Air Products and Chemicals, Inc. (NYSE:APD) Q1 2023 Earnings Call Transcript

Laurence Alexander: Hi. This is on for Laurence. Thank you for taking my question. Just given a forecast that we’ll be likely entering a recession. I just wanted to get a sense of how merchant volumes and pricing fared during the last recession. If you can give overview of that, I would appreciate it. Thank you.

Seifi Ghasemi: That’s a fantastic question. Good question. The quick thing is I can answer that very definitely because you have seen our results during the last — the last recession obviously was in 2008, 2009 and the second one was during COVID. And you saw what we have always said that Industrial gases business, we have another resulting industry because half of our business is on top. That doesn’t get really affected by recession because they are . And our picture volumes usually go down, but they do not go down significantly. We take action to control our costs, and therefore, you can take a look at our actual results during 2009 and 2010 and 2008 over results in 2020 and2021, and you’ll see that we held up pretty well.

Laurence Alexander: Okay. Thank you.

Sidd Manjeshwar: Thank you very much and , I would like to joint everyone for joining our call today. We appreciate your interest, and we look forward to discussing our results with you again next quarter. As I said earlier, please stay safe and healthy and all the best to all of you. Thank you.

Operator: Thank you. That will conclude today’s call. We appreciate your participation.