Air Products declares 8% dividend hike in 2023 | 41 consecutive years of growth

Air Products truck
A typical Air Products truck transporting industrial gases (image credit: company website)

Air Products and Chemicals, Inc
. (trading symbol APD) will raise its quarterly dividend for the 41st consecutive year with another 8% dividend hike to $1.75 quarterly per share. This matches a dividend hike of 8% announced in 2022. The industrial gases company announced this new dividend increase on January 26, 2023.

Air Products will pay the increased dividend of $1.75 quarterly per share on May 8, 2023 to shareholders of record on April 3. The next ex-dividend date for APD is March 31, 2023. At a stock price of $318 the estimated dividend yield is 2.2%.

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."

Other Aristocrats announcing a dividend hike recently are S&P Global (SPGI), ADM and Chevron (CVX). For Air Products this 2023 dividend hike means the total dividend payment jumps to $1.55 billion annually. The average 5 dividend growth rate for APD is 9.7%.

Air Products (NYSE:APD) is a world-leading Industrial Gases company in operation for over 75 years. The Company's core industrial gases business provides atmospheric and process gases and related equipment to manufacturing markets, including refining and petrochemical, metals, electronics, and food and beverage. Air Products is also the world's leading supplier of liquefied natural gas process technology and equipment. Air Products is a Dividend Aristocrat with 25+ consecutive years of dividend growth.

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