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Air Products Rolls Out First Port Manatee LNG Heat Exchanger
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Air Products and Chemicals Inc.’s (APD - Free Report) has rolled out its first completed liquefied natural gas (LNG) heat exchanger, produced at its new Manatee County, FL facility. The heat exchanger was transported to the Port Manatee property to be shipped to a client along the U.S. Gulf Coast for a major LNG project.
Air Products began manufacturing at this new location to eliminate transportation hurdles in respect to product size. A heat exchanger can have a diameter of over 15 feet and length of 180 feet, weighing up to 500 tons. The new facility, of over 300,000 foot, provides the company with sufficient space to build a heat exchanger of any size.
Previously, Air Products has supplied 116 heat exchangers to 17 countries, but the first exchanger produced at Port Manatee is also the first to be shipped to a U.S. Gulf Coast location. The second heat exchanger at the facility will also be shipped to the same region, in an attempt to cater to the needs of the LNG export industry in the U.S.
Air Products aims to manufacture large heat exchangers to help its clients achieve economies of scale. For this purpose, the company purchased roughly 32 acres in Port Manatee, doubling its production capacity. The region also provides the company with easy transportation facilities, particularly for large equipment.
Shares of Air Products fell roughly 2.8% to close at $151.53 on Sep 9.
Air Products saw higher profits in the third quarter of fiscal 2016 (ended Jun 30, 2016), backed by restructuring and operational improvements. Adjusted earnings of $1.92 per share for the quarter beat the Zacks Consensus Estimate, while revenues of $2,434.4 million missed the same. The company reported double-digit EPS growth for the eighth consecutive quarter.
Air Products expects earnings from continuing operations for fourth-quarter fiscal 2016 to be in the range of $1.91–$2.01 per share. The company also raised the lower end of its fiscal 2016 earnings guidance to the band of $7.45–$7.55 per share from the earlier view of $7.40–$7.55. The company reiterated its estimated capital expenditures of around $1.2 billion for fiscal 2016.
Air Products currently has a Zacks Rank #3 (Hold).
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Air Products Rolls Out First Port Manatee LNG Heat Exchanger
Air Products and Chemicals Inc.’s (APD - Free Report) has rolled out its first completed liquefied natural gas (LNG) heat exchanger, produced at its new Manatee County, FL facility. The heat exchanger was transported to the Port Manatee property to be shipped to a client along the U.S. Gulf Coast for a major LNG project.
Air Products began manufacturing at this new location to eliminate transportation hurdles in respect to product size. A heat exchanger can have a diameter of over 15 feet and length of 180 feet, weighing up to 500 tons. The new facility, of over 300,000 foot, provides the company with sufficient space to build a heat exchanger of any size.
Previously, Air Products has supplied 116 heat exchangers to 17 countries, but the first exchanger produced at Port Manatee is also the first to be shipped to a U.S. Gulf Coast location. The second heat exchanger at the facility will also be shipped to the same region, in an attempt to cater to the needs of the LNG export industry in the U.S.
Air Products aims to manufacture large heat exchangers to help its clients achieve economies of scale. For this purpose, the company purchased roughly 32 acres in Port Manatee, doubling its production capacity. The region also provides the company with easy transportation facilities, particularly for large equipment.
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Shares of Air Products fell roughly 2.8% to close at $151.53 on Sep 9.
Air Products saw higher profits in the third quarter of fiscal 2016 (ended Jun 30, 2016), backed by restructuring and operational improvements. Adjusted earnings of $1.92 per share for the quarter beat the Zacks Consensus Estimate, while revenues of $2,434.4 million missed the same. The company reported double-digit EPS growth for the eighth consecutive quarter.
Air Products expects earnings from continuing operations for fourth-quarter fiscal 2016 to be in the range of $1.91–$2.01 per share. The company also raised the lower end of its fiscal 2016 earnings guidance to the band of $7.45–$7.55 per share from the earlier view of $7.40–$7.55. The company reiterated its estimated capital expenditures of around $1.2 billion for fiscal 2016.
Air Products currently has a Zacks Rank #3 (Hold).
Some better-ranked stocks in the chemical space include Mitsubishi Chemical Holdings Corporation (MTLHY - Free Report) , Shin-Etsu Chemical Co., Ltd. (SHECY - Free Report) and Innospec Inc. (IOSP - Free Report) , all sporting a Zacks Rank #1 (Strong Buy).You can see the complete list of today’s Zacks #1 Rank stocks here.
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