Advertisement
Canada markets closed
  • S&P/TSX

    21,552.35
    +188.74 (+0.88%)
     
  • S&P 500

    5,137.08
    +40.81 (+0.80%)
     
  • DOW

    39,087.38
    +90.99 (+0.23%)
     
  • CAD/USD

    0.7376
    +0.0011 (+0.15%)
     
  • CRUDE OIL

    79.81
    +1.55 (+1.98%)
     
  • Bitcoin CAD

    84,355.90
    +126.26 (+0.15%)
     
  • CMC Crypto 200

    885.54
    0.00 (0.00%)
     
  • GOLD FUTURES

    2,091.60
    +36.90 (+1.80%)
     
  • RUSSELL 2000

    2,076.39
    +21.55 (+1.05%)
     
  • 10-Yr Bond

    4.1800
    -0.0720 (-1.69%)
     
  • NASDAQ

    16,274.94
    +183.02 (+1.14%)
     
  • VOLATILITY

    13.11
    -0.29 (-2.16%)
     
  • FTSE

    7,682.50
    +52.48 (+0.69%)
     
  • NIKKEI 225

    39,910.82
    +744.63 (+1.90%)
     
  • CAD/EUR

    0.6802
    -0.0012 (-0.18%)
     

Air Products (APD) Hits Milestone With 2,000th Seagoing Vessel

Air Products & Chemicals Inc. APD has announced a significant achievement — 2,000 seagoing vessels globally are currently using nitrogen-generating systems from Air Products Membrane Solutions that are membrane-based.

The nitrogen generators that Air Products Membrane Solutions designed and produced at its facilities in Norway are currently being used by ships from more than 50 nations. Air Products continues to innovate and support the energy transition by delivering membrane systems to alternative fuel ships, paving the way for a cleaner future.

The membrane-based nitrogen-generating systems from Air Products Membrane Solutions enable large ships to transition from old heavy fuels to cleaner alternative fuels while at sea, resulting in lower emissions during cargo delivery.

Air Products Membrane Solutions specializes in the design of hollow fiber membrane separators and onsite gas-generating systems. Air Products develops, engineers, manufactures and markets the entire PRISM Membrane Separator portfolio, Marine System, and Engineered-to-Order System portfolio. Its technologies are also intended to generate more sustainable energy sources and increase productivity in a wide range of industries and applications.

The number of ships employing marine-based membrane systems has increased considerably in recent years. Air Products Membrane Solutions, the world's most experienced supplier of marine-based membrane systems, designs and manufactures turnkey systems for shipboard and land-based applications such as alternative fuel systems, chemical tankers, oil platforms and liquified natural gas applications.

Shares of Air Products have lost 13.4% over the past year compared with a 12.7% decline of its industry.

Zacks Investment Research
Zacks Investment Research


Image Source: Zacks Investment Research

The company, on its fourth-quarter fiscal 2023 call, said that it expects fiscal 2024 adjusted earnings per share of $12.80-$13.10, indicating 13% growth from the prior year’s adjusted earnings at the midpoint. For the first quarter of fiscal 2024, it expects adjusted earnings per share in the range of $2.90-$3.05, suggesting a rise of 13% at the midpoint from the year-ago quarter.

Air Products expects capital expenditures in the range of $5 billion to $5.5 billion for fiscal 2024.

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).

Better-ranked stocks in the basic materials space include Denison Mines Corp. DNN, Axalta Coating Systems Ltd. AXTA and The Andersons Inc. ANDE.

Denison Mines has a projected earnings growth rate of 100% for the current year. It currently carries a Zacks Rank #1 (Strong Buy).  DNN delivered a trailing four-quarter earnings surprise of roughly 225%, on average. The stock is up around 60.7% in a year. You can see the complete list of today’s Zacks #1 Rank stocks here.

Axalta has a projected earnings growth rate of 5.4% for the current year. It currently carries a Zacks Rank #1.  AXTA delivered a trailing four-quarter earnings surprise of roughly 6.7%, on average. The stock is up around 20.8% in a year.

Andersons currently carries a Zacks Rank #2. The stock has gained roughly 45% in the past year. ANDE beat the Zacks Consensus Estimate in each of the last four quarters. It delivered a trailing four-quarter earnings surprise of 64.4%, on average.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

Air Products and Chemicals, Inc. (APD) : Free Stock Analysis Report

The Andersons, Inc. (ANDE) : Free Stock Analysis Report

Denison Mine Corp (DNN) : Free Stock Analysis Report

Axalta Coating Systems Ltd. (AXTA) : Free Stock Analysis Report

To read this article on Zacks.com click here.

Zacks Investment Research