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Air Products (APD) to Build New Facility at PKEDZ, China
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Air Products and Chemicals Inc. (APD - Free Report) has announced its decision to expand in eastern China. The company has decided to build a new plant and the infrastructure associated with it, in the Pukou Economic Development Zone (“PKEDZ”), Nanjing. The plant will provide customers in the park with ultra-high purity gases.
Air Products already has a presence in the region, 35 kms away from PKEDZ, at the Nanjing Chemical Industry Park (“NCIP”). The company serves several hundred clients from this facility through pipelines and other supply modes. PKEDZ is a high-tech park which will house advanced manufacturing sectors such as integrated circuit (IC), new materials and bio-medicine. Building a new facility here will therefore support the company’s commitment toward international expansion.
The facility will help Air Products cater to its customers that are expanding globally and help the company grow faster in a well performing Chinese semiconductor industrial market. It will also enable the company to establish its prominence in Nanjing, a region gaining global recognition for IC manufacturing. Air Products has supported the development of China’s semiconductor industry for several years and supplies to numerous world-leading producers of consumer devices including smart phones, tablets and digital cameras.
Air Products established itself in the NCIP region a decade ago and has since then served a number of park tonnage customers, including Wison and Celanese Corporation (CE - Free Report) , through pipelines. It currently operates three large air separation units at the facility, and aims to take advantage of the increasing business opportunities and boost its supply capabilities with the expansion in PKEDZ.
Shares of Air Products rose roughly 0.2% in the trading session on Tuesday, before retracing slightly to end the day at $149.38.
Air Products saw higher profits in the second quarter of fiscal 2016 (ended Mar 31, 2016), backed by restructuring and self-help measures. Adjusted earnings of $1.82 per share for the quarter beat the Zacks Consensus Estimate, while revenues of $2,271.2 million missed the same. The company reported double-digit EPS growth for the seventh consecutive quarter.
Air Products expects earnings from continuing operations in the third quarter of fiscal 2016 to be higher than the prior-year quarter by 13%–16%. The company also raised its earnings guidance for fiscal 2016 from $7.25−$7.50 to $7.40−$7.55 per share. However, it lowered its capital expenditure guidance by $0.1 billion to $1.2 billion.
Air Products currently has a Zacks Rank #3 (Hold).
Some better-ranked companies in the chemical space include Axiall Corporation and Huntsman Corporation (HUN - Free Report) , both sporting a Zacks Rank #1 (Strong Buy).
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Air Products (APD) to Build New Facility at PKEDZ, China
Air Products and Chemicals Inc. (APD - Free Report) has announced its decision to expand in eastern China. The company has decided to build a new plant and the infrastructure associated with it, in the Pukou Economic Development Zone (“PKEDZ”), Nanjing. The plant will provide customers in the park with ultra-high purity gases.
Air Products already has a presence in the region, 35 kms away from PKEDZ, at the Nanjing Chemical Industry Park (“NCIP”). The company serves several hundred clients from this facility through pipelines and other supply modes. PKEDZ is a high-tech park which will house advanced manufacturing sectors such as integrated circuit (IC), new materials and bio-medicine. Building a new facility here will therefore support the company’s commitment toward international expansion.
The facility will help Air Products cater to its customers that are expanding globally and help the company grow faster in a well performing Chinese semiconductor industrial market. It will also enable the company to establish its prominence in Nanjing, a region gaining global recognition for IC manufacturing. Air Products has supported the development of China’s semiconductor industry for several years and supplies to numerous world-leading producers of consumer devices including smart phones, tablets and digital cameras.
Air Products established itself in the NCIP region a decade ago and has since then served a number of park tonnage customers, including Wison and Celanese Corporation (CE - Free Report) , through pipelines. It currently operates three large air separation units at the facility, and aims to take advantage of the increasing business opportunities and boost its supply capabilities with the expansion in PKEDZ.
AIR PRODS & CHE Price
AIR PRODS & CHE Price | AIR PRODS & CHE Quote
Shares of Air Products rose roughly 0.2% in the trading session on Tuesday, before retracing slightly to end the day at $149.38.
Air Products saw higher profits in the second quarter of fiscal 2016 (ended Mar 31, 2016), backed by restructuring and self-help measures. Adjusted earnings of $1.82 per share for the quarter beat the Zacks Consensus Estimate, while revenues of $2,271.2 million missed the same. The company reported double-digit EPS growth for the seventh consecutive quarter.
Air Products expects earnings from continuing operations in the third quarter of fiscal 2016 to be higher than the prior-year quarter by 13%–16%. The company also raised its earnings guidance for fiscal 2016 from $7.25−$7.50 to $7.40−$7.55 per share. However, it lowered its capital expenditure guidance by $0.1 billion to $1.2 billion.
Air Products currently has a Zacks Rank #3 (Hold).
Some better-ranked companies in the chemical space include Axiall Corporation and Huntsman Corporation (HUN - Free Report) , both sporting a Zacks Rank #1 (Strong Buy).
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 >>