Tuesday, February 7, 2023

Dividend Increase - Air Products and Chemicals, Inc. (APD)

Thursday, January 26th the Board of Directors of Air Products and Chemicals, Inc. (APD) announced a quarterly dividend increase of from $1.62 to $1.75 per share that’s payable May 8, 2023 to holders of record April 3, 2023. This represents an 8.02% increase over the last quarterly dividend. This marks the 41st consecutive year that Air Products has increased its dividend payment.

Air Products Chairman, President and Chief Executive Officer Seifi Ghasemi said, “This latest increase in the dividend demonstrates our continued commitment to reward shareholders while executing against our two-pillar growth strategy. We are uniquely positioned to deliver essential industrial gases and expertise to customers in dozens of industries while developing and executing world-scale hydrogen megaprojects to drive the energy transition and move humanity forward. In 2023, we expect to pay out more than $1.5 billion to our shareholders, a further testament to the continued strength and stability of our business in a challenging macroeconomic environment.”

With current price $ 283.03 (yesterday's close), this raise brings their dividend yield to 2.47%.

Air Products is a Dividend Champions with a 41 year streak of dividend increases. Dividend growth rates for 1, 3, 5 and 10 years are 8.9, 11.6, 11.4 and 9.8 (Dividend Champions.xls)

Since I own 15 shares of APD, this will increase my portfolio's projected annual net dividend income by $5.81.

I was a little disappointed with the size of the increase, I was expecting around 10%, but I am happy to accept this as well.

This is the second dividend increase I've received from Air Products since initiating a position in March 2021. During this period, the dividend has grown reasonably from $1.50 to $1.75 or 16.7%

This increase raises my YOC to 2.42%.

Summary of 2023 Dividend Increases / Cuts

Click here to see my portfolio holdings.

You can follow the development of my dividends here.

Full Disclosure: Long APD

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