Linde has reported robust third-quarter 2024 results, including a 9% increase in adjusted earnings per share (EPS) to $3.94, despite challenging economic conditions. Driven by higher pricing and efficiency gains across segments, the industrial gas giant saw an adjusted operating profit rise of 7% year-over-year, reaching $2.5 billion.
The company’s sales for Q3 totalled $8.4bn, marking a modest 2% increase over the prior year. This growth was supported by a similar 2% rise in underlying sales driven by price improvements, though volumes remained flat across the board.
Sanjiv Lamba, Linde’s CEO, commented on the quarter’s performance. “As anticipated, weak economic trends persisted through the third quarter, most notably in the industrial end markets. However, Linde employees once again delivered high-quality results by growing EPS 9%, increasing ROC to 25.8%, and expanding operating margins by 130 basis points to 29.6%.”
Lamba also highlighted the company’s commitment to a disciplined investment strategy as it signed its largest-ever sale-of-gas project, boosting Linde’s project backlog to an all-time high of $10bn.
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