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LEHIGH VALLEY, Pa. - Air Products (NYSE:APD), an industrial gases company, has released preliminary financial results for the first quarter of fiscal year 2025, with GAAP earnings per share (EPS) of $2.77 and adjusted EPS of $2.86. These results surpass the company's guidance and analyst consensus for the quarter. According to InvestingPro data, the company, currently valued at $69.4 billion, trades at a P/E ratio of 18.07 and maintains a solid dividend yield of 2.27%.
The company's Board of Directors has also outlined a CEO succession plan, with the appointment of a new President expected by March 31, 2025. The transition to a new CEO is anticipated within three months of that appointment. InvestingPro analysis shows Air Products has maintained strong financial health with an overall score of "GOOD" and has consistently paid dividends for 55 consecutive years, demonstrating stable corporate governance. In conjunction with this change, the roles of Chair and CEO will be separated, and a new independent Chair will be appointed. The current Chair, Mr. Ghasemi, will retire from the Board.
This announcement comes ahead of the company's 2025 Annual Meeting of Shareholders, scheduled for January 23, 2025. The Board has recommended a vote "FOR" only Air Products' nominees on the WHITE proxy card, urging shareholders to protect the company's path to value creation.
The Board has expressed concerns over the campaign by Mantle Ridge, which they describe as disruptive and misguided, potentially threatening the company's progress and long-term strategy. The Board has highlighted that Mantle Ridge’s CEO candidate, Eduardo Menezes, lacks the necessary qualifications for Air Products' CEO role.
Air Products, with operations in approximately 50 countries and fiscal 2024 sales of $12.1 billion, emphasizes its commitment to creating shareholder value and leading in the supply of hydrogen for cleaner energy solutions. The stock currently trades near its 52-week high of $337, reflecting strong market confidence. Discover more detailed insights and analysis in the comprehensive Pro Research Report, available exclusively on InvestingPro.
The information provided is based on a press release statement from Air Products.
"In other recent news, Air Products reported preliminary fiscal 2025 first quarter adjusted earnings per share (EPS) of $2.86, surpassing the company's previous guidance range of $2.75 to $2.85. This higher-than-expected performance also outpaced the preliminary GAAP EPS of $2.77 for the quarter ended December 31, 2024. These recent developments underscore the company's stronger-than-anticipated performance in the first quarter. The company is set to release its full first quarter fiscal 2025 financial results in the near future. It is important to note that these figures are preliminary and are subject to change upon the release of the full financial results. As always, investors are encouraged to look to these earnings and revenue results as key indicators of the company's financial health. This report does not include any predictions or comments on the company's stock price movement."
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