Air Products and Chemicals Inc (APD)

[abrooklyn]

Air Products Reports Fiscal 2024 First Quarter GAAP EPS of $2.73 and Adjusted EPS of $2.82

Source: PR Newswire (US)
Q1 FY24 (comparisons versus prior year):

GAAP EPS# of $2.73, up six percent; GAAP net income of $622 million, up six percent; and GAAP net income margin of 20.7 percent, up 230 basis points
Adjusted EPS* of $2.82, up seven percent; adjusted EBITDA* of $1.2 billion, up eight percent; and adjusted EBITDA margin* of 39.2 percent, up 510 basis points
Recent Highlights

Increased quarterly dividend to $1.77 per share in January, the 42nd consecutive year of increases
Guidance

Updated fiscal 2024 full-year adjusted EPS guidance* of $12.20 to $12.50, up six to nine percent over prior year adjusted EPS*; fiscal 2024 second quarter adjusted EPS guidance* of $2.60 to $2.75
Continue to expect fiscal year 2024 capital expenditures* of $5.0 billion to $5.5 billion
#Earnings per share is calculated and presented on a diluted basis from continuing operations attributable to Air Products.

*Certain results in this release, including in the highlights above, include references to non-GAAP financial measures on a consolidated, continuing operations basis and a segment basis. Additional information regarding these measures and reconciliations of GAAP to non-GAAP historical results can be found below. In addition, as discussed below, it is not possible, without unreasonable efforts, to identify the timing or occurrence of future events, transactions, and/or investment activity that could have a significant effect on the Company's future GAAP EPS or cash flow used for investing activities if any of these events were to occur.

Fiscal 2024 First Quarter Consolidated Results

LEHIGH VALLEY, Pa., Feb. 5, 2024 /PRNewswire/ -- Air Products (NYSE:APD) today reported first quarter fiscal 2024 results, including GAAP EPS from continuing operations of $2.73, up six percent from prior year. GAAP net income of $622 million was up six percent over the prior year due to higher equity affiliates' income, higher pricing, and higher volumes, partially offset by higher costs. GAAP net income margin of 20.7 percent increased 230 basis points over the prior year, which included a positive impact of about 200 basis points from lower energy cost pass-through. Air Products' GAAP results include costs for the non-service related components of the Company's defined benefit pension plans, which are reflected as adjustments to the non-GAAP measures discussed below.

For the quarter, on a non-GAAP basis, adjusted EPS from continuing operations of $2.82 increased seven percent over the prior year. Adjusted EBITDA of $1.2 billion was up eight percent over the prior year, due to higher equity affiliates' income, higher volumes, and higher pricing, partially offset by higher costs. Adjusted EBITDA margin of 39.2 percent increased 510 basis points over the prior year, which included a positive impact of about 400 basis points from lower energy cost pass-through.

First quarter sales of $3.0 billion decreased six percent from the prior year, as three percent higher volumes, one percent higher pricing, and one percent favorable currency were more than offset by 11 percent lower energy cost pass-through, which negatively affected sales but had no impact on net income.

Commenting on the results, Air Products' Chairman, President and Chief Executive Officer Seifi Ghasemi said, "Despite significant geopolitical and economic headwinds, the team at Air Products performed well, increasing our adjusted EPS by seven percent over last year. Our reported results were lower than our expectations, mainly due to a slowdown in manufacturing in Asia, particularly in China; lower helium demand; cost headwinds from a sale of equipment project; and currency devaluation in Argentina. We are moving forward to successfully implement our ambitious, long-term growth strategy through our core industrial gases business and as a leader in low-carbon intensity hydrogen to generate a cleaner future for the world."

Fiscal 2024 First Quarter Results by Business Segment

Americas sales of $1.3 billion were down 10 percent versus the prior year, as three percent higher volumes driven by strong hydrogen demand and two percent higher pricing were more than offset by 15 percent lower energy cost pass-through. Operating income of $354 million increased three percent and adjusted EBITDA of $561 million increased nine percent, in each case primarily due to higher pricing and volumes, partially offset by higher costs. Adjusted EBITDA also benefited from higher equity affiliates' income. Operating margin of 28.3 percent increased 350 basis points and adjusted EBITDA margin of 44.8 percent increased 760 basis points. The operating margin and adjusted EBITDA margin improvements included positive impacts from lower energy cost pass-through of approximately 400 basis points and 600 basis points, respectively.
Asia sales of $794 million increased two percent over the prior year, as two percent higher energy cost pass-through and one percent higher pricing were partially offset by one percent unfavorable currency. Volumes were flat, as higher on-site volumes were offset by weak economic growth in China and lower activity in helium. Operating income of $211 million decreased 10 percent and adjusted EBITDA of $327 million decreased five percent, in each case primarily due to unfavorable volume mix and higher costs. Operating margin of 26.6 percent decreased 370 basis points and adjusted EBITDA margin of 41.2 percent decreased 320 basis points.
Europe sales of $731 million decreased eight percent from the prior year, as nine percent favorable volumes driven by our on-site business and five percent favorable currency were more than offset by 20 percent lower energy cost pass-through and two percent lower pricing. Operating income of $198 million increased 36 percent and adjusted EBITDA of $267 million increased 28 percent, as higher volumes, lower power costs, and favorable currency more than offset inflation and higher maintenance costs. Operating margin of 27.0 percent increased 860 basis points and adjusted EBITDA margin of 36.4 percent increased 1,020 basis points. The operating margin and adjusted EBITDA margin improvements included positive impacts from lower energy cost pass-through of approximately 350 basis points and 550 basis points, respectively.
Middle East and India equity affiliates income of $93 million increased 45 percent compared to the prior year, primarily due to the completion of the second phase of the Jazan project in January 2023.
Corporate and other sales of $185 million increased three percent compared to the prior year and reflected higher LNG sale of equipment activity.
Outlook
Air Products now expects full-year fiscal 2024 adjusted EPS guidance* of $12.20 to $12.50, up six to nine percent over prior year adjusted EPS. For the second quarter of fiscal 2024, Air Products' adjusted EPS guidance* is $2.60 to $2.75.

Air Products continues to expect capital expenditures* of $5.0 billion to $5.5 billion for full-year fiscal 2024.


*Management is unable to reconcile, without unreasonable effort, the Company's forecasted range of adjusted EPS
or capital expenditures to a comparable GAAP range. Air Products provides adjusted EPS guidance on a continuing
operations basis, excluding the impact of certain items that management believes are not representative of the
Company's underlying business performance, such as the incurrence of costs for cost reduction actions and
impairment charges, or the recognition of gains or losses on certain disclosed items. It is not possible, without
unreasonable efforts, to predict the timing or occurrence of these events or the potential for other transactions that
may impact future GAAP EPS. Similarly, it is not possible, without unreasonable efforts, to reconcile forecasted
capital expenditures to future cash used for investing activities because management is not able to identify the
timing or occurrence of future investment activity, which is driven by management's assessment of competing
opportunities at the time the Company enters into transactions. Furthermore, it is not possible to identify the
potential significance of these events in advance, but any of these events, if they were to occur, could have a
significant effect on the Company's future GAAP results




Earnings Teleconference
Access the fiscal 2024 first quarter earnings teleconference scheduled for 8:30 a.m. Eastern Time on February 5, 2024 by calling 323-994-2093 and entering passcode 1702171 or by accessing the Event Details page on Air Products' Investor Relations website.

About Air Products
Air Products (NYSE:APD) is a world-leading industrial gases company in operation for over 80 years focused on serving energy, environmental, and emerging markets. The Company has two growth pillars driven by sustainability. Air Products' base business provides essential industrial gases, related equipment and applications expertise to customers in dozens of industries, including refining, chemicals, metals, electronics, manufacturing, and food. The Company also develops, engineers, builds, owns and operates some of the world's largest clean hydrogen projects supporting the transition to low- and zero-carbon energy in the heavy-duty transportation and industrial sectors. Additionally, Air Products is the world leader in the supply of liquefied natural gas process technology and equipment, and provides turbomachinery, membrane systems and cryogenic containers globally.

The Company had fiscal 2023 sales of $12.6 billion from operations in approximately 50 countries and has a current market capitalization of about $60 billion. Approximately 23,000 passionate, talented and committed employees from diverse backgrounds are driven by Air Products' higher purpose to create innovative solutions that benefit the environment, enhance sustainability and reimagine what's possible to address the challenges facing customers, communities, and the world. For more information, visit www.airproducts.com or follow us on LinkedIn, X, Facebook or Instagram.

Cautionary Note Regarding Forward-Looking Statements
This release contains "forward-looking statements" within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements about earnings and capital expenditure guidance, business outlook and investment opportunities. Forward-looking statements are based on management's expectations and assumptions as of the date of this release and are not guarantees of future performance. While forward-looking statements are made in good faith and based on assumptions, expectations and projections that management believes are reasonable based on currently available information, actual performance and financial results may differ materially from projections and estimates expressed in the forward-looking statements because of many factors, including, without limitation: changes in global or regional economic conditions, inflation, and supply and demand dynamics in the market segments we serve, including demand for technologies and projects to limit the impact of global climate change; changes in the financial markets that may affect the availability and terms on which we may obtain financing; the ability to implement price increases to offset cost increases; disruptions to our supply chain and related distribution delays and cost increases; risks associated with having extensive international operations, including political risks, risks associated with unanticipated government actions and risks of investing in developing markets; project delays, scope changes, cost escalations, contract terminations, customer cancellations, or postponement of projects and sales; our ability to safely develop, operate, and manage costs of large-scale and technically complex projects; the future financial and operating performance of major customers, joint ventures, and equity affiliates; our ability to develop, implement, and operate new technologies and to market products produced utilizing new technologies; our ability to execute the projects in our backlog and refresh our pipeline of new projects; tariffs, economic sanctions and regulatory activities in jurisdictions in which we and our affiliates and joint ventures operate; the impact of environmental, tax, safety, or other legislation, as well as regulations and other public policy initiatives affecting our business and the business of our affiliates and related compliance requirements, including legislation, regulations, or policies intended to address global climate change; changes in tax rates and other changes in tax law; safety incidents relating to our operations; the timing, impact, and other uncertainties relating to acquisitions and divestitures, including our ability to integrate acquisitions and separate divested businesses, respectively; risks relating to cybersecurity incidents, including risks from the interruption, failure or compromise of our information systems or those of our business partners or service providers; catastrophic events, such as natural disasters and extreme weather events, pandemics and other public health crises, acts of war, including Russia's invasion of Ukraine and new and ongoing conflicts in the Middle East, or terrorism; the impact on our business and customers of price fluctuations in oil and natural gas and disruptions in markets and the economy due to oil and natural gas price volatility; costs and outcomes of legal or regulatory proceedings and investigations; asset impairments due to economic conditions or specific events; significant fluctuations in inflation, interest rates, and foreign currency exchange rates from those currently anticipated; damage to facilities, pipelines or delivery systems, including those we are constructing or that we own or operate for third parties; availability and cost of electric power, natural gas, and other raw materials; the success of productivity and operational improvement programs; and other risks described in our Annual Report on Form 10-K for the fiscal year ended September 30, 2023 and subsequent filings we have made with the U.S. Securities and Exchange Commission. You are cautioned not to place undue reliance on our forward-looking statements. Except as required by law, we disclaim any obligation or undertaking to update or revise any forward-looking statements contained herein to reflect any change in assumptions, beliefs, or expectations or any change in events, conditions, or circumstances upon which any such forward-looking

[abrooklyn]

Air Products Reports Fiscal 2023 Second Quarter GAAP EPS of $1.97 and Adjusted EPS of $2.74

Source: PR Newswire (US)
LEHIGH VALLEY, Pa., May 9, 2023 /PRNewswire/ --

Q2 FY23 (comparisons versus prior year):

GAAP EPS# of $1.97, down 17 percent; GAAP net income of $450 million, down 16 percent; and GAAP net income margin of 14.1 percent, down 410 basis points

Adjusted EPS* of $2.74, up 17 percent; adjusted EBITDA* of $1,151 million, up 13 percent; and adjusted EBITDA margin* of 36.0 percent, up 140 basis points

Higher pricing and volume drove improved results in all regional segments
Recent Highlights

Completed Jazan Phase II in January 2023, which began contributing to equity affiliates' income during the second quarter

Issued inaugural green bonds in $600 million and €700 million debt offerings, making Air Products the first U.S. chemical company to qualify green and blue hydrogen projects as an eligible expenditure category

Continued to drive the Company's hydrogen leadership through first-mover low-carbon intensity and zero-carbon energy transition mega projects globally; brought over 30 new assets on-stream in Asia

Signed four LNG process technology and equipment agreements during the quarter, including with Bechtel Energy, Inc. for Sempra Infrastructure's Port Arthur LNG Phase 1 Project in Jefferson County, Texas and with Technip Energies for the Xi'An LNG Emergency Reserve & Peak Regulation Project with Shaanxi LNG Reserves & Logistics Company Ltd. in ShaanXi Province, China

Announced two new world-scale carbon monoxide projects in Texas with secured, long-term off-take contracts from Eastman and LyondellBasell
Guidance

Increased fiscal 2023 full-year adjusted EPS guidance* to $11.30 to $11.50, up 10 to 12 percent over prior year adjusted EPS* calculated on the same basis; fiscal 2023 third quarter adjusted EPS guidance* of $2.85 to $2.95, up 10 to 14 percent over prior year third quarter adjusted EPS* calculated on the same basis

Continue to expect fiscal year 2023 capital expenditures* of $5.0 - $5.5 billion
#Earnings per share is calculated and presented on a diluted basis from continuing operations attributable to Air Products.

*Certain results in this release, including in the highlights above, include references to non-GAAP financial measures on a consolidated, continuing operations basis and a segment basis. Additional information regarding these measures and reconciliations of GAAP to non-GAAP historical results can be found below. In addition, as discussed below, it is not possible, without unreasonable efforts, to identify the timing or occurrence of future events, transactions, and/or investment activity that could have a significant effect on the Company's future GAAP EPS or cash flow used for investing activities if any of these events were to occur.

Air Products (NYSE: APD) today reported second quarter fiscal 2023 results, including GAAP EPS from continuing operations of $1.97, down 17 percent from prior year. This includes an unfavorable $0.77 per share impact, primarily from business and asset actions related to the Company's withdrawal from projects in Indonesia and Ukraine. GAAP net income of $450 million was down 16 percent and GAAP net income margin of 14.1 percent decreased 410 basis points from the prior year as higher costs, including the charge for business and asset actions, were only partially offset by higher pricing and higher volumes, as well as higher equity affiliates' income from the Jazan project.

For the quarter, on a non-GAAP basis, adjusted EPS from continuing operations of $2.74 increased 17 percent over the prior year. Adjusted EBITDA of $1,151 million was up 13 percent and adjusted EBITDA margin of 36.0 percent increased 140 basis points over the prior year, as higher pricing, higher volumes, and higher equity affiliates' income more than offset higher costs.

Second quarter sales of $3.2 billion increased nine percent over the prior year on eight percent higher pricing and six percent higher volumes, partially offset by four percent unfavorable currency and one percent lower energy cost pass-through. Higher pricing across the regions and higher on-site volumes drove the results.

Commenting on the results, Air Products' Chairman, President and Chief Executive Officer Seifi Ghasemi said, "Our team successfully drove pricing and volumes in our base business, delivering critical productivity, efficiency and sustainability benefits for our customers. The team also continued to advance our first-mover clean hydrogen mega projects that will decarbonize heavy transportation and industrial sectors globally. I am proud of the continued achievements of our team who delivered outstanding results despite the ongoing economic and geopolitical challenges in the world."

Fiscal 2023 Second Quarter Results by Business Segment

Americas sales of $1,373 million were up 16 percent over the prior year on nine percent higher volumes and eight percent higher pricing, partially offset by one percent unfavorable currency. Operating income of $324 million increased 18 percent and adjusted EBITDA of $514 million increased 14 percent, in each case due to higher pricing and higher volumes, partially offset by higher costs. Operating margin of 23.6 percent increased 40 basis points primarily due to higher pricing, while adjusted EBITDA margin of 37.4 percent decreased 50 basis points.

Asia sales of $814 million increased eight percent over the prior year, as seven percent higher volumes, five percent higher pricing and three percent higher energy cost pass-through more than offset seven percent unfavorable currency. Operating income of $233 million increased 14 percent and adjusted EBITDA of $350 million increased nine percent, in each case due to the favorable volumes and pricing, partially offset by higher costs and unfavorable currency. Operating margin of 28.6 percent increased 150 basis points and adjusted EBITDA margin of 43.0 percent increased 20 basis points.

Europe sales of $753 million increased two percent over the prior year, driven by 11 percent higher pricing and three percent higher volumes, partially offset by six percent lower energy cost pass-through and six percent unfavorable currency. Operating income of $173 million increased 49 percent and adjusted EBITDA of $251 million increased 32 percent, in each case primarily driven by higher pricing. Operating margin of 23.0 percent increased 720 basis points and adjusted EBITDA margin of 33.3 percent increased 760 basis points.

Middle East and India equity affiliates' income of $99 million increased 39 percent compared to the prior year, primarily due to the completion of the second phase of the Jazan project.

Corporate and other sales of $215 million decreased 10 percent compared to the prior year, driven by lower sale of equipment activity.
Outlook

Air Products provides adjusted EPS guidance on a continuing operations basis, excluding the impact of certain items that management believes are not representative of the Company's underlying business performance, such as the incurrence of costs for cost reduction actions and impairment charges, or the recognition of gains or losses on disclosed items. It is not possible, without unreasonable efforts, to predict the timing or occurrence of these events or the potential for other transactions that may impact future GAAP EPS. Similarly, it is not possible, without unreasonable efforts, to reconcile the forecasted capital expenditures to future cash used for investing activities because management is not able to identify the timing or occurrence of future investment activity, which is driven by management's assessment of competing opportunities at the time the Company enters into transactions. Furthermore, it is not possible to identify the potential significance of these events in advance, but any of these events, if they were to occur, could have a significant effect on the Company's future GAAP results. Management therefore is unable to reconcile, without unreasonable effort, the Company's forecasted range of adjusted EPS or the capital expenditures to a comparable GAAP range.

Air Products expects full-year fiscal 2023 adjusted EPS guidance of $11.30 to $11.50, up 10 to 12 percent over prior year adjusted EPS. For the fiscal 2023 third quarter, Air Products' adjusted EPS guidance is $2.85 to $2.95, up 10 to 14 percent over fiscal 2022 third quarter adjusted EPS.

Effective beginning in the first quarter of fiscal year 2023, management reviews adjusted EPS excluding the impact of non-service related components of the net periodic benefit/cost for the Company's defined benefit pension plans. The projected percentage increase in adjusted EPS for full year fiscal 2023 and fiscal 2023 third quarter is calculated using fiscal 2022 results recast on a consistent basis. Refer to the reconciliations of GAAP to non-GAAP historical results below for additional information.

Air Products continues to expect capital expenditures of $5.0 - $5.5 billion for full-year fiscal 2023.

Earnings Teleconference

Access the fiscal 2023 second quarter earnings teleconference scheduled for 8:30 a.m. Eastern Time on May 9, 2023 by calling 323-701-0225 and entering passcode 4444766 or by accessing the Event Details page on Air Products' Investor Relations website.

About Air Products

Air Products (NYSE:APD) is a world-leading industrial gases company in operation for over 80 years focused on serving energy, environmental, and emerging markets. The Company has two growth pillars driven by sustainability. Air Products' base business provides essential industrial gases, related equipment and applications expertise to customers in dozens of industries, including refining, chemicals, metals, electronics, manufacturing, and food. The Company also develops, engineers, builds, owns and operates some of the world's largest industrial gas and carbon-capture projects, supplying world-scale clean hydrogen for global transportation, industrial markets, and the broader energy transition. Additionally, Air Products is the world leader in the supply of liquefied natural gas process technology and equipment, and globally provides turbomachinery, membrane systems and cryogenic containers.

The Company had fiscal 2022 sales of $12.7 billion from operations in over 50 countries and has a current market capitalization of about $65 billion. More than 21,000 passionate, talented and committed employees from diverse backgrounds are driven by Air Products' higher purpose to create innovative solutions that benefit the environment, enhance sustainability and reimagine what's possible to address the challenges facing customers, communities, and the world. For more information, visit www.airproducts.com or follow us on LinkedIn, Twitter, Facebook or Instagram.

Cautionary Note Regarding Forward-Looking Statements

This release contains "forward-looking statements" within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements about earnings and capital expenditure guidance, business outlook and investment opportunities. Forward-looking statements are based on management's expectations and assumptions as of the date of this release and are not guarantees of future performance. While forward-looking statements are made in good faith and based on assumptions, expectations and projections that management believes are reasonable based on currently available information, actual performance and financial results may differ materially from projections and estimates expressed in the forward-looking statements because of many factors, including, without limitation: the duration and impacts of the ongoing COVID-19 global pandemic and efforts to contain its transmission, including the effect of these factors on our business, our customers, economic conditions and markets generally; changes in global or regional economic conditions, inflation and supply and demand dynamics in the market segments we serve, including demand for technologies and projects to limit the impact of global climate change; changes in the financial markets that may affect the availability and terms on which we may obtain financing; the ability to implement price increases to offset cost increases; disruptions to our supply chain and related distribution delays and cost increases; risks associated with having extensive international operations, including political risks, risks associated with unanticipated government actions and risks of investing in developing markets; project delays, contract terminations, customer cancellations, or postponement of projects and sales; our ability to safely develop, operate, and manage costs of large-scale and technically complex projects; the future financial and operating performance of major customers, joint ventures, and equity affiliates; our ability to develop, implement, and operate new technologies and to market products produced utilizing new technologies; our ability to execute the projects in our backlog and refresh our pipeline of new projects; tariffs, economic sanctions and regulatory activities in jurisdictions in which we and our affiliates and joint ventures operate; the impact of environmental, tax, safety, or other legislation, as well as regulations and other public policy initiatives affecting our business and the business of our affiliates and related compliance requirements, including legislation, regulations, or policies intended to address global climate change; changes in tax rates and other changes in tax law; safety incidents relating to our operations; the timing, impact, and other uncertainties relating to acquisitions and divestitures, including our ability to integrate acquisitions and separate divested businesses, respectively; risks relating to cybersecurity incidents, including risks from the interruption, failure or compromise of our information systems; catastrophic events, such as natural disasters and extreme weather events, public health crises, acts of war, including Russia's invasion of Ukraine and the ongoing civil war in Yemen, or terrorism; the impact on our business and customers of price fluctuations in oil and natural gas and disruptions in markets and the economy due to oil and natural gas price volatility; costs and outcomes of legal or regulatory proceedings and investigations; asset impairments due to economic conditions or specific events; significant fluctuations in inflation, interest rates, and foreign currency exchange rates from those currently anticipated; damage to facilities, pipelines or delivery systems, including those we own or operate for third parties; availability and cost of electric power, natural gas, and other raw materials; the success of productivity and operational improvement programs; and other risks described in our Annual Report on Form 10-K for the fiscal year ended September 30, 2022 and subsequent filings we have made with the U.S. Securities and Exchange Commission. You are cautioned not to place undue reliance on our forward-looking statements. Except as required by law, we disclaim any obligation or undertaking to update or revise any forward-looking statements contained herein to reflect any change in assumptions, beliefs, or expectations or any change in events, conditions, or circumstances upon which any such forward-looking statements are based.

[FUNYMUNY]

Cummins is betting on Hydrogen...Air Products can deliver that Hydrogen!

https://ngtnews.com/cummins-reveals-15-liter-hydrogen-engine-for-heavy-duty-applications

[JohnCM]

Dry Ice - COVID play

Why the recent drop in price?

[whytestocks]

BREAKING NEWS: $APD 3 Dividend Aristocrat Stocks to Buy in September

Pumpkin spice lattes in 90-degree heat? Only in early September 2020!  A stock market rising to record highs in the middle of a recession with double-digit unemployment? Only in early September 2020! This month, the weather's probably going to start cooling off, and the market might do th...

Read the whole news APD - 3 Dividend Aristocrat Stocks to Buy in September

[Glider549]

This stock has been rocking for the past six months, and with a modest dividend!

[whytestocks]

News: $APD Air Products Increases Quarterly Dividend for the 37th Consecutive Year

LEHIGH VALLEY, Pa. , Jan. 24, 2019 /PRNewswire/ -- For the 37 th consecutive year, the Board of Directors of Air Products (NYSE:APD) has increased the quarterly dividend on the company's common stock, reflecting continued confidence in Air Products' financial strength, signific...

Read the whole news https://marketwirenews.com/news-releases/air-products-increases-quarterly-dividend-for-the-37th-consecutive-year-7546976.html

[eFinanceMarkets]

Air Products to close Pennsylvania plant, idling 75 workers

Air Products & Chemicals (APD +0.1%) says it is closing its Hanover Township, Pa. plant after more than 60 years, citing a decline in global orders.

The plant's 75 workers, who will lose their jobs effective Aug. 1, build heat exchangers, which are tanks up to 180 ft. long that cool natural gas as it comes out of the ground so it can be liquefied and shipped abroad.

APD still has a plant in Port Manatee, Fla., which is closer to the seaport needed to ship the exchangers overseas.

[ValueInvestor15]

Air Products and Chemicals $APD analysis implies stock's 31% overvalued b4 earnings Friday:

Fair Value

[ECole]

Earnings Transcript

Read here
http://www.earningsimpact.com/Transcript/82271/APD/Air-Products-and-Chemicals%2c-Inc----Q3-2013-Earnings-Call

[Penny Roger$]

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Barchart Options Quotes ~ http://barchart.com/options/stocks/APD
Barchart Technical Chart ~ http://barchart.com/charts/stocks/APD&style=technical
Barchart Interactive Chart ~ http://barchart.com/charts/stocks/APD&style=interactive
Barchart Technical Analysis ~ http://barchart.com/technicals/stocks/APD
Barchart Trader's Cheat Sheet ~ http://barchart.com/cheatsheet.php?sym=APD
Barchart Barchart Opinion ~ http://barchart.com/opinions/stocks/APD
Barchart Snapshot Opinion ~ http://barchart.com/snapopinion/stocks/APD
Barchart News Headlines ~ http://barchart.com/news/stocks/APD
Barchart Profile ~ http://barchart.com/profile//APD
Barchart Key Statistics ~ http://barchart.com/profile.php?sym=APD&view=key_statistics


OTC: American Bulls ~ http://www.americanbulls.com/StockPage.asp?CompanyTicker=APD&MarketTicker=OTC&TYP=S
NASDAQ: American Bulls ~ http://www.americanbulls.com/StockPage.asp?CompanyTicker=APD&MarketTicker=NASD&TYP=S
NYSE: American Bulls ~ http://www.americanbulls.com/StockPage.asp?CompanyTicker=APD&MarketTicker=NYSE&Typ=S


Marketwatch Profile ~ http://www.marketwatch.com/investing/stock/APD/profile
Marketwatch Analyst Estimates ~ http://www.marketwatch.com/investing/stock/APD/analystestimates
Marketwatch Historical Quotes ~ http://www.marketwatch.com/investing/stock/APD/historical
Marketwatch Financials ~ http://www.marketwatch.com/investing/stock/APD/financials
Marketwatch Overview ~ http://www.marketwatch.com/investing/stock/APD
Marketwatch SEC Filings ~ http://www.marketwatch.com/investing/stock/APD/secfilings
Marketwatch Picks ~ http://www.marketwatch.com/investing/stock/APD/picks
Marketwatch Hulbert ~ http://www.marketwatch.com/investing/stock/APD/hulbert
Marketwatch Insider Actions ~ http://www.marketwatch.com/investing/stock/APD/insideractions
Marketwatch Options ~ http://www.marketwatch.com/investing/stock/APD/options
Marketwatch Charts ~ http://www.marketwatch.com/investing/stock/APD/charts
Marketwatch News ~ http://bigcharts.marketwatch.com/news/symbolsearch/symbolnews.asp?news=markadv&symb=APD&sid=1795093&framed=False


The Lion ~ http://thelion.com/bin/aio_msg.cgi?cmd=search&msg=&si=1&tw=1&tt=1&rb=1&ih=1&fo=1&iv=1&yf=1&sa=1&fb=1&gg=1&symbol=APD


Search NYSE ~ http://www.nyse.com/about/listed/lcddata.html?ticker=APD


StockTA ~ http://www.stockta.com/cgi-bin/analysis.pl?symb=APD&num1=567&cobrand=&mode=stock


StockHouse ~ http://www.stockhouse.com/financialtools/sn_overview.aspx?qm_symbol=APD
StockHouse Delayed LII ~ http://www.stockhouse.com/financialtools/sn_level2.aspx?qm_page=46140&qm_symbol=APD


AlphaTrade ~ http://tools.alphatrade.com/index.php?t1=mc_quote_module&t2=mc_quote_module2&t3=historical&template=historical2html&sym=APD&client_id=2740&a_width=680&a_height=1000&language=english&showVol=1&chtype=8


Reuters ~ http://www.reuters.com/finance/stocks/companyOfficers?symbol=APD.PK&WTmodLOC=C4-Officers-5


StockWatch ~ http://www.stockwatch.com/Quote/Detail.aspx?symbol=APD®ion=U


Search NASDAQ ~ http://www.nasdaq.com/symbol/APD
NASDAQ Divy History ~ http://www.nasdaq.com/symbol/APD/dividend-history
NASDAQ Short Interest ~ http://www.nasdaq.com/symbol/APD/short-interest
NASDAQ Institutional Ownership ~ http://www.nasdaq.com/symbol/APD/institutional-holdings
NASDAQ FlashQuotes ~ http://www.nasdaq.com/aspx/flashquotes.aspx?symbol=APD&selected=APD
NASDAQ InfoQuotes ~ http://www.nasdaq.com/aspx/infoquotes.aspx?symbol=APD&selected=APD
NASDAQ After Hours Quote ~ http://www.nasdaq.com/symbol/APD/after-hours
NASDAQ Pre-Market Quote ~ http://www.nasdaq.com/symbol/APD/premarket
NASDAQ Historical Quote ~ http://www.nasdaq.com/symbol/APD/historical
NASDAQ Option Chain ~ http://www.nasdaq.com/symbol/APD/option-chain
NASDAQ Company Headlines ~ http://www.nasdaq.com/symbol/APD/news-headlines
NASDAQ Press Releases ~ http://www.nasdaq.com/symbol/APD/news-headlines
NASDAQ Sentiment ~ http://www.nasdaq.com/symbol/APD/sentiment
NASDAQ Analyst Summary ~ http://www.nasdaq.com/symbol/APD/analyst-research
NASDAQ Guru Analysis~ http://www.nasdaq.com/symbol/APD/guru-analysis
NASDAQ Stock Report ~ http://www.nasdaq.com/symbol/APD/stock-report
NASDAQ Competitors ~ http://www.nasdaq.com/symbol/APD/competitors
NASDAQ Stock Consultant ~ http://www.nasdaq.com/symbol/APD/stock-consultant
NASDAQ Stock Comparison ~ http://www.nasdaq.com/symbol/APD/stock-comparison
NASDAQ Call Transcripts ~ http://www.nasdaq.com/symbol/APD/call-transcripts
NASDAQ Annual Reports ~ http://www.nasdaq.com/aspx/annualreport.aspx?symbol=APD&selected=APD
NASDAQ Financials ~ http://www.nasdaq.com/symbol/APD/financials
NASDAQ Revenue & Earnings Per Share (EPS) ~ http://www.nasdaq.com/symbol/APD/revenue-eps
NASDAQ SEC Filings ~ http://www.nasdaq.com/symbol/APD/sec-filings
NASDAQ Ownership Summary ~ http://www.nasdaq.com/symbol/APD/ownership-summary
NASDAQ Institutional Ownership ~ http://www.nasdaq.com/symbol/APD/institutional-holdings
NASDAQ (SEC Form 4) ~
--------- All Trades ~ http://www.nasdaq.com/symbol/APD/insider-trades
--------- Buys ~ http://www.nasdaq.com/symbol/APD/insider-trades/buys
--------- Sells ~ http://www.nasdaq.com/symbol/APD/insider-trades/sells


The Motley Fool ~ http://caps.fool.com/Ticker/APD.aspx
The Motley Fool Earnings/Growth ~ http://caps.fool.com/Ticker/APD/EarningsGrowthRates.aspx?source=itxsittst0000001
The Motley Fool Ratios ~ http://caps.fool.com/Ticker/APD/Ratios.aspx?source=itxsittst0000001
The Motley Fool Stats ~ http://caps.fool.com/Ticker/APD/Stats.aspx?source=icasittab0000006
The Motley Fool Historical ~ http://caps.fool.com/Ticker/APD/Historical.aspx?source=icasittab0000004
The Motley Fool Scorecard ~ http://caps.fool.com/Ticker/APD/Scorecard.aspx?source=icasittab0000003
The Motley Fool Statements ~ http://caps.fool.com/Ticker/APD/Statements.aspx?source=icasittab0000009


MSN Money ~ http://investing.money.msn.com/investments/stock-ratings?symbol=APD


YCharts ~ http://ycharts.com/companies/APD
YCharts Performance ~ http://ycharts.com/companies/APD/performance
YCharts Dashboard ~ http://ycharts.com/companies/APD/dashboard


InsideStocks Opinion ~ http://www.insidestocks.com/texpert.asp?sym=APD&code=XDAILY
InsideStocks Profile ~ http://www.insidestocks.com/profile.asp?sym=APD&code=XDAILY
InsideStocks Quote ~ http://www.insidestocks.com/quote.asp?sym=APD&code=XDAILY
InsideStocks Projection ~ http://charts3.barchart.com/procal.asp?sym=APD


Zacks Quote ~ http://www.zacks.com/stock/quote/APD
Zacks Estimates ~ http://www.zacks.com/research/report.php?type=estimates&t=APD
Zacks Company Reports ~ http://www.zacks.com/research/report.php?type=report&t=APD


Knobias ~ http://knobias.10kwizard.com/files.php?sym=APD


StockScores ~ http://www.stockscores.com/quickreport.asp?ticker=APD


Trade-Ideas ~ http://www.trade-ideas.com/StockInfo/APD/HOT_TOPIC.html


Morningstar ~ http://performance.morningstar.com/stock/performance-return.action?region=USA&t=APD&culture=en-US
Morningstar Shareholders ~ http://investors.morningstar.com/ownership/shareholders-overview.html?t=APD®ion=USA&culture=en-us
Morningstar Transcripts~ http://www.morningstar.com/earnings/NoTranscript.aspx?t=APD®ion=USA
Morningstar Key Ratios ~ http://financials.morningstar.com/ratios/r.html?t=APD®ion=USA&culture=en-US
Morningstar Executive Compensation ~ http://insiders.morningstar.com/trading/executive-compensation.action?t=APD®ion=USA&culture=en-us
Morningstar Valuation ~ http://financials.morningstar.com/valuation/price-ratio.html?t=APD®ion=USA&culture=en-us


CCBN (Thompson Reuters) ~ http://ccbn.aol.com/company.asp?client=aol&ticker=APD


TradingMarkets ~ http://pr.tradingmarkets.com/?lid=leftPRbox&sym=APD


OTCBB ~ http://www.otcbb.com/asp/SiteSearch.asp?Criteria=APD&searcharea=e&image1.x=0&image1.y=0


Insidercow ~ http://www.insidercow.com/history/company.jsp?company=APD&B1=Search%21


Forbes News ~ http://search.forbes.com/search/find?tab=searchtabgeneraldark&MT=APD
Forbes Press Releases ~ http://search.forbes.com/search/find?&start=1&tab=searchtabgeneraldark&MT=APD&pub=businesswire,prnewswire&searchResults=pressRelease&tag=pr&premium=on
Forbes Web ~ http://search.forbes.com/search/web?MT=UNGS&start=1&max=10&searchResults=web&tag=web&sort=null


YouTube Symbol Search ~ http://www.youtube.com/results?search_query=APD


Buy-Ins ~ http://www.buyins.net/tools/symbol_stats.php?sym=APD


Quotemedia ~ http://www.quotemedia.com/results.php?qm_page=47556&qm_symbol=APD


Earnings Whispers ~ http://www.earningswhispers.com/stocks.asp?symbol=APD

Bloomberg Snapshot ~ http://investing.businessweek.com/research/stocks/snapshot/snapshot.asp?ticker=APD
Bloomberg People ~ http://investing.businessweek.com/research/stocks/people/people.asp?ticker=APD

Financial Times ~ http://markets.ft.com/Research/Markets/Tearsheets/Summary?s=APD

Investorpoint ~ http://www.investorpoint.com/ enter "APD" and click search.

Hotstocked ~ http://www.hotstocked.com/ enter "APD" and click search.

Raging Bull ~ http://ragingbull.quote.com/mboard/boards.cgi?board=APD

Hoovers ~ http://www.hoovers.com/search/company-search-results/100003765-1.html?type=company&term=APD

DD Machine ~ http://www.ddmachine.com/default.asp?m=stocktool_frame.asp?symbol=APD

SEC Form 4 ~ http://www.secform4.com/insider/showhistory.php?cik=APD

OTCBB Pulse ~ http://www.otcbbpulse.com/cgi-bin/pulsequote.cgi?symbol=APD

Failures To Deliver ~ http://failurestodeliver.com/default2.aspx enter "APD" and click search.

http://www.coordinatedlegal.com/SecretaryOfState.html

http://regsho.finra.org/regsho-Index.html

http://www.shortsqueeze.com/?symbol=APD&submit=Short+Quote%99



DTCC (PENSON/TDA) Check - (otc and pinks) - Note ~ I did not check for this chart blast. However, I try and help you to do so with the following links.
IHUB DTCC BOARD SEARCH #1 http://investorshub.advfn.com/boards/msgsearchbyboard.aspx?boardID=18682&srchyr=2011&SearchStr=APD
IHUB DTCC BOARD SEARCH #2: http://investorshub.advfn.com/boards/msgsearchbyboard.aspx?boardID=14482&srchyr=2011&SearchStr=APD
Check those searches for recent APD mentions. If APD is showing up on older posts and not on new posts found in link below, The DTCC issues may have been addressed and fixed. Always call the broker if your security turns up on any DTCC/PENSON list.
http://investorshub.advfn.com/boards/msgsearchbyboard.aspx?boardID=18682&srchyr=2011&SearchStr=Complete+list
For a complete list see the pinned threads at the top here ---> http://tinyurl.com/TWO-OLD-FARTS



MACDlinks

[Penny Roger$]

~ Tuesday! $APD ~ Q1 Earnings posted, pending or coming soon! In Charts and Links Below!

~ $APD ~ Earnings expected on Tuesday *
Want more like this? Search Keyword: MACMONEY >>> http://tinyurl.com/MACMONEY <<<
One or more of many earnings sites has alerted this security has or will be posting earnings on or around the day of this message.








http://stockcharts.com/h-sc/ui?s=APD&p=D&b=3&g=0&id=p88783918276&a=237480049




http://stockcharts.com/h-sc/ui?s=APD&p=W&b=3&g=0&id=p54550695994



~ Google Finance: http://www.google.com/finance?q=APD
~ Google Fin Options: hhttp://www.google.com/finance/option_chain?q=APD#
~ Yahoo! Finance ~ Stats: http://finance.yahoo.com/q/ks?s=APD+Key+Statistics
~ Yahoo! Finance ~ Profile: http://finance.yahoo.com/q/pr?s=APD
Finviz: http://finviz.com/quote.ashx?t=APD
~ BusyStock: http://busystock.com/i.php?s=APD&v=2


<<<<<< http://www.earningswhispers.com/stocks.asp?symbol=APD >>>>>>



http://investorshub.advfn.com/boards/post_prvt.aspx?user=251916

*If the earnings date is in error please ignore error. I do my best.

[DewDiligence]

APD increased its dividend for the 30th consecutive year:

http://finance.yahoo.com/news/air-products-increases-quarterly-dividend-194100259.html

At the current share price, the new payout has a yield of 2.8%.

[DewDiligence]

APD posts flat FY1Q12 EPS, maintains guidance: #msg-71279303.

[DewDiligence]

Is anyone out there? T.i.a.

[DewDiligence]

APD Reports FY4Q11 Results

[For archival purposes—PR is from 10/21/11. APD shares slipped on this announcement (but have since recovered) due to the tepid FY1Q12 (ending 12/31/11) EPS guidance of $1.31.-1.39. See http://www.airproducts.com/investors/~/media/Files/PDF/investors/teleconference-slides/q4fy11-teleconference-slides.ashx for the FY4Q11 CC slides.]

http://finance.yahoo.com/news/Air-Products-Reports-Fiscal-prnews-222120028.html?x=0&.v=1

›Friday October 21, 2011, 6:00 am EDT

LEHIGH VALLEY, Pa., Oct. 21, 2011 /PRNewswire/ --

Fourth Quarter Highlights

• Sales of $2.6 billion up 11%
• EPS of $1.51 up 12% [non-GAAP]
• Awarded significant Tonnage contracts in the U.S. Gulf Coast and China
• Agreement with new equity affiliate partner in Saudi Arabia

Full Year Highlights

• Sales of $10.1 billion up 12%
• EPS of $5.73 up 14% [non-GAAP]
• Capital spending of $1.6 billion up 22%*
• $649 million in share repurchases completed and new $1 billion authorization
• Dividend increased for 29th consecutive year

Air Products (NYSE:APD) today reported net income of $325 million, or diluted earnings per share (EPS) of $1.51, for its fiscal 2011 fourth quarter versus $294 million* and $1.35*, respectively, for the fourth quarter of fiscal 2010.

The discussion of fourth quarter and full year results and guidance in this release is based on non-GAAP comparisons. A reconciliation can be found at the end of this release.*

Fourth quarter revenues of $2,611 million increased 11 percent versus prior year and one percent sequentially. Underlying revenues were up six percent and two percent, respectively. Operating income of $425 million rose six percent versus prior year and two percent sequentially on improved volumes.

For fiscal 2011, sales of $10,082 million increased 12 percent, primarily driven by a nine percent volume increase. Operating income of $1,671 million was up 13 percent and diluted EPS of $5.73 increased 14 percent from the prior year.

Commenting on the results, John McGlade, chairman, president and CEO said, "This quarter's improvements were driven by growth in emerging markets and strong performance in our Tonnage Gases business. Overall economic activity for this quarter continued at the slower underlying growth rate we saw last quarter."

Reflecting on the year, McGlade said, "We achieved another solid year of key project wins, double digit sales and earnings growth despite a slowing global economy in the second half of 2011. More importantly, we saw strong gains in operating cash flow, and we improved our most important measure, return on capital, by 80 basis points to 13.3% for the year."

Fourth Quarter Segment Performance

• Merchant Gases sales of $1,045 million increased 10 percent from the prior year on higher volumes in Asia and U.S./Canada. Sequentially, sales increased two percent, on three percent volume growth. Operating income of $192 million improved four percent from the prior year on better volumes and positive pricing in Asia and U.S./Canada. This was partially offset by higher costs and lower Healthcare pricing in Europe.

• Tonnage Gases sales of $883 million were up 17 percent from the prior year on 11 percent volume growth, primarily driven by new projects. Sales were up two percent sequentially. Operating income of $152 million was up 30 percent from the prior year, based on higher volumes, lower costs and gains related to contract modifications.

• Electronics and Performance Materials sales of $587 million increased 12 percent from the prior year, primarily on higher Electronics volumes and Performance Materials pricing. Sequentially, sales decreased three percent on lower Performance Materials volumes due to slowdowns in key markets including housing, construction and autos. Operating income of $92 million was up nine percent on higher Electronics volumes and improved pricing in Performance Materials.

• Equipment and Energy sales of $96 million and operating income of $12 million were down 25 percent and 43 percent, respectively, versus the prior year due to lower LNG and air separation unit activity. Sequential sales were up 21 percent on higher air separation unit activity. The sales backlog versus prior year is up 22 percent based on several new large orders.

Outlook

Looking ahead, McGlade said, "While the near-term economic outlook is for continued slow growth and is clouded by global economic and policy uncertainties, we are well positioned with a large backlog of projects backed by signed customer contracts. We are confident that the prospects for industrial gases and Air Products, in particular, remain bright, and we remain committed to achieving our 2015 goals for growth, margin and, most importantly, return on capital."

The company today announced initial guidance for fiscal year 2012 EPS in the range of $5.90 to $6.30 per share, representing year-over-year earnings growth of three to 10 percent. For the first quarter of fiscal 2012 ending December 31, 2011, EPS is expected to be between $1.31 and $1.39 per share.

The company also announced that it expects capital spending in fiscal 2012 to be between $1.9 and $2.2 billion.

Air Products (NYSE:APD - News) serves customers in industrial, energy, technology and healthcare markets worldwide with a unique portfolio of atmospheric gases, process and specialty gases, performance materials, and equipment and services. Founded in 1940, Air Products has built leading positions in key growth markets such as semiconductor materials, refinery hydrogen, home healthcare services, natural gas liquefaction, and advanced coatings and adhesives. The company is recognized for its innovative culture, operational excellence and commitment to safety and the environment. In fiscal 2011, Air Products had revenues of $10.1 billion, operations in over 40 countries, and 18,900 employees around the globe. For more information, visit www.airproducts.com.‹

[DewDiligence]

APD reaches $40M settlement with Spanish tax authorities:

http://finance.yahoo.com/news/Air-Products-Settles-Spanish-prnews-3815616504.html?x=0&l=1

This will reduce GAAP earnings in FY1Q12, but won’t affect non-GAAP earnings.

[DewDiligence]

The 10-K for the FY ending 9/30/11 has been filed:

http://www.sec.gov/Archives/edgar/data/2969/000119312511319887/d221596d10k.htm

[DewDiligence]

Some medium-sized insider selling has been going on lately; in reverse-chronological order:

• Ursula Fairbairn (director) exercised and sold $175K worth @$86 on 11/15/11, ~40% of post-exercise holding:
http://www.sec.gov/Archives/edgar/data/2969/000122520811024843/xslF345X03/doc4.xml

• John Marshland (SVP) sold $260K worth @$85 on 11/10/11, ~25% of holding:
http://www.sec.gov/Archives/edgar/data/2969/000122520811024687/xslF345X03/doc4.xml

• Robert Dixon (SVP) sold $950K worth @$89 on 10/28/11, ~40% of holding:
http://www.sec.gov/Archives/edgar/data/2969/000122520811023955/xslF345X03/doc4.xml

Not a great sign.

[DewDiligence]

US refineries’ increasing use of NG feedstock is bullish for APD:

http://www.reuters.com/article/2011/11/15/column-oil-natgas-idUSN1E7AE0XQ20111115

[DewDiligence]

APD buys 25% stake in Saudi industrial-gas company:

http://finance.yahoo.com/news/Air-Products-Secures-25-Stake-prnews-489395780.html?x=0&.v=1

[DewDiligence]

APD authorizes new $1M buyback plan following completion of old one:

http://finance.yahoo.com/news/Air-Products-Announces-prnews-531296168.html?x=0&.v=1

[hptaxis]

Best Chemicals Stocks in Uncertain Times
Credit Suisse likes Air Products & Chemicals, Cytec and FMC.
http://online.barrons.com/article/SB50001424052702304133804576561051067921600.html?mod=BOL_hpp_oe

The recent moves in chemicals stocks tied to concerns about the macro have resulted in a number of opportunities for investors depending on their risk appetite. In general, we think it's too late to simply "sell beta and cyclicals" given the huge stock corrections we have seen in the space.

That said, while some names may have as much as a double ahead when the economic data turns up, it doesn't mean you can't be fired for being invested in them if we see a deep recession in the near term. As a result, we have attempted to frame the downside risk for the stocks in both a deep recession and a modest recession as well as the potential upside reward if the group enjoys modest growth in 2012.

We aren't sure what is going on in the macro. The macro environment appears to be in complete disarray owing to a host of financial/political drivers. This has led to various potential outcomes in 2012 ranging from a second credit crunch (and deep recession) to a moderate recession to simply more moderate growth compared to the past two-plus years (while the consensus and our published estimates may point to the "growth scenario," the buy-side expectations are clearly lower).

Following conversations with each of our companies as well as Credit Suisse's economists, we don't believe a deep recession/credit crunch is coming but to help frame the downside, we have included that as a possibility.

In our report we have worked to determine the potential earnings per share in 2012 in the aforementioned scenarios. In a 2008/2009 environment (unlikely but not impossible) the group should see earnings down about 29.5% in 2012 versus 2011 -- not as bad as what was reported in 2009 owing to cost cuts and balance-sheet changes but still solidly down. In a modest recession we believe the group would see earnings down roughly 8%. Finally, in a growth environment we could see earnings growth in 2012 of roughly 18%.

Largely, we believe the multiples seen in 2008/2009 are the most conservative/reasonable in determining a "worst case" scenario (with some adjustments for those debt-laden names thrown into the abyss that have since restructured their balance sheets). Meanwhile, historical multiple averages should be reasonable in determining upside in a modest recession or modest growth scenario.

With the above in mind looking at the overall risk/reward profiles, 10 of our 20 names under coverage have at least two times the potential upside (in the growth scenario) as they do downside (in the deep-recession scenario). In that group, only two have limited downside in a deep recession (less than 10%) and may have upper-teens-plus upside in the "modest recession" scenario -- Air Products & Chemicals (ticker: APD), Cytec Industries (CYT), although FMC (FMC) is not far off from these hurdles.

Names for investors with a greater ability to stomach risk would include: Dow Chemical (DOW), Ferro (FOE), Ashland (ASH) and Rockwood Holdings (ROC) -- offering 50%-plus upside in a growth environment and upside in a modest recession, but having solid downside in a deep recession.

In addition, for RPM International (RPM) we think the year-to-date stock weakness, the relative resilience of their earnings, and a high-dividend yield offer a decent risk/reward profile, so we are upgrading our rating to Neutral [from Underperform].

For Nalco Holding (NLC), with no upside in a growth environment (given the Ecolab (ECL) bid) and solid downside in the off chance the Ecolab merger falls through, we are downgrading our rating to Underperform [from Neutral].

[hptaxis]

Air Products Signs Gases Supply Deal with PV Manufacturer
Hunan Gongchuang Plans 40MW Facility
http://finance.yahoo.com/news/Air-Products-Signs-Gases-prnews-3533598890.html

LEHIGH VALLEY, Pa., Sept. 5, 2011 /PRNewswire/ -- Air Products (NYSE:APD - News) today announced it has signed a contract with Hunan Gongchuang Photovoltaic Science & Technology Co., Ltd for the supply of bulk and specialty gases at its news silicon thin-film photovoltaic (PV) manufacturing facility in Hengyang City, Hunan Province, China.

The contract includes the supply of hydrogen and nitrogen, as well as silane, nitrogen trifluoride, dopant mixtures and other products.

Hunan Gongchuang is building a 40MW manufacturing facility utilizing Oerlikon Solar's Micromorph® turnkey production line, known as the FAB 1200. The new facility is expected to begin production by the end of this year.

"Air Products is pleased to be the primary gas supplier for Hunan Gongchuang's new thin-film PV facility," said Wayne Mitchell, vice president and general manager, Electronics, for Air Products. "We remain focused on helping our customers drive down their cost-per-watt through innovative materials and product delivery solutions."

Hunan Gongchuang's silicon thin-film PV modules, which convert sunlight directly into electricity, will be manufactured in much the same way as thin-film transistor liquid crystal displays (TFT-LCD). As one of the leading suppliers to the TFT-LCD industry, Air Products is ideally suited to supply the new facility.

Air Products recently dedicated a 2MW solar farm at its Corporate Headquarters in Allentown, Pa., that is comprised of more than 11,000 silicon thin-film panels supplied by two of its customers. The farm is capable of supplying enough energy to power more than half of the company's administration buildings and will lower its carbon dioxide (CO2) footprint by approximately 2,000 tons per year.

Air Products selected silicon thin-film panels to demonstrate its belief in the promising new technology and because the silicon thin-film panels provide the lowest cost of energy for the project parameters. Their advantageous performance in diffuse light ? the light most typical in the U.S. Northeast ? and their cost-effective installation for large area projects were drivers in the sourcing selection.

With the demand for renewable energy and improved efficiency on the rise, Air Products is well positioned to support these developing markets with its expertise and project experience in areas including large-scale hydrogen supply for cleaner transportation fuels, developmental work on the hydrogen economy, hydrogen vehicle fuelling and infrastructure, leading natural gas liquefaction technology, and now the growing supply of gases and services for the PV industry.

[DewDiligence]

how much is [Helium] to their bottom line?

They don’t disclose product sales with that level of granularity. However, APD has been successful at raising prices in the past few months for many of its products, and that’s the kind of company you want to own when production costs are rising.

[hptaxis]

how much is this to their bottom line? I bought at $81.36.

[DewDiligence]

It is expected that [helium] demand will exceed supply for the next two to three years, thus creating ongoing shortages in the market.

Ka-ching :- )

[hptaxis]

Air Products Announces North America Price Increase for Liquid and Bulk Helium Gases
http://www.prnewswire.com/news-releases/air-products-announces-north-america-price-increase-for-liquid-and-bulk-helium-gases-127737258.html

LEHIGH VALLEY, Pa., Aug. 15, 2011 /PRNewswire/ -- Effective September 1, 2011, or as contracts permit, Air Products (NYSE: APD) will be implementing a price increase of 15 percent for liquid and bulk helium gases in North America.

The pricing adjustment is the result of several factors including the continued strong demand over the past year for helium and significant reductions in supply. The helium market has been tight across the globe with product allocations implemented by the U.S. Bureau of Land Management and with many other global helium sources producing below capacity. Additionally, new helium sources located primarily outside of the U.S. are extremely expensive, wholesale prices for crude and processed liquid helium have increased, and costs have escalated for power and diesel.

Air Products' worldwide helium team is managing this difficult situation on a daily basis so that it can continue to bring uninterruptible supply to customers. It is expected that demand will exceed supply for the next two to three years, thus creating ongoing shortages in the market.

[DewDiligence]

APD Shares Fall on Tepid FY4Q11 Forecast:

#msg-65492582

The 4% selloff following this earnings release provides a good entry point, IMO, insofar as the company’s 2015 forecast in #msg-64095618 remains unchanged. APD actually raised the lower bound of its FY2011 EPS guidance from $5.65 to $.70; however, the market treated this as a negative because APD left the upper bound of the range unchanged at $5.75. More important, APD maintained its 2015 outlook presented in #msg-64095618.

Please see #msg-46518659 for a dated but still accurate description of how APD ties in with The Global Demographic Tailwind. Also see #msg-46518659 for how APD participates in the global LNG buildout.

[DewDiligence]

APD is firing on all cylinders. I plan to listen to the replay of the Investor Day webcast as soon as time permits.

[Bart Myers]

Morgan Stanley is reiterating its Overweight rating and is raising its price target from $105 to $115 on Air Products and Chemicals Inc. (NYSE: APD) following the company's Investor Day, held last week.

In the report, Morgan Stanley writes, “Last week, Air Products hosted its 2011 investor day in New York. Management gave new long-term goals of $15 billion in revenue and 20% EBIT margin by 2015, and, perhaps most important, targeted a 150 bps improvement in return on capital. The company also announced a new contract to supply an additional 200mn cubic ft/day of hydrogen to a large US refiner. This will increase the company's sales to this market by 9% in 2013, or ~$160-170 million.”


Source: http://www.benzinga.com/analyst-ratings/analyst-color/11/06/1161029/morgan-stanley-reiterates-rating-ups-pt-on-apd#ixzz1PAU7Ccl0

[DewDiligence]

How does APD tie in with The Global Demographic Tailwind? Please see #msg-46518659.

[DewDiligence]

APD forecasts 12% sales growth and higher margins through 2015:

#msg-64095618

[DewDiligence]

APD raises FY2011 EPS guidance: #msg-62388117.

[DewDiligence]

APD Reports FY1Q11 Results: #msg-59079435.

[DewDiligence]

Thanks, and welcome to iHub. Regards, Dew

[MrBusiness]

love the name you got there. This company has a big stock price!

[DewDiligence]

Bullish APD feature in today’s Barron’s: #msg-53582419