Air Prods & Chems Inc - APD STOCK NEWS

Air Products (NYSE: APD) reported Q1 FY25 results with GAAP EPS of $2.77, up 1% year-over-year, and GAAP net income of $650 million, up 5%. First quarter sales reached $2.9 billion, down 2% from the prior year due to lower volumes and unfavorable currency, partially offset by higher pricing.

The company maintained its fiscal 2025 full-year adjusted EPS guidance of $12.70 to $13.00 and expects second quarter adjusted EPS between $2.75 and $2.85. Capital expenditures for FY25 are projected at $4.5-5.0 billion.

Notable highlights include increased quarterly dividend to $1.79 per share, marking the 43rd consecutive year of dividend increases, with expected shareholder returns of approximately $1.6 billion in 2025. Regional performance varied, with Americas sales up 3%, Asia sales up 3%, and Europe sales down 5%.

Air Products (NYSE: APD) announced significant leadership changes effective February 7, 2025. Eduardo F. Menezes has been appointed as the new CEO, succeeding Seifi Ghasemi, who is departing after more than 10 years of service. Additionally, Wayne T. Smith has been named Board Chairman and Dennis H. Reilley as Vice Chairman.

Menezes brings over three-and-a-half decades of experience in the industrial gases sector, most recently serving as executive vice president of Linde plc for Europe, Middle East and Africa, where he managed operations across 40+ countries with over $8 billion in sales and 18,000 employees. His extensive background includes senior roles at Praxair in North America, Spain, Mexico, and Brazil.

The incoming CEO holds an M.B.A. from the State University of New York and a chemical engineering degree from the Federal University of Rio de Janeiro, Brazil.

Air Products (NYSE: APD) has announced preliminary voting results from its 2025 Annual Meeting of Shareholders held on January 23, 2025. Shareholders elected nine directors to the Company's Board: Tonit M. Calaway, Lisa A. Davis, Andrew Evans, Jessica Trocchi Graziano, Paul Hilal, Bhavesh V. ("Bob") Patel, Dennis Reilley, Wayne T. Smith, and Alfred Stern.

The company welcomed the new directors and acknowledged the departure of outgoing directors Casey Cogut, Seifi Ghasemi, David Ho, Ed Monser, and Matthew Paull. Final voting results will be filed with the SEC on Form 8-K. The Board plans to promptly address committee reconstitution, Chair appointment, and CEO succession planning. In the interim, Seifi Ghasemi will continue serving as CEO.

Air Products (NYSE:APD) has announced a quarterly dividend increase to $1.79 per share on its common stock. This marks the company's 43rd consecutive year of dividend increases, demonstrating a long-standing commitment to shareholder returns. The dividend will be payable on May 12, 2025 to shareholders of record as of April 1, 2025.

Mantle Ridge LP, owning approximately $1.3 billion of Air Products and Chemicals (NYSE: APD) shares, is urging shareholders to vote for change at the upcoming January 23, 2025 Annual Meeting. All three leading proxy advisory firms - ISS, Glass Lewis, and Egan-Jones - have recommended replacing CEO Seifi Ghasemi and other board members with Mantle Ridge's proposed nominees.

The investment firm is proposing four shareholder nominees: Andrew Evans, Paul Hilal, Tracy McKibben, and Dennis Reilley. Their plan includes bringing in industrial gas industry veterans Eduardo Menezes and Dennis Reilley, former executives from Linde plc, described by analysts as a 'Dream Team' to lead Air Products. Multiple investment research firms, including Barclays, Wells Fargo, Deutsche Bank, and JP Morgan, have expressed support for the proposed changes.

Air Products (NYSE:APD) urges shareholders to vote 'FOR' only the company's nominees on the WHITE proxy card at the upcoming January 23, 2025 Annual Meeting. The Board has outlined a CEO succession plan with key commitments: announcing a new President by March 31, 2025, completing CEO transition within three months of joining, separating Chair and CEO roles, and Mr. Ghasemi's retirement from the Board.

The company reported strong preliminary fiscal Q1 2025 results with GAAP EPS of $2.77 and adjusted EPS of $2.86, exceeding guidance and analyst consensus. The Board opposes Mantle Ridge's campaign and their nominee Eduardo Menezes, citing his lack of public company CEO experience. With two new nominees, Bhavesh V. Patel and Alfred Stern, six out of nine Directors will have been elected in the last five years, demonstrating significant board refreshment.

Mantle Ridge LP, owning approximately $1.3 billion in Air Products and Chemicals (NYSE: APD) shares, has issued an open letter to shareholders ahead of the January 23, 2025 Annual Meeting. The firm is proposing four new director nominees - Andrew Evans, Paul Hilal, Tracy McKibben, and Dennis Reilley - while urging shareholders to withhold votes from current board members including CEO Seifi Ghasemi.

All three leading independent proxy advisory firms - ISS, Glass Lewis, and Egan-Jones - have recommended replacing CEO Ghasemi and other board members with Mantle Ridge's nominees. The activist investor suggests that with board refreshment and new CEO leadership, APD could be worth $425 per share and positioned to drive double-digit annual Total Shareholder Return.

Mantle Ridge emphasizes that their nominees bring relevant industry experience and expertise critical to Air Products' future, and would implement best-in-class governance while reassessing the company's compensation plan, strategy, and capital allocation.

Air Products (NYSE:APD) has released preliminary financial results for Q1 FY2025, reporting GAAP earnings per share of $2.77 and adjusted EPS of $2.86. The adjusted EPS performance notably exceeded the company's previous guidance range of $2.75 to $2.85 per share for the quarter.

The company plans to release complete Q1 FY2025 results and host a teleconference on February 6, 2025. Air Products notes that these preliminary figures are based on currently available information and may be subject to changes pending the completion of quarter-end close processes.

Air Products (NYSE: APD) has issued a letter to shareholders regarding its upcoming 2025 Annual Meeting, urging them to vote 'FOR' the company's nominees on the WHITE proxy card. The company strongly disagrees with ISS' opinion and presents two contrasting choices for shareholders:

1. Support Air Products' nominees to maintain stability, growth, and long-term value creation, including a planned CEO transition with a new President to be named by March 31.

2. Support Mantle Ridge's nominees, which the company warns could lead to growth and value destruction.

The company highlights its ongoing clean hydrogen strategy, including the NEOM project in Saudi Arabia and Darrow project in Louisiana. Air Products criticizes Mantle Ridge's nominees for lacking relevant experience and having no alternative plan, warning that their appointment could create significant instability in company leadership and strategic direction.