Yahoo Finance Air Products (APD) Confirms Indonesia Coal Gasification Exit
Air Products and Chemicals, Inc. APD has announced its exit from Indonesian coal gasification projects, reaffirming media reports. The company stated that it is no longer part of the coal-to-methanol Bengalon, East Kalimantan, Indonesia project and any other gasification project in Indonesia.
The shift in the financial landscape for blue and green hydrogen projects that has taken place over the past year presents new investment opportunities for Air Products in energy transition projects, the company noted. APD has, thus, decided to deploy financial resources in energy transition across the globe.
The company remains dedicated to its core industrial gas business in Indonesia despite exiting the gasification projects.
Shares of Air Products have gained 8.2% over a year against an 8.2% fall recorded by its industry.
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Air Products, on its first-quarter call, said that it expects its adjusted earnings to be in the range of $11.20-$11.50 per share for fiscal 2023. The company sees its adjusted earnings for the fiscal second quarter to be between $2.50 and $2.70. For fiscal 2023, the company expects its capital expenditures to be in the range of $5-$5.5 billion.
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 ATI Inc. ATI, Olympic Steel, Inc. ZEUS and Cal-Maine Foods, Inc. CALM. ATI currently carries a Zacks Rank #2 (Buy), while ZEUS and CALM sport a Zacks Rank #1(Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
ATI’s shares have gained 35.3% in the past year. The Zacks Consensus Estimate for ATI’s current-year earnings has been revised 1.9% upward in the past 60 days. The company has an earnings growth rate of 9% for the current year.
ATI topped Zacks Consensus Estimate in all the last four quarters. It delivered a trailing four-quarter earnings surprise of 32.4% on average.
Olympic Steel’s shares have gained 32.5% in the past year. The Zacks Consensus Estimate for ZEUS’ current-year earnings has been revised 61% upward in the past 60 days. It topped Zacks Consensus Estimate in all the last four quarters. It delivered a trailing four-quarter earnings surprise of 26.2% on average.
Cal-Maine’s shares have gained 7.1% in the past year. The company has an earnings growth rate of 499.2% for the current year. The Zacks Consensus Estimate for CALM’s current-year earnings has been revised 16% upward in the past 60 days.
CALM topped Zacks Consensus Estimate in three of the last four quarters. It delivered a trailing four-quarter earnings surprise of 15.3% on average.
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