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Air Products (APD) Wins Contract to Supply On-Site Nitrogen

Zacks Equity Research

Air Products and Chemicals, Inc. APD recently received a contract to supply on-site nitrogen to Samwha Capacitor's new multi-layer ceramic capacitor (MLCC) facility in Yongin, South Korea. The new MLCC plant is being built adjacent to Samwha Capacitor's existing facility.   

Air Products supplies on-site nitrogen to the Yongin site that produces MLCCs for electronics and automotive industries. Notably, Samwha Capacitor is a leading supplier of MLCC in the country.

Per the new contract, Air Products will boost its nitrogen capacity to support increasing demand from the existing and new facilities of Samwha Capacitor. Developments in 5G, automotive and other modern technologies are likely to drive demand for MLCC.

Notably, MLCCs are passive electronic components, which stores electrical energy. Given its small physical dimension and large storage capability, it is widely used in autonomous vehicles, electric and other modern technology fields. This includes telecommunication, smartphones, personal computers, video cameras and data processing.

Air Products, which is among the prominent players in the chemical space along with Eastman Chemical Company EMN, Celanese Corporation CE and PPG Industries, Inc. PPG, revised its adjusted earnings per share (EPS) guidance for fiscal 2019 in the range of $8.20-$8.25 from the previous expectation of $8.15-$8.30. This suggests more than 10% rise year over year at the midpoint.

Air Products expects adjusted EPS for fourth-quarter fiscal 2019 in the band of $2.26-$2.31, which indicates year-over-year rise of 13-16%.

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