Air Products & Chemicals Inc. (APD - Analyst Report) announced that it has licensed its adsorption-based monomer recovery technology to Cryo Technologies (Allentown, PA), a supplier of custom engineered process equipment.
Air Products’ technology has been developed in collaboration with the Department of Energy (DOE) under the Industrial Technologies program and this program helps in recovering 100% hydrocarbons and nitrogen, leading to a nitrogen product, which is highly pure.
The technology involves lesser maintenance cost compared with its competitors and is suitable for new and world-scale plants. The technology also provides short payback period on invested capital and enables polyolefin manufacturers to avoid flaring that results in emissions of nitric oxide, volatile organic compounds, carbon monoxide, and carbon dioxide.
Air Products selected Cyro Technologies for the license agreement after thorough research and believes that it has the requisite expertise to meet the specific requirements of the customers and offer them with viable solutions. Air Products believes that Cyro technologies will be in sync with its plans to drive profitability and sustainability.
Along with Air Products’ proprietary adsorption-based technology, Cyro Technologies will be able to design and offer Air Products' unreacted olefin recovery technology to the petrochemical industry. Also, Cyro Technologies will help polyethylene and polypropylene production facilities to improve their economics and minimize emissions in their monomer recovery processes.
In Jan 2013, Air Products logged fiscal 2013 first-quarter (ended Dec 31, 2012) earnings of $1.30 a share, beating the Zacks Consensus Estimate by a penny. Consolidated net income from continuing operation increased 22.6% year over year to $276.9 million.
Air Products’ revenues rose 10.4% year over year to $2,562.4 million in the first quarter, beating the Zacks Consensus Estimate of $2,471 million. Sales were aided by higher volumes in the Tonnage Gases, Equipment and Energy divisions and acquisitions.
Air Products anticipates earnings for fiscal 2013 to be in the range of $5.70 to $5.90 per share, up from its previous guidance of $5.65 and $5.85 per share. The company has projected earnings in the band of $1.34 to $1.39 per share for the second quarter of fiscal 2013.
Air Products currently holds a Zacks Rank #2 (Buy). Other companies in the chemical industry having favorable Zacks Rank are Akzo Nobel NV (AKZOY - Snapshot Report) , Axiall Corporation (AXLL - Snapshot Report) and LyondellBasel Industries NV (LYB - Analyst Report) . All of them carry a Zacks Rank #2 (Buy).