Air Products & Chemicals, Inc. - APD STOCK NEWS

Air Products (NYSE: APD) announced the establishment of two new Project Delivery offices in Buffalo, New York and Edmonton, Alberta to support its expanding project portfolio. The Buffalo office will initially host around 75 employees, while the Edmonton office will have over 40 employees. These offices aim to improve collaboration and enhance access to technical talent, aligning with the company's growth strategy. Air Products is also investing approximately $500 million to build a hydrogen production facility nearby, reinforcing its position in the hydrogen market.

Air Products reported Q1 FY23 earnings with a GAAP EPS of $2.57, a 2% increase from the previous year, and a net income of $584 million, up 6%. The adjusted EPS rose to $2.64, reflecting a 6% increase. The company announced a 13 cents increase in quarterly dividends, marking 41 consecutive years of dividend growth. Key projects include a joint venture for a $12 billion gasification project in Saudi Arabia and a $4 billion green hydrogen facility in Texas. The company maintains fiscal 2023 adjusted EPS guidance of $11.20 to $11.50, signaling projected growth of 9% to 12%.

Air Products (NYSE: APD) has announced an increase in its quarterly dividend by 13 cents, raising it from $1.62 to $1.75 per share, equating to an 8% increase. This marks the 41st consecutive year of dividend increases, reflecting the company's commitment to rewarding shareholders. The dividend is scheduled to be paid on May 8, 2023, to shareholders on record as of April 3, 2023. The company anticipates distributing over $1.5 billion to shareholders in 2023, emphasizing its stability amidst a challenging macroeconomic environment.

Air Products (NYSE:APD) is set to showcase its innovative freezing technologies at the International Production & Processing Expo (IPPE) in Atlanta, Georgia, from January 24-26, 2023. Featured products include the Freshline® IQF+ Tunnel Freezer and the Freshline® Bottom Injection Cooling System, both designed to enhance efficiency and product quality in food processing. The company emphasizes its role in the food industry with over 50 years of expertise using liquid nitrogen and CO2 for chilling processes. With fiscal 2022 sales of $12.7 billion and a market cap of approximately $70 billion, Air Products continues to lead in cryogenic technology applications.

Air Products has successfully closed the financial transfer for the second group of assets in its $12 billion gasification and power joint venture (JV) with Aramco, ACWA Power, and Air Products Qudra in Saudi Arabia's Jazan Economic City. This follows the first group's asset acquisition completed in October 2021. The JV, comprising 40% member contributions and 60% non-recourse project financing, will operate under a 25-year contract, producing energy and utilities for Aramco's Jazan Refinery.

With a total ownership of 50.6%, Air Products continues to align with its growth strategy and the Kingdom's Vision 2030.

Air Products (NYSE:APD) is set to release its fiscal 2023 first quarter financial results on February 2, 2023, before market open. A teleconference reviewing these results will be held at 8:30 a.m. ET, open to the public via phone and Internet broadcast. The company reported fiscal 2022 sales of $12.7 billion and currently has a market capitalization of $70 billion. With over 21,000 employees globally, Air Products focuses on providing essential industrial gases and advancing sustainability in various sectors.