Linde boosts quarterly revenue to record $9.4 billion — CNBC

Linde increased its revenue by 9.2% year-on-year in the third quarter ended September 30, to a record $9.4 billion. Adjusted earnings per share rose 9% to $4.59, exceeding LSEG’s consensus forecast of $4.54. CNBC reports.

The company also posted quarterly records for operating profit and earnings. Revenue growth was driven by a 2% increase in sales volumes, as well as a 3% impact from pricing and sales mix.

Demand from electronics and the space industry

The electronics sector showed the highest growth rate among end markets, with its sales increasing by 15%. This segment includes specialty gases for semiconductor manufacturing, demand for which is supported by the buildout of artificial intelligence infrastructure.

Sales in the chemicals and energy industries grew by 12%. Revenue in the Asia-Pacific region rose by 12%, in the Americas by 11%, and in the Europe, Middle East and Africa region by 7%. Company management noted that the strongest shipment volumes remain in the United States, particularly due to activity in energy, chemicals, metals and rocket fuel supplies.

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Lincare restructuring and outlook

Linde recorded $425 million in restructuring costs in the third quarter. About half of this amount was related to employee severance payments, while the remainder was mainly associated with the reorganization of the Lincare business, which provides home oxygen therapy and sleep apnea treatment services.

The company will place Lincare under the management of Chief Financial Officer Matt White and move this business’s results from the regional Americas segment to the Other category. Chief Executive Officer Sanjiv Lamba said this should give investors a clearer view of the regional gas business’s performance while Linde restructures Lincare and evaluates strategic alternatives.

For the fourth quarter, Linde forecasts adjusted earnings per share of $4.40–$4.50. At the same time, the company raised the lower end of its full-year forecast to $17.82 per share and the upper end to $17.92. The total order backlog for gas supply and engineering projects stood at $10.8 billion at the end of the third quarter.