2024-04-05 17:56:22 ET
Summary
- The company's Q1 2024 earnings were a miss, with volumes and pricing below our estimates. This includes higher corporate costs impacting earnings. For this reason, we lower our 2024 EPS.
- There are limited risks to IRA Clean Hydrogen Tax Credits under different US election scenarios. Air Products And Chemicals CAPEX projects are at the forefront of the blue/green hydrogen revolution.
- It has a solid balance sheet while growing its DPS. APD also looks inexpensive compared to its closest peers (Linde and Air Liquide).
Here at the Lab, we have good coverage of Industrial gas companies, and Air Products and Chemicals ( APD ) is a top pick in our investment portfolio. For our new readers, the company has a $12 billion annual turnover and provides specialty gases to healthcare facilities, industrial manufacturers, and energy companies. These gases are delivered by pipelines with on-site production units or in liquid or tanker trucks. In addition, for smaller customers, gas might be supplied with cylinders....
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For further details see:
Air Products And Chemicals: First Mover Advantage Not Priced In