Latest news with #AirProducts'
Reuters
24-02-2025
- Business
- Reuters
Air Products to exit three US projects
Feb 24 (Reuters) - Air Products (APD.N), opens new tab said on Monday it would exit three projects in the U.S. and expects to record a pre-tax charge of nearly $3.1 billion in its second quarter to write down assets and terminate contractual commitments. This comes after the company lost the proxy fight against activist investor Mantle Ridge, which had been pushing the company to replace its 80-year-old chief, by electing three new directors and unseating the CEO from the board. Advertisement · Scroll to continue Report this ad "The decision to exit these three projects will streamline our backlog and focus company resources on projects that drive value for Air Products' shareholders," said Eduardo Menezes, the newly elected chief executive officer of Air Products. As part of a review initiated by Air Products' newly-elected board of directors, the company has decided to terminate the agreement with World Energy for the Sustainable Aviation Fuel expansion project in Paramount, California. It also looks to cancel its plans to construct a 35-metric-ton per day facility to produce green liquid hydrogen in Massena, New York, largely due to recent regulatory developments rendering existing hydroelectric power supply ineligible for the Clean Hydrogen Production Tax Credit (45V). Lastly, it plans to terminate its carbon monoxide project in Texas. Air Products said that it does not currently expect any material cancellations going forward, but continues to evaluate its existing backlog. Get a look at the day ahead in U.S. and global markets with the Morning Bid U.S. newsletter. Sign up here.
Yahoo
06-02-2025
- Business
- Yahoo
Air Products beats estimates for quarterly profit amid costly boardroom battle
(Reuters) - Industrial gases manufacturer Air Products beat Wall Street's expectations for first quarter profit on Thursday, as higher sales in key markets helped offset an expensive boardroom battle. The industrial gas giant, which produces helium and hydrogen, recently emerged from a months-long boardroom battle, absorbing a $29.9 million charge in the first quarter due to related costs. Earlier this week, activist investor Mantle Ridge succeeded in replacing long-serving CEO, Seifi Ghasemi, with Eduardo Menezes, a former executive from Air Products' rival, Linde. Higher sales in Asia and the Americas - two of its largest segments, according to LSEG data - resulted in a 1.3% rise in net income attributable to Air Products, coming in at $617.4 million in the first quarter. In December, U.S. manufacturing showed positive signs of recovery with increased production and new orders, boosting demand for Air Products' services across various sectors such as refining, chemicals, metals, electronics, manufacturing, and food. The Lehigh Valley, Pennsylvania-based company increased its quarterly dividend to $1.79 per share, from $1.77 per share previously and expects to return about $1.6 billion to shareholders in 2025. However, Air Products forecast second-quarter adjusted profit between $2.75 per share and $2.85 per share, falling short of analysts' expectations of $3.05 per share, according to data compiled by LSEG. The company marginally beat analysts' estimates for first quarter adjusted profit at $2.85 per share. Sign in to access your portfolio
Reuters
06-02-2025
- Business
- Reuters
Air Products beats estimates for quarterly profit amid costly boardroom battle
Feb 6 (Reuters) - Industrial gases manufacturer Air Products (APD.N), opens new tab beat Wall Street's expectations for first quarter profit on Thursday, as higher sales in key markets helped offset an expensive boardroom battle. The industrial gas giant, which produces helium and hydrogen, recently emerged from a months-long boardroom battle, absorbing a $29.9 million charge in the first quarter due to related costs. Earlier this week, activist investor Mantle Ridge succeeded in replacing long-serving CEO, Seifi Ghasemi, with Eduardo Menezes, a former executive from Air Products' rival, Linde ( opens new tab. Higher sales in Asia and the Americas - two of its largest segments, according to LSEG data - resulted in a 1.3% rise in net income attributable to Air Products, coming in at $617.4 million in the first quarter. In December, U.S. manufacturing showed positive signs of recovery with increased production and new orders, boosting demand for Air Products' services across various sectors such as refining, chemicals, metals, electronics, manufacturing, and food. The Lehigh Valley, Pennsylvania-based company increased its quarterly dividend to $1.79 per share, from $1.77 per share previously and expects to return about $1.6 billion to shareholders in 2025. However, Air Products forecast second-quarter adjusted profit between $2.75 per share and $2.85 per share, falling short of analysts' expectations of $3.05 per share, according to data compiled by LSEG. The company marginally beat analysts' estimates for first quarter adjusted profit at $2.85 per share.
