Air Products & Chemicals, Inc. - APD STOCK NEWS

Air Products (NYSE:APD) reported strong fiscal 2024 results with GAAP EPS of $17.24, up 67% from the prior year, and adjusted EPS of $12.43, up 8%. The company's GAAP net income reached $3.9 billion, up 65%, with a net income margin of 31.9%. For Q4 FY24, GAAP EPS was $8.81, up 186%, while adjusted EPS was $3.56, up 13%. The company completed the divestiture of its LNG business to Honeywell for $1.81 billion. Looking ahead, Air Products provided fiscal 2025 guidance with adjusted EPS of $12.70 to $13.00 and expects capital expenditures between $4.5-5.0 billion.

Air Products (NYSE:APD) has announced it will release its fiscal 2024 fourth quarter financial results before the market opens on Thursday, November 7, 2024. The company will hold a teleconference at 8:30 a.m. ET to review these results. The teleconference will be accessible to the public and media in listen-only mode via telephone and Internet broadcast.

Interested parties can join the live teleconference by calling 773-305-6853 with the passcode 9129758. An Internet broadcast and accompanying slides will be available on the Event Details page of Air Products' Investor Relations website. A replay of the Internet broadcast will also be made available on the same page for those unable to attend the live event.

The D. E. Shaw group, a global investment firm with over $60 billion in investment capital, has sent an open letter to the Board of Directors of Air Products and Chemicals, Inc. (NYSE: APD) calling for changes to address longstanding underperformance and governance issues. The letter outlines specific proposals to generate long-term shareholder value, including:

• Accelerating efforts to de-risk large project commitments
• Tying future capital investment to offtake agreements
• Establishing a new capital allocation framework
• Communicating a clear CEO succession plan
• Refreshing the Board with qualified, independent directors
• Restructuring executive compensation
• Forming ad hoc Board committees to oversee these initiatives

The D. E. Shaw group expressed disappointment with the Board's apparent lack of urgency in addressing these concerns and has made their analysis and recommendations public.

Air Products (NYSE: APD) has completed the sale of its liquefied natural gas (LNG) process technology and equipment business to Honeywell for $1.81 billion in cash. The strategic divestiture, first announced in July 2024, reflects Air Products' commitment to its two-pillar growth strategy: profitably growing its core industrial gases and related equipment businesses, and delivering clean hydrogen at scale.

The transaction includes the transfer of related assets, intellectual property, manufacturing capability, and approximately 475 employees, as well as the Port Manatee, Florida coil-would heat exchanger manufacturing facility. Lazard, Inc. served as financial advisors, while Skadden, Arps, Slate, Meagher & Flom LLP provided external legal counsel for the deal.

Air Products San Fu Co. , a subsidiary of Air Products (NYSE: APD), has signed a 10-year Power Purchase Agreement (PPA) with Tatung Forever Energy for solar electricity in Taiwan. The agreement, starting in Q4 2024, will help Air Products San Fu reduce its carbon footprint and support Taiwan's industrial decarbonization efforts. The renewable energy sourced will avoid CO2 emissions equivalent to the electricity-related emissions from over 80,000 Taiwanese households during the agreement period.

This strategic partnership aligns with Air Products' commitment to addressing climate change and supporting sustainable development in Taiwan's industrial gases sector. Air Products San Fu, with over 70 years of presence in Taiwan, operates more than 60 production facilities serving diverse markets and holds leading positions in key science industry parks.

Air Products APD has announced that Sidd Manjeshwar, vice president of Investor Relations, will be speaking at the Jefferies Industrials Conference on Wednesday, September 4, 2024 at 8:05 a.m. US ET. This presentation marks an important opportunity for investors and analysts to gain insights into Air Products' strategies and performance.

Interested parties can access the session through Air Products' Investor Relations Event Details website, providing a convenient way for stakeholders to stay informed about the company's latest developments and future outlook. This event underscores Air Products' commitment to transparent communication with its investors and the broader financial community.

Air Products (NYSE: APD) has published its 2024 Sustainability Report, titled 'Generating a Cleaner Future'. The report highlights the company's progress on sustainability goals and introduces new targets. Key points include:

1. Updated carbon intensity goals with a new 2023 baseline.
2. Commitment to quadruple renewable energy use by 2030.
3. Plans to develop water management strategies for high-priority facilities by 2026.
4. Showcases world-scale clean hydrogen projects, including the NEOM Green Hydrogen Company in Saudi Arabia and complexes in Louisiana and Edmonton.
5. These projects aim to avoid 250-500 million metric tonnes of CO2e over their lifetime.

The report also mentions several recognitions, including an 'A' rating from MSCI for environmental, social, and governance performance.

Air Products (NYSE: APD) reported fiscal 2024 third quarter results with GAAP EPS of $3.13, up 17% year-over-year, and adjusted EPS of $3.20, up 7%. The company's GAAP net income increased 16% to $709 million, with a net income margin of 23.7%, up 360 basis points. Adjusted EBITDA rose 5% to $1.3 billion, with a margin of 42.4%, up 260 basis points. Sales decreased 2% to $3.0 billion due to unfavorable currency and lower energy cost pass-through. Air Products confirmed its fiscal 2024 full-year adjusted EPS guidance of $12.20 to $12.50 and expects capital expenditures between $5.0-$5.5 billion.

Air Products (NYSE: APD) has announced plans to build a network of permanent, commercial-scale hydrogen refuelling stations (HRSs) across Europe, strategically located near the Trans-European Transport Network (TEN-T). These stations will offer enhanced fueling technology, multiple pressure options, and onsite liquid hydrogen storage. The company is collaborating with Daimler Truck on a pioneering hydrogen truck pilot project, trialing five Mercedes-Benz GenH2 trucks at a mobile fuelling station in Duisburg.

Air Products is also doubling Europe's total liquid hydrogen capacity with a second liquefaction plant in Rotterdam. The company has secured funding from the European Commission and the German state of North Rhine-Westphalia for several HRS projects. This initiative aligns with Air Products' commitment to convert its distribution fleet to hydrogen-powered vehicles, supporting the advancement of a safe and resilient hydrogen ecosystem for heavy-duty transportation across Europe.