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Air Products (APD) to Build Europe's Biggest Blue Hydrogen Plant
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Air Products and Chemicals Inc. (APD - Free Report) recently stated that it will construct, own and manage an advanced carbon capture and carbon dioxide (CO2) treatment facility at its current hydrogen production plant in Rotterdam, the Netherlands.
The facility is scheduled to be online in 2026, with the resulting blue hydrogen product serving ExxonMobil's (Esso) Rotterdam refinery and other clients through Air Products' hydrogen pipeline network system. This will be the largest blue hydrogen facility in Europe once operational.
The carbon capture retrofit will trap CO2 from Air Products' current hydrogen unit and ExxonMobil's Rotterdam refinery. The facility will be linked to the Porthos system, developed by a partnership that recently obtained final investment decision clearance for the Netherlands' first large-scale CO2 transit and storage system.
The captured CO2 will be transferred, along with CO2 from other industries, to depleted gas fields in the North Sea, approximately 20 kilometers off the coast, where it will be permanently deposited at a depth of more than three kilometers beneath the seabed.
The project is being executed in accordance with long-term agreements with ExxonMobil and the Dutch government. Blue hydrogen from APD’s hydrogen production plant will assist customers in the industry and transportation transition while creating and retaining jobs in a critical industrial sector.
ExxonMobil's objective is to achieve net-zero Scope 1 and Scope 2 emissions from its operating assets by 2050, and it has adopted a comprehensive approach to developing emission-reduction roadmaps for each of its facilities.
Shares of Air Products have lost 10.3% over the past year compared with a 18.3% decline of its industry.
Image Source: Zacks Investment Research
Air Products, on its fourth-quarter fiscal 2023 call, said that it expects fiscal 2024 adjusted earnings per share of $12.80-$13.10, indicating 13% growth from the prior year’s adjusted earnings at the midpoint. For the first quarter of fiscal 2024, the company expects adjusted earnings per share in the range of $2.90-$3.05, suggesting a rise of 13% at the midpoint from the year-ago quarter.
Air Products expects capital expenditures in the range of $5 billion to $5.5 billion for fiscal 2024.
Air Products and Chemicals, Inc. Price and Consensus
Air Products currently carries a Zacks Rank #3 (Hold).
Better-ranked stocks in the basic materials space include Carpenter Technology Corporation (CRS - Free Report) , Axalta Coating Systems Ltd. (AXTA - Free Report) and The Andersons Inc. (ANDE - Free Report) .
Carpenter Technology has a projected earnings growth rate of 213.2% for the current fiscal year. It currently carries a Zacks Rank #1 (Strong Buy). CRS delivered a trailing four-quarter earnings surprise of roughly 14.3%, on average. The stock is up around 69.5 % in a year. You can see the complete list of today’s Zacks #1 Rank stocks here.
Axalta has a projected earnings growth rate of 5.4% for the current year. It currently carries a Zacks Rank #2 (Buy). AXTA delivered a trailing four-quarter earnings surprise of roughly 6.7%, on average. The stock is up around 21.8% in a year.
Andersons currently carries a Zacks Rank #2. The stock has gained roughly 30.5% in the past year. ANDE beat the Zacks Consensus Estimate in each of the last four quarters. It delivered a trailing four-quarter earnings surprise of 64.4%, on average.
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Air Products (APD) to Build Europe's Biggest Blue Hydrogen Plant
Air Products and Chemicals Inc. (APD - Free Report) recently stated that it will construct, own and manage an advanced carbon capture and carbon dioxide (CO2) treatment facility at its current hydrogen production plant in Rotterdam, the Netherlands.
The facility is scheduled to be online in 2026, with the resulting blue hydrogen product serving ExxonMobil's (Esso) Rotterdam refinery and other clients through Air Products' hydrogen pipeline network system. This will be the largest blue hydrogen facility in Europe once operational.
The carbon capture retrofit will trap CO2 from Air Products' current hydrogen unit and ExxonMobil's Rotterdam refinery. The facility will be linked to the Porthos system, developed by a partnership that recently obtained final investment decision clearance for the Netherlands' first large-scale CO2 transit and storage system.
The captured CO2 will be transferred, along with CO2 from other industries, to depleted gas fields in the North Sea, approximately 20 kilometers off the coast, where it will be permanently deposited at a depth of more than three kilometers beneath the seabed.
The project is being executed in accordance with long-term agreements with ExxonMobil and the Dutch government. Blue hydrogen from APD’s hydrogen production plant will assist customers in the industry and transportation transition while creating and retaining jobs in a critical industrial sector.
ExxonMobil's objective is to achieve net-zero Scope 1 and Scope 2 emissions from its operating assets by 2050, and it has adopted a comprehensive approach to developing emission-reduction roadmaps for each of its facilities.
Shares of Air Products have lost 10.3% over the past year compared with a 18.3% decline of its industry.
Image Source: Zacks Investment Research
Air Products, on its fourth-quarter fiscal 2023 call, said that it expects fiscal 2024 adjusted earnings per share of $12.80-$13.10, indicating 13% growth from the prior year’s adjusted earnings at the midpoint. For the first quarter of fiscal 2024, the company expects adjusted earnings per share in the range of $2.90-$3.05, suggesting a rise of 13% at the midpoint from the year-ago quarter.
Air Products expects capital expenditures in the range of $5 billion to $5.5 billion for fiscal 2024.
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).
Better-ranked stocks in the basic materials space include Carpenter Technology Corporation (CRS - Free Report) , Axalta Coating Systems Ltd. (AXTA - Free Report) and The Andersons Inc. (ANDE - Free Report) .
Carpenter Technology has a projected earnings growth rate of 213.2% for the current fiscal year. It currently carries a Zacks Rank #1 (Strong Buy). CRS delivered a trailing four-quarter earnings surprise of roughly 14.3%, on average. The stock is up around 69.5 % in a year. You can see the complete list of today’s Zacks #1 Rank stocks here.
Axalta has a projected earnings growth rate of 5.4% for the current year. It currently carries a Zacks Rank #2 (Buy). AXTA delivered a trailing four-quarter earnings surprise of roughly 6.7%, on average. The stock is up around 21.8% in a year.
Andersons currently carries a Zacks Rank #2. The stock has gained roughly 30.5% in the past year. ANDE beat the Zacks Consensus Estimate in each of the last four quarters. It delivered a trailing four-quarter earnings surprise of 64.4%, on average.