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Air Products (APD) Invests $70M in St. Louis Facility Expansion
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Air Products and Chemicals, Inc. (APD - Free Report) announced a significant investment exceeding $70 million to expand its manufacturing and logistics center in Maryland Heights, near St. Louis, MO.
This investment, the largest ever for Air Products Membrane Solutions, is driven by increasing demand for its products in biogas and hydrogen recovery and the aerospace industry's need for nitrogen and the marine industry's push for cleaner fuels.
The company expressed enthusiasm about the expansion, stating that it will significantly increase the footprint and production capacity of its St. Louis facility. This investment underscores Air Products' commitment to leading the energy transition by developing innovative products for a safer, cleaner and more productive world. The expansion emphasizes the company's ongoing commitment to the local community and its talented employees in the region. Air Products noted its pride in growing and expanding global manufacturing capabilities in the United States, specifically in St. Louis.
The new facility is expected to begin production by the end of 2025, creating 30 new positions and expanding the current workforce of approximately 170 employees. This follows a $10-million investment made in 2023 to increase production capacity at the existing facility.
Air Products Membrane Solutions specializes in the development of hollow fiber membrane separators and systems for onsite gas generation. The company designs, engineers, manufactures and markets a comprehensive range of PRISM Membrane Separators, Marine Systems and Engineered-to-Order Systems, aiming to enhance safety and productivity across various industries while promoting sustainable energy sources.
The company’s shares have lost 3.4% in the past year compared with a 2.6% rise in the industry.
Image Source: Zacks Investment Research
Air Products expects fiscal 2024 adjusted earnings per share (EPS) of $12.20-$12.50, indicating 6-9% growth from the prior year’s adjusted EPS. For third-quarter fiscal 2024, the company expects adjusted EPS in the range of $3-$3.05. Air Products expects capital expenditures in the range of $5-$5.5 billion for the fiscal 2024.
Air Products and Chemicals, Inc. Price and Consensus
CRS’ earnings beat the Zacks Consensus Estimate in three of the last four quarters while matching it once, with the average earnings surprise being 15.1%. The company’s shares have soared 136%% in the past year.
ATI’s earnings beat the Zacks Consensus Estimate in each of the last four quarters, with the average earnings surprise being 8.34%. The company’s shares have surged 67.8% in the past year.
The Zacks Consensus Estimate for Ecolab's current year earnings is pegged at $6.59 per share, indicating a year-over-year rise of 26.5%. The Zacks Consensus Estimate for ECL’s current-year earnings has been going up in the past 30 days. ECL beat the consensus estimate in each of the last four quarters, with the average earnings surprise being 1.3%. The stock has rallied nearly 39.8% in the past year.
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Air Products (APD) Invests $70M in St. Louis Facility Expansion
Air Products and Chemicals, Inc. (APD - Free Report) announced a significant investment exceeding $70 million to expand its manufacturing and logistics center in Maryland Heights, near St. Louis, MO.
This investment, the largest ever for Air Products Membrane Solutions, is driven by increasing demand for its products in biogas and hydrogen recovery and the aerospace industry's need for nitrogen and the marine industry's push for cleaner fuels.
The company expressed enthusiasm about the expansion, stating that it will significantly increase the footprint and production capacity of its St. Louis facility. This investment underscores Air Products' commitment to leading the energy transition by developing innovative products for a safer, cleaner and more productive world. The expansion emphasizes the company's ongoing commitment to the local community and its talented employees in the region. Air Products noted its pride in growing and expanding global manufacturing capabilities in the United States, specifically in St. Louis.
The new facility is expected to begin production by the end of 2025, creating 30 new positions and expanding the current workforce of approximately 170 employees. This follows a $10-million investment made in 2023 to increase production capacity at the existing facility.
Air Products Membrane Solutions specializes in the development of hollow fiber membrane separators and systems for onsite gas generation. The company designs, engineers, manufactures and markets a comprehensive range of PRISM Membrane Separators, Marine Systems and Engineered-to-Order Systems, aiming to enhance safety and productivity across various industries while promoting sustainable energy sources.
The company’s shares have lost 3.4% in the past year compared with a 2.6% rise in the industry.
Image Source: Zacks Investment Research
Air Products expects fiscal 2024 adjusted earnings per share (EPS) of $12.20-$12.50, indicating 6-9% growth from the prior year’s adjusted EPS. For third-quarter fiscal 2024, the company expects adjusted EPS in the range of $3-$3.05. Air Products expects capital expenditures in the range of $5-$5.5 billion for the 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
APD currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the Basic Materials space are Carpenter Technology Corporation (CRS - Free Report) , sporting a Zacks Rank #1 (Strong Buy), ATI Inc. (ATI - Free Report) and Ecolab Inc. (ECL - Free Report) , each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
CRS’ earnings beat the Zacks Consensus Estimate in three of the last four quarters while matching it once, with the average earnings surprise being 15.1%. The company’s shares have soared 136%% in the past year.
ATI’s earnings beat the Zacks Consensus Estimate in each of the last four quarters, with the average earnings surprise being 8.34%. The company’s shares have surged 67.8% in the past year.
The Zacks Consensus Estimate for Ecolab's current year earnings is pegged at $6.59 per share, indicating a year-over-year rise of 26.5%. The Zacks Consensus Estimate for ECL’s current-year earnings has been going up in the past 30 days. ECL beat the consensus estimate in each of the last four quarters, with the average earnings surprise being 1.3%. The stock has rallied nearly 39.8% in the past year.