Specialty chemical company
Air Products & Chemicals Inc.
) announced that it has won a contract from the University of
Petroleum and Energy Studies (UPES) in India to build the
country's first solar powered renewable hydrogen fuel station.
The station is expected to come online in July 2013 and will be
located at the Solar Energy Centre near Delhi.
The station will generate hydrogen from solar energy with the
help of an electrolyser. The hydrogen that will be produced at
the station will be 100% renewable and demonstrates India's
commitment toward developing greener alternative energy sources.
Although a demonstration project, the fueling station will mark
India's leap toward hydrogen economy.
The UPES project will also open up new avenues for automotive and
telecommunication sectors in India. The project is being
developed in collaboration with Indian Oil and it is entirely
funded by the Ministry of New and Renewable Energy (MNRE) of the
Government of India.
The project also demonstrates Air Products' hydrogen fueling
capabilities and represents the third hydrogen station installed
in India by Air Products. Air Products was the pioneer in setting
up the first hydrogen fuel station several years ago at a
research and development center in Faridabad, south of New
Air Products provides atmospheric, process and specialty
gases; performance materials; equipment; and technology products.
Last month, the company released its fourth quarter and fiscal
2012 results. It logged adjusted earnings from continued
operations of $1.42 a share for the quarter ended September 30,
2012, missing the Zacks Consensus Estimate by a couple of
Consolidated net income, as reported, plunged 57% year over
year to $138.7 million or 65 cents a share, pummeled by hefty
one-time charges. The company reported a profit of $324.8 million
or $1.51 a share a year ago.
Revenues rose 4% to $2,606 million, beating the Zacks Consensus
Estimate of $2,574 million. The revenue growth was attributable
to higher volumes in the Tonnage Gases, Equipment and Energy, and
Electronics and Performance Materials divisions as well as sales
increases due to acquisitions, partly offset by the impact of
unfavorable currency. The company witnessed sluggish
manufacturing activity in the quarter.
For fiscal 2012, the company has reported adjusted earnings of
$5.40 a share that missed the Zacks Consensus Estimate of $5.42
but exceeded the year-ago level of $5.36. Sales for the year
edged down 1% year over year to $9,612 million, but beat the
Zacks Consensus Estimate of $9,577 million.
For fiscal 2013, Air Products plans to take a number of steps
including execution of its new Tonnage investments and sustained
improvement in its Electronics and Performance Materials unit to
attain better productivity. The company expects that its recent
strategic moves will act favorably for future growth and
profitability despite the weak macroeconomic backdrop.
Air Products anticipates earnings per share between $5.65 and
$5.85 for fiscal 2013, and $1.26 and $1.31 for the first quarter
of fiscal 2013. The company also expects capital expenditures
between $2 billion and $2.2 billion for the year.
Air Products, which competes with
), currently holds a short-term (1 to 3 months) Zacks #4 Rank
(Sell) and we have a long-term (more than 6 months) Underperform
recommendation on the stock.
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