Air Products and Chemicals Inc. (APD) has introduced a new additive called Tomakleen G-12 additive to its product portfolio for hard surface industrial and institutional cleaning. The product brings solace to the formulators who face the challenge of increasing environmental regulations and the need for improving worker safety. The Tomakleen G-12 additive addresses this challenge by delivering improved and faster cleaning while enabling reduced VOC formulations.
Tomakleen G-12 additive is a detergency booster and holds unique features that enables the additive to provide fast monomer migration and better surface exchange to deliver a cleaning ‘boost’ to products such as hard surface cleaners, heavy duty degreasers, and vehicle care products.
Tomakleen G-12 additive, which is used with a base surfactant, delivers improved cleaning performance and can effectively reduce or eliminate the need for oxygenated solvents. It is also a water-soluble alternative to glycol ethers and other oxygenated solvents.
Air Products released its first-quarter fiscal 2014 (ended Dec 31, 2013) results on Jan 28. The company saw higher profit in the quarter helped by its cost reduction measures. The company registered earnings from continuing operations of $1.34 a share in the quarter, up 3% from the year-ago earnings of $1.30. The results beat the Zacks Consensus Estimate by a penny.
Consolidated net income rose 4% year over year to $290.2 million (or $1.35 a share) from $278.3 million (or $1.31 a share) a year ago.
Revenues, however, declined 0.7% year over year to $2,545.5 million, missing the Zacks Consensus Estimate of $2,562 million. The decline was due to lower volumes and flat pricing which were partly offset by higher energy pass-through.
Air Products reaffirmed its earnings guidance for fiscal 2014 and anticipates earnings from continuing operations to be in the range of $5.70 and $5.90 per share. For the second quarter, earnings from continuing operations are expected in the band of $1.32 to $1.37 per share.
Air Products expects its strategic actions including productivity improvement, better asset utilization, disciplined project execution and cost management initiatives to drive earnings in fiscal 2014. The company expects stronger momentum in the back half of the year.
Air Products currently holds a Zacks Rank #3 (Hold).
Other companies in the chemical industry worth considering include Methanex Corp. (MEOH), Northern Technologies International Corp. (NTIC) and PPG Industries Inc. (PPG). While both Methanex and Northern Technologies carry a Zacks Rank #1 (Strong Buy), PPG Industries holds a Zacks Rank #2 (Buy).
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