Air Products and Chemicals Inc. (APD - Analyst Report) announced that it will provide hydrogen fueling station and liquid hydrogen supply to Stark Area Regional Transit Authority (SARTA).
Air Products has set up a hydrogen fueling station dispensing unit and a 9,000 gallon hydrogen tank, along with its hydrogen compression and storage technologies. The company will provide liquid hydrogen to the site from its hydrogen production facility in Sarnia, Ontario (Canada). The 350-bar hydrogen fueling station will have scope for future expansion. SARTA will start fueling buses next month and has plans to expand its fleet to 10 buses over the next two years.
Hydrogen is cost effective, safe, user friendly and eco-friendly alternative to conventional fuels, and SARTA’s new programs will ensure that Stark County and Ohio will be the pioneering centers for a growing and dynamic industry. On the other hand Air Products believes that SARTA is doing commendable work through its efforts to bring zero-emission transportation to Canton and the state of Ohio. The company believes that providing hydrogen fueling for mass transit, will enable in reducing the impact of public transportation on the environment.
Air Products saw higher profits in the third-quarter 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 anticipates 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).
Stock to Consider
Some better-ranked stocks in the chemical space include Innophos Holdings Inc. (IPHS - Snapshot Report) , Innospec Inc. (IOSP - Snapshot Report) , and The Chemours Company (CC - Snapshot Report) .
Innophos Holdings sports a Zacks Rank #1 (Strong Buy). The company has expected earnings growth of 48.6% for the current year.
Innospec also sports a Zacks Rank #1 and has posted positive earnings surprises in the trailing four quarters.You can see the complete list of today’s Zacks #1 Rank stocks here.
Chemours carries Zacks Rank #2 (Buy) and has expected earnings growth of 7.6% for the current year.
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