Air Products and Chemicals, Inc. stock research
FY2023 Q2
Air Products and Chemicals (APD) Gross Margin — Quarter Ended Mar 31, 2023
Revenue was essentially stable versus the prior quarter, while gross profit improved and cost of revenue edged lower, resulting in a slightly higher gross margin. Compared with the same quarter one year earlier, revenue and gross profit both increased, cost of revenue rose at a slower pace, and gross margin strengthened meaningfully.
Gross margin takeaway
Quarter ended Mar 31, 2023 · FY2023 Q2
Revenue was essentially stable versus the prior quarter, while gross profit improved and cost of revenue edged lower, resulting in a slightly higher gross margin. Compared with the same quarter one year earlier, revenue and gross profit both increased, cost of revenue rose at a slower pace, and gross margin strengthened meaningfully.
- Gross profit grew relative to both the prior quarter and the prior year, and cost of revenue grew more slowly than revenue over the year-ago comparison, supporting margin expansion.
- Compared to the prior quarter, revenue was similar while gross margin improved. Versus the same quarter one year earlier, revenue and gross margin were both higher.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
28.7%
Gross profit
$917.3M
Revenue
$3.2B
Cost of revenue
$2.3B
Quarter-over-quarter change
n/a
Year-over-year change
+1.7 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Mar 31, 2023 | $3.2B | $917.3M | $2.3B | 28.7% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Previous quarter unavailable
n/a
Year-over-year change
Mar 31, 2022
+1.7 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
Gross profit grew relative to both the prior quarter and the prior year, and cost of revenue grew more slowly than revenue over the year-ago comparison, supporting margin expansion.
Compared to the prior quarter, revenue was similar while gross margin improved. Versus the same quarter one year earlier, revenue and gross margin were both higher.
Monitor the trajectory of cost of revenue relative to revenue, as changes in their relationship directly affect gross margin.