WOKING, UK - Linde plc (NASDAQ:NYSE:LIN) reported second-quarter 2024 adjusted earnings per share of $3.85, surpassing analyst estimates of $3.79. However, revenue for the quarter came in slightly below expectations at $8.27 billion versus the consensus estimate of $8.3 billion.
The industrial gases company saw underlying sales increase 3% year-over-year, driven by higher pricing as volumes remained flat. Adjusted operating profit rose 6% to $2.42 billion, with margins expanding 140 basis points to 29.3%.
Linde CEO Sanjiv Lamba commented, "Despite the challenging macro, the Linde team again delivered high-quality results, growing EPS 8%, increasing ROC to 25.7% and expanding operating margins 140 basis points, reaching 29.3%."
For the third quarter, Linde expects adjusted EPS between $3.82 and $3.92, slightly below the $3.93 analyst consensus. The company narrowed its full-year 2024 adjusted EPS guidance to $15.40-$15.60, in line with the $15.50 consensus.
Lamba added, "Looking ahead, the economic environment remains uncertain. However, we are well positioned to win more than our fair share of high-quality projects and continue to create shareholder value."
Linde's Americas segment saw 3% sales growth, while APAC and EMEA sales declined 2% and 3% respectively, impacted by currency headwinds. The company returned $2.1 billion to shareholders through dividends and stock repurchases during the quarter.
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