Air Products & Chemicals Inc.
) announced that it has hiked its quarterly dividend by 11% to 71
cents per share from 64 cents. The revised dividend is payable on
May 13, 2013, to shareholders of record at the close of business
on Apr 1, 2013.
In Jan 2013, Air Products logged first-quarter fiscal 2013
(ended Dec 31, 2012) earnings from continued operations of $1.30
a share, beating the Zacks Consensus Estimate by a penny.
Consolidated net income from continuing operation increased 22.6%
year over year to $276.9 million.
Air Products' revenues rose 10.4% year over year to $2,562.4
million in the first quarter, beating the Zacks Consensus
Estimate of $2,471 million. Sales were aided by higher volumes in
the Tonnage Gases, Equipment and Energy divisions and
Air Products anticipates earnings for fiscal 2013 to be in the
range of $5.70 to $5.90 per share, up from its previous guidance
of $5.65 and $5.85 per share. For second-quarter 2013, earnings
are expected in the band of $1.34 to $1.39 per share.
Air Products' healthy project backlog strongly positions it to
achieve its long-term growth target. Given its leading position
in the gases business, the company is well positioned to
capitalize on the cyclical recovery in its core industrial end
New business wins in the Merchant Gases segment should drive
results in the near term. The acquisition of a 67% stake in
Chilean industrial gas company, Indura, is expected to present
substantial growth opportunity for Air Products, placing it as
Latin America's second largest industrial gas producer. However,
Air Products remains exposed to raw material inflation.
Air Products currently holds a short-term Zacks Rank #3
Other companies in the chemical industry having favorable
Zacks Rank are
Akzo Nobel NV
LyondellBasel Industries NV
). All of them hold a Zacks Rank #2 (Buy).
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