air products & chemicals inc (APD) Key Developments
Air Products & Chemicals Inc. Announces Executive Changes
May 4 15
On April 28, 2015, Lawrence S. Smith, a member of Air Products and Chemicals Inc.’s Board of Directors and Chairman of the Audit Committee of the Board, passed away. Mr. Smith served as a member of the Board since 2004 and will be greatly missed. Mr. W. Douglas Ford is fulfilling the responsibilities of chairman of the Audit Committee on an interim basis.
Air Products & Chemicals Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended March 31, 2015; Provides Earnings Guidance for the Third Quarter and Fiscal Year 2015
Apr 30 15
Air Products & Chemicals Inc. reported unaudited consolidated earnings results for the second quarter and six months ended March 31, 2015. For the quarter, the company reported sales of $2,414.5 million against $2,581.9 million a year ago. Operating Income was $374.4 million against $384.7 million a year ago. Income from continuing operations before taxes was $384.0 million against $383.6 million a year ago. Income from continuing operations was $296.9 million or $1.33 per diluted share against $291.5 million or $1.32 per diluted share a year ago. Net income attributable to the company was $290.0 million or $1.33 per diluted share against $283.5 million or $1.32 per diluted share a year ago. Capital expenditures on a Non-GAAP basis were $398.3 million against $462.1 million a year ago.
For the six months, the company reported sales of $4,975.3 million against $5,127.4 million a year ago. Operating Income was $804.4 million against $770.3 million a year ago. Income from continuing operations before taxes was $828.0 million against $774.1 million a year ago. Income from continuing operations was $634.4 million or $2.83 per diluted share against $587.5 million or $2.66 per diluted share a year ago. Net income attributable to the company was $614.6 million or $2.83 per diluted share against $573.7 million or $2.67 per diluted share a year ago. Cash provided by operating activities was $967.2 million against $1,024.7 million a year ago. Additions to plant and equipment were $817.6 million against $802.2 million a year ago. Capital expenditures on a Non-GAAP basis were $899.3 million against $901.8 million a year ago.
The company provided earnings guidance for the third quarter and fiscal year 2015. For the quarter, the company expects EPS from continuing operations to be between $1.55 and $1.60 per share.
For the full fiscal year 2015, the company is maintaining its guidance from continuing operations of $6.35 to $6.55 per share, which at the midpoint, represents a 12% increase over fiscal 2014. The company now expects capital expenditures of about $1.7 billion, at the low-end of its previous forecast. For the remainder of fiscal 2015, the company expects to continue delivering higher EBITDA due to its cost-reduction efforts, and its capital expenditures should decline in the second half of the year on project timing. The company continues to work towards being free cash flow positive for fiscal year 2015.
Air Products Signs Product Supply Agreement with Big River Steel, LLC
Apr 28 15
Air Products announced that it has signed a product supply agreement with Big River Steel, LLC. Under the terms of the agreement, Air Products will operate an air separation unit (ASU) producing multiple industrial gases and a PRISM hydrogen generator. The onstream target for all the units is July 2016. The ASU will provide pipeline oxygen, nitrogen and argon, and the PRISM unit will provide pipeline hydrogen for the new hot rolled steel facility.
Air Products & Chemicals Inc. Presents at Barclays Select Series: 2015 Chemical ROC Stars Conference, May-05-2015 09:15 AM
Apr 27 15
Air Products & Chemicals Inc. Presents at Barclays Select Series: 2015 Chemical ROC Stars Conference, May-05-2015 09:15 AM. Venue: 745 Seventh Avenue, New York, NY 10019, United States. Speakers: Scott Crocco, SVP and CFO.
Air Products Appoints Marie Ffolkes as President, Industrial Gases – Americas, Effective May 18, 2015
Apr 21 15
Air Products announced that Marie Ffolkes has been appointed to the position of President, Industrial Gases – Americas, effective May 18, 2015. Ffolkes comes to Air Products with 20 years of manufacturing experience and has held senior executive positions with advancing responsibilities at several companies during that time. Ffolkes will report to Corning Painter, executive vice president – Industrial Gases, who held the new position on an interim basis until an appointment was made. At Air Products, Ffolkes will be responsible for driving the strategy and profitability of the Industrial Gases – Americas business segment, one of the company's large business areas, to achieve its primary business objectives and ensure growth, in addition to directing long range business planning efforts. As this is a new position within Air Products, Ffolkes will be responsible for leading change and transformation within this business segment by helping to combine the various industrial gases businesses into one unit, a change from the previous structure. Across North and South America, Ffolkes will have accountability for safety, plant operations, distribution, supply chain, procurement, sales, marketing, as well as regional operations. Ffolkes joins Air Products most recently from Tenneco Inc. where she was global vice president and general manager of its Global Elastomer & Ride Performance Group.