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12:00
Jul 30 ◎

APD FY2026 Q3 Watch

Air Products and Chemicals, Inc. (APD) FY2026 Q3 Earnings Call

YAR.OL 2222.SR 005930.KS APD ▾

Eduardo Menezes

Yara takes on marketing/distribution risk for Air Products' NEOM ammonia offtake, reducing Air Products' volume exposure and creating a partnership on green ammonia.

"I'm pleased to share that Air Products and IARA have signed a marketing and distribution agreement for renewable ammonia from the NEON green hydrogen project in Saudi Arabia."

YAR.OL WATCH

Eduardo Menezes

Air Products is facing uncertainty around the Jazan project but notes no expected financial impact, though relies on Saudi Aramco for official updates.

"But as you know, Saudi Aramco is not commenting on the fact yet, so we need to wait until they do that to provide more information."

2222.SR WATCH

Eduardo Menezes

Air Products sees electronics demand driving its capex, with Samsung being a notable customer for its industrial gas projects.

"You've had a nice little bump up in your backlog from various electronics projects. one official at Samsung, and then two others, so I think we can all presume who the partners are."

005930.KS WATCH

Eduardo Menezes

Air Products raised its fiscal 2026 guidance to 11-12% EPS growth, driven by volume, pricing, and productivity, despite ongoing macro uncertainties.

"With another quarter of strong performance, we are raising our full-year earnings guidance, which now implies an improvement of 11% to 12% for the full fiscal year."

APD WATCH

HIGH

12:00
Apr 30 ◎

APD FY2026 Q2 Watch

Air Products and Chemicals, Inc. (APD) FY2026 Q2 Earnings Call

YAR.OL 005930.KS ANDURIL VLO APD ▾

Eduardo Menezes

Air Products is progressing on a hydrogen/nitrogen agreement with Yara, though CBAM implications are a consideration for Yara.

"Our agreement is a U.S. agreement for hydrogen and nitrogen. So it's more a question for Yara."

YAR.OL WATCH

Eduardo Menezes

A major new project with Samsung in South Korea will drive significant future revenue growth for Air Products' electronics segment.

"we announced yesterday to build on and operate multiple production facilities and bulk specialty gas supply systems for a new advanced fab with Samsung in South Korea."

005930.KS WATCH

Eduardo Menezes

The broader commercial space sector, which may include Anduril, is seen as a growth area for Air Products.

"there is a tremendous opportunity to continue to grow in the space area, and our recently announced Florida ASU investment is expected to increase our participation with both NASA and commercial launches"

ANDURIL WATCH

Eduardo Menezes

Air Products' U.S. refinery hydrogen volumes are at record levels, driven by high utilization rates at Gulf Coast refineries that process heavy sour crudes. This is a counter-cyclical tailwind for the company, subsidizing weaker areas like Europe. — This suggests refining margins for complex Gulf Coast refineries are strong, likely due to high crack spreads for products like jet fuel, benefiting companies like Valero and Phillips 66.

"Our hydrogen volume never been so high as it is right now."

VLO WATCH PSX WATCH MPC WATCH

Eduardo Menezes

Management raised full-year EPS guidance, citing strong first-half performance, ongoing productivity gains, and a more favorable operating environment in key end markets, despite persistent helium headwinds.

"we are raising our full-year earnings guidance which now implies an improvement of 8% to 10% at the midpoint of the full fiscal year."

APD WATCH

HIGH

13:00
Jan 30 ◎

APD FY2026 Q1 Watch

Air Products and Chemicals, Inc. (APD) FY2026 Q1 Earnings Call

YAR.OL LMT SLB LIN APD ▾

Eduardo Menezes

Air Products is partnering with Yara to de-risk its Louisiana clean ammonia project by transferring ammonia production/distribution and offtake risk to Yara, while Air Products focuses on the industrial gas scope (hydrogen/nitrogen supply).

"In December, Air Products issued a joint press release with FIARA International announcing that we are in advanced negotiations for the low-emission ammonia projects in the U.S. and Saudi Arabia."

YAR.OL WATCH

Eduardo Menezes

Demonstrates demand resilience in the aerospace segment, which is a key growth pocket for Air Products' merchant business.

"For example, earlier this week, we announced our latest supply contracts with NASA to provide liquid hydrogen to multiple U.S. facilities."

LMT WATCH

Eduardo Menezes

Air Products' Louisiana clean ammonia project is contingent on finding a partner for carbon capture and sequestration scope; they are running an RFP for CO2 transport and storage, indicating a key bottleneck is securing sequestration services and capital cost certainty. — The project's FID is gated on finding a sequestration partner, highlighting both the reliance on and potential demand for carbon capture and storage services in the Gulf Coast.

"We also require a partner for the carbon capture and sequestration scope prior to taking a fine investment decision. We have already launched an RFP process for the CO2 transport and storage scope and are in active discussions with several"

SLB WATCH

Eduardo Menezes

Management is seeing pricing power in its merchant business in the Americas and Europe, which is helping to offset significant volume weakness and lower helium sales. — This suggests that despite weak industrial production, industrial gas producers are still able to hold or raise prices, which is a positive signal for the broader merchant gas industry.

"Price improved on non-helium merchant products, particularly in the Americas and Europe."

LIN WATCH

Eduardo Menezes

Management maintained its fiscal 2026 guidance despite a sluggish macro environment, signaling confidence in offsetting volume weakness with pricing and productivity gains. The tone is measured, highlighting resilience but acknowledging challenges.

"We are affirming our full-year earnings guidance, which implies an improvement of 7% to 9% at the midpoint for the full fiscal year. EPS growth is expected to be achieved primarily through continued focus on pricing actions and"

APD WATCH

HIGH

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