Fri, May 6, 8:00 AM
- Air Products and Chemicals (NYSE:APD) +2.3% premarket after agreeing to sell its performance materials division to Germany's Evonik Industries (OTC:EVKIF) for $3.8B, as it carries out its plan to focus on industrial gases.
- APD also says it plans to spin off its electronic materials division to shareholders as a separate public company called Versum Materials; the spinoff is expected to occur by the end of September and will evaluate whether conditions are favorable for a tax-free spinoff.
- APD's performance materials business makes chemicals used in sun lotion and paint, and recorded $245M in sales during Q4.
- Now read Air Products and Chemicals: Great company, great value
Nov. 24, 2015, 3:57 PM
- KBR (KBR +2.9%) says it was awarded a new contract for front end engineering and design work for G2 LNG's proposed $11B liquefied natural gas facility on the Calcasieu Ship Channel in Louisiana.
- Under the terms of the contract, KBR will perform FEED engineering for the two train LNG facility using Air Products and Chemicals' (APD -0.5%) AP-C3MR technology, and provide technical documentation required by the FERC during the pre-filing process.
- KBR does not disclose the value of the contract but revenue associated with the project was booked into backlog of unfilled orders for the E&C segment in Q2 2015.
Sep. 16, 2015, 5:36 PM
Sep. 16, 2015, 4:59 PM
- Air Products (NYSE:APD) +3.1% AH after announcing it plans to fully separate its materials technologies business through a tax-free spin-off to its shareholders within the next year.
- APD says the spinoff would allow its Industrial Gases and Materials Technologies businesses to leverage their respective critical competencies and enhance their competitive positions.
- Guillermo Novo, current exec VP of the Materials Technologies unit, would be CEO of the yet-to-be-named company.
Jul. 30, 2015, 9:12 AM
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Jul. 30, 2015, 8:19 AM
- Air Products & Chemicals (NYSE:APD) +5.3% premarket after easily beating FQ3 earnings estimates and raising its full-year earnings guidance.
- APD now sees FY 2015 EPS of $6.50-$6.60 from its previous outlook of $6.35-6.55, and for FQ4 the company forecasts EPS of $1.75-$1.85 vs. $1.77 analyst consensus estimate.
- For the current quarter, APD's adjusted EPS of $1.65 beat its own profit projection for a range of $1.55-$1.60, although the range was below analyst expectations when it was issued.
- FQ3 sales in the Americas fell 16% Y/Y to $898M as lower energy prices strained some of the company's customer; sales in the Europe, Middle East and Africa totaled $455M, a 15% Y/Y decline driven mostly by unfavorable currency impacts.
May 15, 2015, 11:18 AM
- Praxair (PX +1.6%) says it is raising prices by up to 20% for customers in North America, citing rising operational costs for its industrial gases and other products.
- Effective June 1, PX is boosting argon and hydrogen prices up to 20%, while nitrogen, oxygen and carbon dioxide prices, as well as facility fees and cylinder rental rates, will rise up to 15%.
- PX and rival Air Products (APD +0.7%) have warned that adverse foreign exchange rates and lower commodity prices would continue to pressure sales.
Feb. 27, 2015, 5:44 PM
Jun. 18, 2014, 9:12 AM
Feb. 13, 2014, 2:18 PM
- Bill Ackman thinks there's room for Air Products' (APD +4.4%) stock price to nearly double to $200-plus in the next few years with the right management, after former CEO John McGlade stepped down in September under pressure from Ackman's Pershing Square hedge fund.
- There’s “no reason” why APD's operating margin should trail competitor Praxair by seven percentage points, Ackman says; APD is "a great emerging markets play" - a stable, predictable business that will benefit as the world continues to industrialize.
- Pershing Square doesn't have a seat on the board and will have no official say in who ends up getting the CEO job, but as APD's biggest shareholder with a 9.71% stake, it should have significant influence over the decision, Ackman says.
Jul. 31, 2013, 8:46 AM
- A look at Bill Ackman's involvement in Canadian Pacific (CP) could provide a playbook for what he may do with his 9.8% stake in Air Products (APD); he won a proxy contest to bring in new management and shares have soared since.
- WSJ reports Ackman does not intend to press for a break-up of APD but instead will push for operational improvements.
- Ackman says he would have acquired more shares if not for the poison pill plan put in place last week.
- APD +4% premarket.
Jul. 25, 2013, 10:40 AM
Air Products (APD +6.1%) trades sharply higher after adopting a stockholder rights plan; the board says the plan was not adopted in response to any specific takeover proposal but it has observed "unusual and substantial activity" in APD shares. David Faber on CNBC notes speculation that APD could be the target of Bill Ackman's Pershing Square.| Jul. 25, 2013, 10:40 AM | 3 Comments
Jun. 27, 2013, 2:53 PM
BAML downgrades Air Products (APD -2.9%) to Underperform from Neutral in a valuation call, as the stock has pushed through the firm’s $90 price target, making it less attractive on a risk/reward basis. The tone has been less enthusiastic in recent quarterly reports, with management trimming guidance and revenue often missing forecasts.| Jun. 27, 2013, 2:53 PM
Apr. 23, 2013, 10:18 AM
Air Products (APD -1.4%) slips this morning after reporting a somewhat flat FQ2, coming in-line on its EPS but missing just slightly on its top line revenue number. Net earnings dipped 1.9% Y/Y on higher costs and an a surge in its income tax provisions. For the current year, the company cut its EPS view to a range of $5.45 to $5.60 from its prior view of $5.70 to $5.90. For the current quarter, it expects to earn around $1.33 to $1.38. The Street was looking for $1.50.| Apr. 23, 2013, 10:18 AM
Mar. 21, 2013, 10:29 AM
Oct. 19, 2012, 2:06 PM
Air Products & Chemicals (APD -6.1%) drops to its lows of the day after reporting a quarterly profit that barely met its own forecast and predicting earnings for FY 2013 well short of Wall Street expectations. Credit Suisse cuts shares to Neutral from Outperform. "We are starting our 2013 fiscal year with weak economic momentum world-wide," CEO John McGlade says.| Oct. 19, 2012, 2:06 PM