Data News > Air Products and Chemicals Reports Strong Q3 Results, Shares Could Reach $320

Air Products and Chemicals Reports Strong Q3 Results, Shares Could Reach $320

By KlickAnalytics Data Insights  |   August 1, 2024 08:07PM ET

Key Points

- Air Products and Chemicals, Inc.'s results exceeded expectations, with a 7% increase in EPS and revenue slightly below estimates.
- Despite operational concerns following the COO's departure, there were no major issues reported in the latest financial results.
- The company continues to execute growth projects, reducing project risk and signing new contracts, with shares potentially reaching $320 in 12 months.
- Air Products is a leading supplier of industrial gases and beat bottom-line expectations for the third quarter.
- The company announced various initiatives focusing on clean hydrogen, energy transition, core industrial gas business, and sustainability efforts.

Air Products and Chemicals, Inc. recently announced its third-quarter results, which surpassed expectations. The company reported a 7% increase in earnings per share (EPS), while revenue was slightly below estimates. Despite concerns arising from the departure of the Chief Operating Officer (COO), no major issues were reported in the financial results.

As a leading supplier of industrial gases, Air Products continues to excel in its field. The company exceeded bottom-line expectations for the third quarter, showcasing its strong performance in the industry. Additionally, Air Products remains focused on executing growth projects, thereby reducing project risk and securing new contracts, which could potentially drive its shares to reach $320 within the next 12 months.

In addition to its financial performance, Air Products has also been actively engaged in various initiatives. The company recently signed a 15-year agreement to supply 70,000 tons of green hydrogen annually, contributing to the decarbonization efforts of TotalEnergies' Northern European refineries. Moreover, Air Products announced plans to divest its liquefied natural gas process technology and equipment business to Honeywell in a lucrative all-cash transaction.

Furthermore, Air Products is committed to sustainability and innovation. The company revealed plans to build networks of hydrogen refueling stations across key locations, promote the use of hydrogen-powered vehicles, and invest in expanding gas separation and purification membranes to meet the growing demand in various industries.

Looking ahead, Air Products confirmed its fiscal 2024 full-year adjusted EPS guidance of $12.20 to $12.50, reflecting a six to nine percent increase over the prior year. The company also provided fourth-quarter adjusted EPS guidance of $3.33 to $3.63. With a strong financial performance, strategic growth initiatives, and commitment to sustainability, Air Products and Chemicals is poised for further success in the future.

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