Industrial gas giant, Air Products and Chemicals Inc. (APD), announced that it has made changes in its network of distributors that supports the company's active ingredients and specialty polymers for the personal care market.
HORN has been named distributor in The Southwest, including Texas and surrounding states while Pride Solvents & Chemical Co. will be the distributor in the mid-Atlantic and New England states, effective immediately. The company chose these distributors as their sales people are technically trained and have adequate knowledge and expertise about the needs of the personal care industry. Further, they will enable Air Products to fulfill its performance targets.
Last month, Air Products posted first-quarter fiscal 2015 (ended Dec. 31, 2014) adjusted earnings of $1.55 a share, up roughly 15.7% from $1.34 a share reported in the year-ago quarter. The results also beat the Zacks Consensus Estimate of $1.49.
Adjusted earnings exclude one-time items including charges of $21.7 million associated with business restructuring and cost reduction actions and gain on previously held equity interest of $11.2 million.
Net income from continuing operations, as reported, rose roughly 13% to $324.6 million or $1.50 per share in the quarter from $287.1 million or $1.34 per share recorded in the year-ago quarter.
Revenues rose 0.6% year over year to $2,560.8 million driven by higher volumes and pricing. However, it missed the Zacks Consensus Estimate of $2,676 million.
Underlying sales, barring the company’s exit from the Polyurethane Intermediates (“PUI”) business, rose 5% year over year. Sales rose on the back of 4% increase in volumes and strength across most segments.
Air Products currently holds a Zacks Rank #2 (Buy).
Better-ranked stocks in the chemical industry include Asahi Kasei Corp. (AHKSY), Innophos Holdings Inc. (IPHS) and Olin Corp. (OLN). While Asahi Kasei and Innophos sport a Zacks Rank #1 (Strong Buy), Olin carries a Zacks Rank #2 (Buy).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Be the first to comment