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Air Products (APD) Inks Deal With SARGAS to Build ASU in Oman
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Air Products and Chemicals, Inc. (APD - Free Report) announced an agreement with its regional partner Saudi Arabian Refrigerant Gases Company of Saudi Arabia (SARGAS) — an affiliated company of Abdullah Hashim Gases and Equipment. Per the agreement, the partners will build a new air separation unit (“ASU”) at Jindal Shadeed Iron & Steel site in Sohar, Oman. The unit is expected to manufacture a total of more than 400 T/D of oxygen and nitrogen to the facility.
This will be the third ASU installed by Air Products at Jindal Shadeed Iron & Steel's facility in Sohar. The project is being headed by Ajwaa Gases LLC — a joint venture between Air Products and SARGAS.
The new unit is projected to boost the capacity of gaseous oxygen and gaseous nitrogen by 50%, along with a higher production capacity of liquid oxygen and liquid nitrogen, in Oman.
Air Products stated that the successful signing of the third ASU reflects its commitment to support growing customers in Oman and the Middle East region. The company is proud of the teams who have shown exceptional resilience and dedication for this project during the ongoing pandemic. This reflects on APD’s core values of safety, speed, simplicity and self-confidence.
Shares of Air Products have declined 17.2% in the past year compared with 2.6% decline of the industry.
Image Source: Zacks Investment Research
Air Products, in its fiscal first-quarter earnings call, stated that it expects full-year fiscal 2022 adjusted adjusted earnings per share (EPS) of $10.20-$10.40, suggesting an increase of 13-15% from the prior-year’s adjusted EPS. For the second quarter of fiscal 2022, the company expects EPS in the range of $2.30-$2.40. The projection marks an increase of 11-15% from second-quarter fiscal 2021 adjusted EPS.
Air Products expects capital expenditures in the band of $4.5-$5 billion for full-year fiscal 2022.
Air Products and Chemicals, Inc. Price and Consensus
Air Products currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the basic materials space are Allegheny Technologies Incorporated (ATI - Free Report) , The Mosaic Company (MOS - Free Report) and AdvanSix Inc. (ASIX - Free Report) .
Allegheny, currently carrying a Zacks Rank #2 (Buy), has an expected earnings growth rate of 661.5% for the current year. The Zacks Consensus Estimate for ATI's earnings for the current year has been revised 45.6% upward in the past 60 days. You can see the complete list of today’s Zacks #1 Rank stocks here.
Allegheny beat the Zacks Consensus Estimate for earnings in each of the trailing four quarters, the average being 127.2%. ATI has rallied around 25% over a year.
Mosaic, sporting a Zacks Rank #1 (Strong Buy), has a projected earnings growth rate of 104.8% for the current year. The Zacks Consensus Estimate for MOS's current-year earnings has been revised 21.3% upward in the past 60 days.
Mosaic beat the Zacks Consensus Estimate for earnings in three of the last four quarters, while missing once. It has a trailing four-quarter earnings surprise of roughly 3.7%, on average. MOS has rallied around 98.6% in a year.
AdvanSix has a projected earnings growth rate of 17.3% for the current year. The Zacks Consensus Estimate for ASIX’s current-year earnings has been revised 12.4% upward in the past 60 days.
AdvanSix beat the Zacks Consensus Estimate for earnings in three of the trailing four quarters, the average being 12.4%. ASIX has surged 47.8% in a year. The company carries a Zacks Rank #2.
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Air Products (APD) Inks Deal With SARGAS to Build ASU in Oman
Air Products and Chemicals, Inc. (APD - Free Report) announced an agreement with its regional partner Saudi Arabian Refrigerant Gases Company of Saudi Arabia (SARGAS) — an affiliated company of Abdullah Hashim Gases and Equipment. Per the agreement, the partners will build a new air separation unit (“ASU”) at Jindal Shadeed Iron & Steel site in Sohar, Oman. The unit is expected to manufacture a total of more than 400 T/D of oxygen and nitrogen to the facility.
This will be the third ASU installed by Air Products at Jindal Shadeed Iron & Steel's facility in Sohar. The project is being headed by Ajwaa Gases LLC — a joint venture between Air Products and SARGAS.
The new unit is projected to boost the capacity of gaseous oxygen and gaseous nitrogen by 50%, along with a higher production capacity of liquid oxygen and liquid nitrogen, in Oman.
Air Products stated that the successful signing of the third ASU reflects its commitment to support growing customers in Oman and the Middle East region. The company is proud of the teams who have shown exceptional resilience and dedication for this project during the ongoing pandemic. This reflects on APD’s core values of safety, speed, simplicity and self-confidence.
Shares of Air Products have declined 17.2% in the past year compared with 2.6% decline of the industry.
Image Source: Zacks Investment Research
Air Products, in its fiscal first-quarter earnings call, stated that it expects full-year fiscal 2022 adjusted adjusted earnings per share (EPS) of $10.20-$10.40, suggesting an increase of 13-15% from the prior-year’s adjusted EPS. For the second quarter of fiscal 2022, the company expects EPS in the range of $2.30-$2.40. The projection marks an increase of 11-15% from second-quarter fiscal 2021 adjusted EPS.
Air Products expects capital expenditures in the band of $4.5-$5 billion for full-year fiscal 2022.
Air Products and Chemicals, Inc. Price and Consensus
Air Products and Chemicals, Inc. price-consensus-chart | Air Products and Chemicals, Inc. Quote
Zacks Rank & Key Picks
Air Products currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the basic materials space are Allegheny Technologies Incorporated (ATI - Free Report) , The Mosaic Company (MOS - Free Report) and AdvanSix Inc. (ASIX - Free Report) .
Allegheny, currently carrying a Zacks Rank #2 (Buy), has an expected earnings growth rate of 661.5% for the current year. The Zacks Consensus Estimate for ATI's earnings for the current year has been revised 45.6% upward in the past 60 days. You can see the complete list of today’s Zacks #1 Rank stocks here.
Allegheny beat the Zacks Consensus Estimate for earnings in each of the trailing four quarters, the average being 127.2%. ATI has rallied around 25% over a year.
Mosaic, sporting a Zacks Rank #1 (Strong Buy), has a projected earnings growth rate of 104.8% for the current year. The Zacks Consensus Estimate for MOS's current-year earnings has been revised 21.3% upward in the past 60 days.
Mosaic beat the Zacks Consensus Estimate for earnings in three of the last four quarters, while missing once. It has a trailing four-quarter earnings surprise of roughly 3.7%, on average. MOS has rallied around 98.6% in a year.
AdvanSix has a projected earnings growth rate of 17.3% for the current year. The Zacks Consensus Estimate for ASIX’s current-year earnings has been revised 12.4% upward in the past 60 days.
AdvanSix beat the Zacks Consensus Estimate for earnings in three of the trailing four quarters, the average being 12.4%. ASIX has surged 47.8% in a year. The company carries a Zacks Rank #2.