Linde Reports First-Quarter 2024 Results (Earnings Release Tables Attached)

First-Quarter Highlights

• Sales $8.1 billion, down 1%, underlying sales up 1%
• Operating profit $2.1 billion, adjusted operating profit $2.3 billion, up 6%
• Operating profit margin 25.9%; adjusted operating profit margin 28.9%, up 200 basis points
• EPS $3.35, up 9%; adjusted EPS $3.75, up 10% YoY
• Full-year 2024 adjusted EPS guidance of $15.30 - $15.60 representing 8% to 10% growth year-over-year

WOKING, UK / ACCESSWIRE / May 2, 2024 / Linde plc (NASDAQ:LIN) today reported first-quarter 2024 net income of $1,627 million and diluted earnings per share of $3.35, up 7% and 9% respectively. Excluding Linde AG purchase accounting impacts and other charges, adjusted net income was $1,821 million, up 8% versus prior year. Adjusted earnings per share was $3.75, 10% above prior year.

Linde's sales for the first quarter were $8,100 million, down 1% versus prior year. Compared to prior year, underlying sales increased 1% from 2% price attainment partially offset by 1% lower volumes largely driven by the manufacturing end market.

First-quarter operating profit was $2,095 million. Adjusted operating profit of $2,341 million was up 6% versus prior year led by higher price and continued productivity initiatives across all segments. Adjusted operating profit margin of 28.9% was 200 basis points above prior year and 130 basis points higher when excluding the effects of cost pass-through.

First-quarter operating cash flow of $1,954 million increased 2% versus prior year. After capital expenditures of $1,048 million, free cash flow was $906 million. During the quarter, the company returned $1,694 million to shareholders through dividends and stock repurchases, net of issuances.

Commenting on the financial results and business outlook, Chief Executive Officer Sanjiv Lamba said, "I'm proud of how the Linde team continues to deliver high-quality results despite economic headwinds. We had another strong quarter, growing EPS 10%, ROC to 25.6% and expanding operating margins 200 basis points, reaching 28.9%. These results demonstrate the resiliency of our integrated industrial gas model through optimizing our network density, all while developing high-quality growth opportunities."

Lamba continued, "Despite the uncertain economic environment, I remain confident in our ability to continue to create shareholder value through our proven operating model."

For the second quarter of 2024, Linde expects adjusted diluted earnings per share in the range of $3.70 to $3.80, up 4% to 6% versus prior-year quarter or 5% to 7% when excluding 1% of estimated currency headwind.