gasworld Business Intelligence provides you with the latest analysis of Linde’s Q2 2016 earnings reports.
Headlines
- Total corporate sales reported at €4.3bn in Q2 2016 were down -7% or down -3% excluding currency. This is similar to 2016 Q1 and was the weakest reported growth for The Linde Group since late 2013.
- Reported gases growth also turned increasingly negative in Q2. However, YoY, the rate remained flat to marginally up, excluding the impact of currency rates.
- Engineering sales were down by -25% YoY in Q2, and at lowest level since early 2013. On the other hand, order intake was solid, although backlog down since the end of 2015.
- Gases account for around 80% of Linde corporate sales, with engineering nearly 20%, and other businesses (mainly Gist distribution) less than 2%.
- 2016 growth expectations are unchanged with corporate ranging from -3% to 4%, excluding currency, and gases ranging from 0% to 5%.
- Reported corporate operating income recovered strongly by 12% to €560m YoY.
- Underlying gases operating income growth also experienced strong growth at over 15%. However, this rate is flat after it is adjusted for prior year changes.
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