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Specialty chemical company Air Products and Chemicals Inc. (APD - Analyst Report) announced that it will participate in the 85th Annual Water Environment Federation Technical Exhibition and Conference (WEFTEC) in New Orleans, to be held from September 29 to October 3. The company intends to display its wide range of products, including gases, equipments, and technology solutions for the water and wastewater treatment industry, at the exhibition.
At the WEFTEC, Air Products is set to demonstrate Halia Water Solutions and PRISM that help both municipal and industrial customers improve the quality of water and wastewater streams. Both Halia and PRISM offer innovative, value-added technology solutions to the water industry for improving water quality, reducing cost and increasing the environmental sustainability of water treatment process.
Air Products will also feature PRISM Technology for onsite oxygen and nitrogen gas generation. The company’s PRISM Vacuum Swing Adsorber (VSA) systems produce oxygen across a range of purities, pressures and flow rates. On-site generation of oxygen helps significantly reduce costs compared to traditionally prepared liquid oxygen as it deploys state-of-the-art technology. The company’s PRISM membrane system uses proprietary technology to ensure a guaranteed reliable supply of nitrogen gas. Air Products will also exhibit support services for customer-owned oxygen plants and ozone safety and feed gas purity at the WEFTEC.
Air Products is the world’s leading supplier of hydrogen for processing cleaner burning transportation fuels and hydrogen infrastructure and fueling technology. The company also holds a leadership position in liquefied natural gas technology and equipments.
In July 2012, the company released its results for the third-quarter 2012 ended on June 30, 2012. The company reported adjusted (excluding one-time items) earnings from continued operations of $1.41 a share for the quarter, in line with the Zacks Consensus Estimate.
Consolidated net income, as reported, surged 48% year over year to $484.5 million or $2.26 a share compared with $326.5 million or $1.50 a year ago. The increase in profits was attributable to lower costs and one-time gains, which more than offset the impact of lower sales.
Revenues dipped 5% year over year to $2,340.1 million, missing the Zacks Consensus Estimate of $2,455 million. Challenging conditions in Europe and Asia as well as unfavorable currency (stemming from a stronger dollar) weighed on the company’s top line in the quarter.
Air Products’ healthy project backlog and solid bidding activity strongly positions it to achieve its long-term growth target. Given its leading position in the gases business, the company is well positioned to capitalize on the cyclical recovery in its core industrial end markets. Further, new business deals are expected to boost profits in 2012. However, soaring energy and raw material costs are likely to hamper margins.
Air Products, which competes with Praxair Inc. (PX - Analyst Report), has a short-term Zacks #3 Rank (Hold) currently and we have a long-term Neutral recommendation on its shares.