Business Context and Reporting Period
This Form 8-K filing by Air Products & Chemicals, Inc. is dated June 29, 1998. The report addresses a two-for-one stock split effective June 15, 1998, and provides restated Earnings Per Share (EPS) figures for the fiscal years ended September 30, 1996, and 1997, as well as the first two quarters of fiscal 1998.
Key Financial Metrics
The filing focuses exclusively on restated EPS data and does not provide total revenue, operating margins, cash flow, debt levels, or liquidity metrics.
| Period | Net Income ($ Millions) | Basic EPS | Diluted EPS |
|---|---|---|---|
| Fiscal 1998 Q1 (Ended Mar 31) | 160.5 | $0.74 | $0.72 |
| Fiscal 1998 Q2 (Ended Jun 30) | 120.5 | $0.56 | $0.55 |
| Fiscal 1997 Full Year | 429.3 | $1.95 | $1.91 |
| Fiscal 1996 Full Year | 416.4 | $1.86 | $1.83 |
Material Changes and Unusual Items
The primary material change is the restatement of historical EPS due to the two-for-one stock split. The filing highlights specific non-recurring gains included in the reported EPS figures:
- Fiscal 1998 Q1: Includes gains of $0.16 per share from the sale of American Ref-Fuel and $0.03 per share from a cogeneration project contract settlement.
- Fiscal 1996 Q2: Includes a gain of $0.18 per share from a settlement with Bankers Trust Company regarding losses on leveraged interest rate swap contracts.
Guidance, Outlook, and Risks
The filing text does not provide forward-looking guidance, management commentary on future operations, or a discussion of risks and contingencies beyond the historical restatement.
Investor Verification Checklist
- Verify the impact of the June 15, 1998, two-for-one stock split on current share count and trading price.
- Confirm the magnitude of the one-time gains in Q1 1998 ($0.19 total per share) to assess core operating performance.
- Review the full fiscal year 1998 results to determine if the Q1 and Q2 net income trends ($160.5M vs $120.5M) persist.
- Check subsequent filings for details on the Bankers Trust settlement and the American Ref-Fuel sale.