We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Air Products' (APD) Q1 Earnings and Sales Surpass Estimates
Read MoreHide Full Article
Air Products and Chemicals, Inc. (APD - Free Report) logged earnings from continuing operations of $2.52 per share in first-quarter fiscal 2022 (ended Dec 31, 2021), up 19% from $2.12 recorded in the year-ago quarter. The quarterly earnings per share (EPS) topped the Zacks Consensus Estimate of $2.50.
In the quarter under review, the industrial gases giant delivered revenues of $2,994.2 million, up around 26% year over year. The figure beat the Zacks Consensus Estimate of $2,726.6 million. The top line was driven by higher pricing and volumes as well as increased energy cost pass-through.
Air Products and Chemicals, Inc. Price, Consensus and EPS Surprise
Revenues in the Industrial Gases - America segment were up 31% year over year to $1,224 million. The upside was driven by higher pricing and energy cost pass-through as well as increased volumes driven primarily by hydrogen and merchant demand.
Revenues in the Industrial Gases - Europe segment surged 37% year over year to $744 million. Higher volumes led by hydrogen and merchant demand drove results in the segment. The segment also witnessed higher pricing and energy pass-through.
Revenues in the Industrial Gases - Asia segment rose 9% year over year to $780 million. The upside can be attributed to favorable currency, higher volumes and higher pricing.
Revenues in the Industrial Gases – Middle East & India segment increased to $23.7 million from $19.5 million in the prior-year quarter.
Financials
Air Products ended the fiscal first quarter with cash and cash equivalents of around $2,953.7 million, down from the previous-year quarter’s figure of $5.8 billion. The long-term debt was down 1.6% year over year to $6,893.1 million.
Outlook
Air Products expects full-year fiscal 2022 adjusted EPS of $10.20-$10.40, up 13-15% from the prior-year’s adjusted EPS. For the second quarter of fiscal 2022, the company expects EPS in the range of $2.30-$2.40, up 11-15% over second-quarter fiscal 2021 adjusted EPS.
Air Products expects capital expenditures of $4.5 to $5 billion for full-year fiscal 2022.
Price Performance
The company’s shares have gained 10.9% in the past year compared with a 11.6% rise of the industry.
Image Source: Zacks Investment Research
Zacks Rank & Key Picks
Air Products currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the basic materials space are Albemarle Corporation (ALB - Free Report) , Nutrien Ltd. (NTR - Free Report) and AdvanSix Inc. (ASIX - Free Report) .
Albemarle, currently sporting a Zacks Rank #1 (Strong Buy), has an expected earnings growth rate of 51.5% for the current year. The Zacks Consensus Estimate for ALB's earnings for the current year has been revised 5.6% upward in the past 60 days. You can see the complete list of today’s Zacks #1 Rank stocks here.
Albemarle beat the Zacks Consensus Estimate for earnings in each of the trailing four quarters, the average being 22.1%. ALB has rallied around 36.8% over a year.
Nutrien, sporting a Zacks Rank #1, has a projected earnings growth rate of 53.8% for the current year. The Zacks Consensus Estimate for NTR's current-year earnings has been revised 17.4% upward in the past 60 days.
Nutrien beat the Zacks Consensus Estimate for earnings in three of the last four quarters, while missing once. It has a trailing four-quarter earnings surprise of roughly 73.5%, on average. NTR has rallied around 34.5% in a year.
AdvanSix has a projected earnings growth rate of 7.4% for the current year. The Zacks Consensus Estimate for ASIX’s current-year earnings has been revised 5.3% upward in the past 60 days.
AdvanSix beat the Zacks Consensus Estimate for earnings in each of the trailing four quarters, the average being 46.9%. ASIX has surged 71% over a year. The company sports a Zacks Rank #1.
See More Zacks Research for These Tickers
Pick one free report - opportunity may be withdrawn at any time
Image: Bigstock
Air Products' (APD) Q1 Earnings and Sales Surpass Estimates
Air Products and Chemicals, Inc. (APD - Free Report) logged earnings from continuing operations of $2.52 per share in first-quarter fiscal 2022 (ended Dec 31, 2021), up 19% from $2.12 recorded in the year-ago quarter. The quarterly earnings per share (EPS) topped the Zacks Consensus Estimate of $2.50.
In the quarter under review, the industrial gases giant delivered revenues of $2,994.2 million, up around 26% year over year. The figure beat the Zacks Consensus Estimate of $2,726.6 million. The top line was driven by higher pricing and volumes as well as increased energy cost pass-through.
Air Products and Chemicals, Inc. Price, Consensus and EPS Surprise
Air Products and Chemicals, Inc. price-consensus-eps-surprise-chart | Air Products and Chemicals, Inc. Quote
Segment Highlights
Revenues in the Industrial Gases - America segment were up 31% year over year to $1,224 million. The upside was driven by higher pricing and energy cost pass-through as well as increased volumes driven primarily by hydrogen and merchant demand.
Revenues in the Industrial Gases - Europe segment surged 37% year over year to $744 million. Higher volumes led by hydrogen and merchant demand drove results in the segment. The segment also witnessed higher pricing and energy pass-through.
Revenues in the Industrial Gases - Asia segment rose 9% year over year to $780 million. The upside can be attributed to favorable currency, higher volumes and higher pricing.
Revenues in the Industrial Gases – Middle East & India segment increased to $23.7 million from $19.5 million in the prior-year quarter.
Financials
Air Products ended the fiscal first quarter with cash and cash equivalents of around $2,953.7 million, down from the previous-year quarter’s figure of $5.8 billion. The long-term debt was down 1.6% year over year to $6,893.1 million.
Outlook
Air Products expects full-year fiscal 2022 adjusted EPS of $10.20-$10.40, up 13-15% from the prior-year’s adjusted EPS. For the second quarter of fiscal 2022, the company expects EPS in the range of $2.30-$2.40, up 11-15% over second-quarter fiscal 2021 adjusted EPS.
Air Products expects capital expenditures of $4.5 to $5 billion for full-year fiscal 2022.
Price Performance
The company’s shares have gained 10.9% in the past year compared with a 11.6% rise of the industry.
Zacks Rank & Key Picks
Air Products currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the basic materials space are Albemarle Corporation (ALB - Free Report) , Nutrien Ltd. (NTR - Free Report) and AdvanSix Inc. (ASIX - Free Report) .
Albemarle, currently sporting a Zacks Rank #1 (Strong Buy), has an expected earnings growth rate of 51.5% for the current year. The Zacks Consensus Estimate for ALB's earnings for the current year has been revised 5.6% upward in the past 60 days. You can see the complete list of today’s Zacks #1 Rank stocks here.
Albemarle beat the Zacks Consensus Estimate for earnings in each of the trailing four quarters, the average being 22.1%. ALB has rallied around 36.8% over a year.
Nutrien, sporting a Zacks Rank #1, has a projected earnings growth rate of 53.8% for the current year. The Zacks Consensus Estimate for NTR's current-year earnings has been revised 17.4% upward in the past 60 days.
Nutrien beat the Zacks Consensus Estimate for earnings in three of the last four quarters, while missing once. It has a trailing four-quarter earnings surprise of roughly 73.5%, on average. NTR has rallied around 34.5% in a year.
AdvanSix has a projected earnings growth rate of 7.4% for the current year. The Zacks Consensus Estimate for ASIX’s current-year earnings has been revised 5.3% upward in the past 60 days.
AdvanSix beat the Zacks Consensus Estimate for earnings in each of the trailing four quarters, the average being 46.9%. ASIX has surged 71% over a year. The company sports a Zacks Rank #1.