Air Products & Chemicals, Inc. (APD) has seen a series of significant shifts and turbulent events. The company's
Board of Directors appointed
Eduardo F. Menezes as CEO amidst a challenging period. Nevertheless, the
stock experienced a setback due to a weak profit forecast, triggering some downgrades from JPMorgan and BMO Capital. Despite global sales headwinds,
APD managed to hit its 43rd straight dividend hike, reflecting its relative resilience. It also managed to beat estimates for
quarterly profit, though a boardroom battle took center stage. Multiple observers criticised the capital allocation surrounding clean hydrogen projects as questionable, and the company
adjusted EPS to $2.86, surpassing estimates. The quarterly results revealed modest growth, yet faced considerable challenges in China. Amid the drama, there was a major board shake-up prompted by activist shareholder Mantle Ridge. A contentious vote registered sufficient support for Mantle Ridge's board seat nominations, prompting the overhaul of the executive board and CEO succession planning.
Activists not only criticized APD’s leadership but were also successful in their push for a strategic shift. Going forward, APD has significant potential for growth, especially with its strategic hydrogen projects and ongoing board refreshment aimed at elevating its innovation and market positioning.
Air Products Chemicals APD News Analytics from Thu, 23 May 2024 07:00:00 GMT to Sat, 08 Feb 2025 11:50:00 GMT -
Rating 0
- Innovation -3
- Information 7
- Rumor -1
