Air Products & Chemicals Inc.

Core Business Strengths and Focus: Air Products' CEO Eduardo Menezes emphasized the company's solid core industrial gas business, which accounts for approximately $12 billion in sales with a 24% operating margin. The company plans to refocus on its traditional business model to unlock significant value through disciplined cost management, productivity, and operational excellence, aiming for 30% adjusted operating margin by 2030.

Project Cancellations and Delays: The company has canceled three significant U.S. projects and is actively working to de-risk its large green and blue hydrogen projects in Saudi Arabia and Louisiana. Notably, the cost of the Alberta project has ballooned to $3.3 billion, nearly triple the original estimate, with an expected start date pushed back to late 2027 to early 2028.

Financial Guidance and Earnings Projections: For fiscal year 2025, Air Products expects adjusted earnings per share to range between $11.85 to $12.15, reflecting a 4% decrease due to the LNG business divestiture and project cancellations. The company anticipates base business growth of 2-5% while noting a significant headwind of approximately 5% related to helium pricing.