How did Air Chemical's revenue and expenses trend in Q1 2025?

Air Products & Chemicals Inc. (APD) experienced a slight decline in revenue and various expense categories in Q1 2025 compared to the same period in the previous year. 1. **Revenue Trend**: The company's revenue for Q1 2025 was $2.931 billion, representing a 2.2% decrease year-over-year. This decline was primarily due to lower volumes resulting from the divestiture of its LNG business and reduced contributions from European operations. However, this decline was partially offset by a significant helium sale in the Americas. 2. **Expense Trends**: Specific expense details for Q1 2025 are not available. However, we can infer trends in key expense categories based on related reports: - **Cost of Sales**: The company's operating income decreased to $643.6 million in Q1 2025, down from $666.9 million in the corresponding quarter of the previous year. This suggests a possible increase in cost of sales, as the net income margin of 21.9% indicated a contraction compared to the previous year's 22.3%. - **R&D Expenses**: There is no specific data available regarding R&D expenses for Q1 2025. However, the company's focus on innovation and capital expenditures, with guidance of $4.5 billion to $5.0 billion for fiscal year 2025, implies continued investment in research and development. - **Sales and Marketing Expenses**: The adjusted EBITDA margin improved to 40.6%, up by 140 basis points, indicating a more efficient management of sales and marketing expenses relative to revenue. - **General and Administrative Expenses**: The company's adjusted EBITDA reached $1.2 billion, marking a 1% increase. This increase, along with the maintenance of dividend growth and capital expenditure guidance, suggests that general and administrative expenses were managed effectively to support the company's overall performance. In summary, Air Products & Chemicals Inc. faced challenges in revenue growth due to divestitures and currency impacts, but managed to improve profitability through cost control and strategic initiatives.