Air Products & Chemicals Inc.APD said that it will raise product pricing and monthly service charges for merchant customers in North America. The hike will be effective from Oct 1, 2015 or as contracts allow.
The pricing adjustments include increases of up to 20% for liquid argon and liquid carbon dioxide; up to 15% for liquid oxygen, liquid nitrogen, liquid and bulk hydrogen; up to 10% for liquid and bulk helium; and up to 10% for tank monthly service charges.
The price adjustments, which reflect increasing costs, will support sustained investments to improve the reliability, security, safety and efficiency of operations.
In Jul 2015, Air Products reported third-quarter fiscal 2015 (ended Jun 30, 2015) adjusted earnings from continuing operations of $1.65 a share, up roughly 13% from $1.46 a share recorded in the year-ago quarter. Earnings also beat the Zacks Consensus Estimate of $1.58.
Adjusted earnings exclude one-time items, including charges of $38.8 million associated with business restructuring actions.
Net income from continuing operations, as reported, rose roughly 1.6% to $319 million or $1.47 per share in the quarter from $314 million or $1.46 per share recorded in the year-ago quarter.
Revenues declined 6.2% year over year to $2,470.2 million and were in line with the Zacks Consensus Estimate. The top line was adversely impacted by lower energy pass-through and unfavorable currency swings, which more than offset underlying sales growth.
Air Products currently carries a Zacks Rank #2 (Buy).
Other favorably-ranked stocks in the chemical space include Koppers Holdings Inc. KOP , Arkema S.A. ARKAY and Akzo Nobel N.V. AKZOY . While Koppers sports a Zacks Rank #1 (Strong Buy), both Arkema and Akzo Nobel carry a Zacks Rank #2 (Buy).
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
