Yara International ASA

Air Products and Chemicals, Inc.'s shares have gained 24.7% so far this year, outperforming the Zacks Chemicals Diversified industry's 21.1% rise. The company is benefiting from high-return industrial gas projects, new business deals, acquisitions, and productivity initiatives. Air Products has an industrial gas project backlog of around $3 billion, with most projects serving electronics customers, and plans to invest about $1.5 billion annually in traditional projects. It is also pursuing the NEOM green hydrogen project in Saudi Arabia, expected to supply up to 1.2 million tons per year of renewable ammonia, with a marketing and distribution agreement finalized with Yara International. The company raised its fiscal 2026 adjusted earnings guidance to $13.39-$13.49 per share from $13.00-$13.25, and expects fourth-quarter adjusted earnings of $3.55-$3.65 per share, implying 5-8% growth. Air Products also expects $250 million in annual cost savings from headcount reductions, having already realized roughly $75 million.

A new report from ResearchAndMarkets.com forecasts that global ammonia market revenue will exceed US$89.95 billion in 2026, with strong growth projected through 2036. The 418-page study provides revenue forecasts, competitive intelligence, and commercial analysis across key segments, regions, and 25 national markets, profiling 15 prominent companies including BASF, Yara International, CF Industries, SABIC, and 73 other key players. Growth is driven by resilient fertiliser demand, premium low-carbon and green ammonia opportunities, and expanding uses in energy storage, fuels, chemicals, and refrigeration. The report also examines the impact of U.S. trade tariffs on global ammonia trade and energy costs, which continue to shape market competitiveness. It includes 136 tables and 198 charts, with forecasts through 2036 to help decision-makers identify investment areas and market-entry strategies.

Air Products reported fiscal 2026 third quarter adjusted earnings per share of $3.47, exceeding the top end of its guidance, and raised its full-year adjusted EPS outlook to a range of $13.39 to $13.49. GAAP results included a loss per share of $6.47 and an operating loss of $2.1 billion, driven by approximately $2.9 billion in pre-tax charges for project exit decisions announced on June 30, 2026, including the discontinuation of the Louisiana Clean Energy Complex and a zero-carbon liquid hydrogen facility in Arizona. Adjusted operating income rose 9 percent to $810 million on higher on-site volumes, favorable currency, and higher pricing, while sales increased 5 percent to $3.2 billion. The company also finalized a marketing and distribution agreement with Yara for renewable ammonia from the NEOM Green Hydrogen Project in Saudi Arabia and now expects fiscal year 2026 capital expenditures of approximately $3.5 billion.

Yara International's U.S. subsidiary has agreed to acquire the Gulf Coast Ammonia production facility in Texas City for $1.3 billion. The seller is GCA Holdings LLC, affiliated with Lotus Infrastructure Partners and MB Energy. The plant is currently in the commissioning phase and is expected to reach full production and stable operations by the end of 2026. The acquisition is expected to strengthen Yara's global ammonia production footprint by diversifying its energy exposure and enhancing the competitiveness of its ammonia business. The plant has an expected nameplate production capacity of 1.3 million metric tons per year, and Air Products will continue supplying industrial gases under a long-term agreement.

Air Products and Chemicals has decided not to proceed with its Louisiana Clean Energy Complex and several related clean hydrogen projects, expecting up to US$2.90 billion in pre-tax charges mainly from asset write-downs and contract terminations. At the same time, the company is finalizing a global marketing and distribution agreement with Yara International for renewable ammonia from the NEOM Green Hydrogen Project, signaling a shift toward cleaner energy opportunities backed by an established ammonia supply chain. The exit brings a large one-off charge but does not change the near-term catalyst of turning large energy transition projects into productive assets, while the NEOM-Yara partnership keeps Air Products tied to large-scale clean energy growth as it pares back other hydrogen investments.

Air Products and Chemicals shares rallied 8% in the last trading session to close at $293.18, driven by higher-than-usual trading volume. The gains follow the company's decision to exit investments that do not meet its return thresholds and streamline its clean energy strategy to optimize its project portfolio. Its strategic partnership with Yara International for renewable ammonia from the NEOM Green Hydrogen Project further strengthens its capabilities to support future demand. The company is expected to report quarterly earnings of $3.35 per share, up 8.4% year-over-year, on revenues of $3.17 billion, a 5% increase. The consensus earnings estimate for the quarter has been revised marginally higher over the last 30 days, and the stock currently carries a Zacks Rank of 2, or Buy.

The global agricultural calcium market is projected to grow from USD 23.60 billion in 2025 to USD 29.62 billion by 2030, at a compound annual growth rate of 4.6%. Growth is driven by the shift toward sustainable and precision agriculture, global sustainability mandates for mineral inputs, and priorities in soil health management. The calcium carbonate segment is expected to dominate due to its abundance and cost-effectiveness, while field crops will lead application demand. South America is anticipated to hold a significant market share, with strong adoption in Brazil and Argentina. Key players include Yara International, Omya International AG, Sibelco, and Carmeuse.