored focus on core industrial gases projects | Rationalized energy transition project portfolio Fiscal 2025 Full-Year Summary of Results: Q4 FY25 Summary of Results: Guidance Fiscal 2025 Full-Year Consolidated Results LEHIGH VALLEY, Pa. ...

Core Viewpoint - Air Products and Chemicals, Inc. (APD) reported its financial results for the fourth quarter and provided earnings guidance for the first quarter and full-year 2026, indicating a positive outlook for earnings growth [1] Earnings Guidance - The company expects adjusted earnings for the first quarter to be in the range of $2.95 to $3.10 per share [1] - For the full-year 2026, the expected adjusted earnings range is $12.85 to $13.15 per share [1] - Analysts' average expectations are $3.08 per share for the first quarter and $12.88 per share for the full year, which are in line with the company's guidance [1]

Core Insights - Air Products reported a significant decline in fiscal 2025 results, with a GAAP loss per share of $1.74 and an operating loss of $877 million, compared to a profit of $17.24 per share and operating income of $4.5 billion in fiscal 2024 [1][5] - The fiscal 2025 results included approximately $3.7 billion in pre-tax charges related to business and asset actions, impacting overall performance [1][29] - Adjusted earnings per share (EPS) of $12.03 exceeded guidance midpoint, while adjusted operating income was $2.9 billion, reflecting a decrease from the previous year [3][5] Fiscal 2025 Full-Year Results - Total sales for fiscal 2025 were $12.0 billion, a decrease of 1% from the prior year, driven by a 4% decline in volumes, partially offset by a 2% increase in energy cost pass-through and a 1% increase in pricing [2][12] - Adjusted operating income decreased by 3% to $2.9 billion due to lower volumes and higher costs, despite higher non-helium pricing [3][9] Fiscal 2025 Fourth Quarter Results - Fourth quarter sales were $3.2 billion, down 1% from the prior year, with a 5% decrease in volumes offset by a 3% increase in energy cost pass-through [8][9] - The fourth quarter adjusted operating income was $812 million, a decrease of 4% from the previous year, primarily due to lower volumes [9][11] Business Segment Performance - In the Americas, sales decreased by 1% to $1.3 billion, with a 7% drop in volumes, while operating income fell by 13% to $392 million [11] - Asia's sales increased by 1% to $870 million, but operating income decreased by 7% to $227 million due to lower helium volumes [11] - Europe saw an 8% increase in sales to $789 million, with operating income rising by 15% to $238 million, driven by higher non-helium volumes [11] Future Outlook - The company expects fiscal 2026 adjusted EPS guidance in the range of $12.85 to $13.15, with first quarter guidance of $2.95 to $3.10 [5][12] - Anticipated capital expenditures for fiscal 2026 are approximately $4 billion [5][12]

Core Viewpoint - Invesco is an independent investment management firm focused on enhancing the investment experience for individuals [1] Group 1 - Invesco emphasizes the importance of understanding investment objectives, risks, charges, and expenses before making investment decisions [1] - The firm provides educational information but does not offer specific investment recommendations or tax advice [1] - Invesco's opinions are based on current market conditions and may change without notice, indicating a dynamic approach to investment management [1] Group 2 - Invesco Distributors, Inc. serves as the US distributor for Invesco Ltd.'s retail products and collective trust funds [1] - The company operates through various affiliated investment advisers that provide investment advisory services without selling securities [1] - Invesco Unit Investment Trusts are distributed by Invesco Capital Markets, Inc. and other broker-dealers, highlighting the firm's extensive distribution network [1]

Company Overview - Air Products and Chemicals, Inc. (APD) has a market capitalization of $56.7 billion and is a global leader in industrial gases and related equipment, headquartered in Allentown, Pennsylvania. The company was founded in 1940 and serves various industries including chemicals, refining, metals, electronics, food and beverage, and healthcare [1]. Earnings Expectations - APD is set to release its Q4 earnings on November 6, with analysts expecting an EPS of $3.41 per share, which represents a 4.2% decrease from $3.56 per share in the same quarter last year. The company has met or exceeded earnings estimates in three of the last four quarters, but missed in the most recent quarter [2]. - For fiscal 2025, analysts project an EPS of $12.02, down 3.3% from $12.43 in fiscal 2024. However, in fiscal 2026, adjusted EPS is expected to grow by 7.3% annually to reach $12.90 [3]. Stock Performance - Over the past year, APD shares have declined by 23.4%, underperforming the S&P 500 Index, which gained 14.5%, but outperforming the Materials Select Sector SPDR Fund, which fell by 8% during the same period [4]. Analyst Ratings - Wells Fargo & Company reaffirmed a "Buy" rating on APD with a price target of $345, although the stock slipped by 1.6% despite this positive outlook [5]. - The consensus opinion on APD stock is moderately optimistic, with a "Moderate Buy" rating. Among 23 analysts, 13 recommend a "Strong Buy," one suggests a "Moderate Buy," eight advise a "Hold," and one gives a "Moderate Sell." The mean price target of $321.52 indicates a potential upside of 27% from current price levels [6].

Core Insights - Goldman Sachs has added four new stocks to its Conviction List, which are expected to have double-digit upside potential and three of which offer reliable dividends [4][5][6]. Group 1: Goldman Sachs Conviction List - The Conviction List is a curated selection of stocks that Goldman Sachs analysts believe will outperform the market, focusing on themes like artificial intelligence and sustainability [2][4]. - The four new stocks added in October are Abbott Laboratories, Air Products and Chemicals, Hershey, and Madison Square Garden Entertainment [5][6]. Group 2: Stock Details - **Abbott Laboratories**: Offers a 1.74% dividend with a target price of $157, indicating a potential 17% gain [7][8]. - **Air Products and Chemicals**: Provides a 2.63% dividend and has a target price of $335, suggesting a 23% upside [9][15]. - **Hershey**: Features a 2.82% dividend with a target price of $222, representing a potential 19% gain [16][20]. - **Madison Square Garden Entertainment**: A live entertainment company with a target price of $52, indicating a 15% upside [21][23].

Group 1 - The article promotes a live video series called the Underdog Daily Dividend Show, which features potential portfolio candidates for investors [1] - The show is hosted by Fredrik Arnold and takes place every trading day on Facebook, focusing on dividend stocks [1] - The article encourages audience engagement by inviting comments on favorite or curious stock tickers for future reports [1]

Group 1 - Air Products Transportation (Beijing) Co., Ltd. received a fine of RMB 2,000 for failing to produce a hazardous goods waybill as required by regulations [1] - This is the fifth penalty the company has faced this year for the same violation, with previous fines amounting to RMB 3,500 each [1][6] - The company is a wholly-owned subsidiary of Air Products (China) Investment Co., Ltd., which serves various industries including refining, chemicals, metals, electronics, manufacturing, and food [6] Group 2 - Air Products (China) Investment Co., Ltd. has a market value exceeding USD 60 billion and reported sales of USD 12.1 billion, employing over 20,000 people globally [6] - The company was established in 2006 and is registered with a capital of USD 1 million [7] - The legal representative of the company is Li Shusheng, and it is located in Tongzhou District, Beijing [7]