Yahoo Finance Air Products (APD) and Chengzhi Partner on China Hydrogen
Air Products and Chemicals, Inc. APD formed a strategic partnership with Chengzhi Shareholding Co. Ltd., a Chinese state-owned high-tech industry group. The collaboration aims to expedite the decarbonization of transportation in China's Yangtze River Delta. Through their joint venture, the companies have inaugurated their initial commercial-scale hydrogen fueling station in Changshu City, Jiangsu province, designed to service city buses and heavy-duty trucks in logistics.
The station, operating under service contracts, provides hydrogen fuel to fuel cell trucks for various multinational and domestic companies, including Budweiser China, Yum China, Nestle China's logistics service provider and JD Logistics. These contracts serve as pilot projects for zero-emission logistics operations. Notably, a 49-ton heavy-duty hydrogen fuel cell truck of Budweiser has covered more than 10,000 safe kilometers between Nantong and Suzhou in East China.
Changshu has actively pursued hydrogen fuel cell vehicle development since the issuance of the "Changshu Hydrogen Fuel Cell Vehicle (HFCV) Industry Development Plan" in 2019. The city has made major strides in forming a comprehensive industrial chain, contributing to the hydrogen corridor construction in the Yangtze River Delta Region. It is part of the Shanghai cluster for the national HFCV demonstration project.
With over 60 years of hydrogen expertise, Air Products is involved in all aspects of the hydrogen value chain, including production, distribution, storage and dispensing. The company has been a pioneer in hydrogen fueling, with hands-on experience in more than 250 hydrogen fueling station projects across 20 countries. Having participated in various hydrogen demonstration projects in China, including those for the Beijing Olympics and the Beijing Winter Olympics, Air Products remains committed to supporting the country's energy transition goals.
Air Products has lost 10% in the past year, compared with the industry’s 18.3% fall in the same period.
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Air Products reported fourth-quarter fiscal 2023 adjusted earnings of $3.15 per share, beating the Zacks Consensus Estimate of $3.11 per share. Higher pricing and increased equity affiliates' income drove the increase. Revenues were $3,191.3 million, down 11% year over year.The figure missed the Zacks Consensus Estimate of $3,307.5 million.
For fiscal 2024, APD expects adjusted earnings per share of $12.80-$13.10, indicating a 13% year-over-year growth at the midpoint. First-quarter fiscal 2024 adjusted earnings per share are projected to be $2.90-$3.05, suggesting a 13% year-over-year rise at the midpoint. Capital expenditures for fiscal 2024 are anticipated to be $5 billion to $5.5 billion.
Air Products and Chemicals, Inc. Price and Consensus
Air Products and Chemicals, Inc. price-consensus-chart | Air Products and Chemicals, Inc. Quote
Zacks Rank & Key Picks
Air Products currently carries a Zacks Rank #3 (Hold).
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