Linde Reports Modest Gains in First-Quarter 2024 Results

Linde plc announced its financial results for the first quarter of 2024, signaling a mixed financial performance with slight increases in several key areas despite a decrease in overall sales. The global industrial gases company reported a minor sales decrease of 1% to $8.1 billion, while underlying sales rose by 1%. This was primarily due to a 2% increase in price attainment, somewhat offset by a 1% decline in volumes, notably in the manufacturing sector.

The firm achieved an operating profit of $2.1 billion, with an adjusted figure of $2.3 billion, marking a 6% rise from the previous year. Operating profit margins also improved significantly, reaching 28.9% after adjustments. Earnings per share (EPS) grew by 9% to $3.35, and adjusted EPS by 10% to $3.75 year-over-year. Additionally, first-quarter cash flows remained strong, with operating cash flow increasing by 2% to $1.95 billion, leading to a free cash flow of $906 million after capital expenditures.

Linde's CEO Sanjiv Lamba highlighted the robustness of their business model and their capacity to deliver high-quality results amid economic challenges. He expressed confidence in the company’s strategy to enhance shareholder value through ongoing operational excellence and strategic initiatives. Looking ahead, Linde forecasts an adjusted EPS growth of 8% to 10% for the full year of 2024, potentially reaching as high as 11% when excluding currency impacts, along with capital investments projected between $4.0 billion to $4.5 billion.