Linde Q3 Adj. EPS Beats Market; Sees Q4 Below Street, Cuts FY24 View; Stock Down In Pre-market

(RTTNews) - Industrial gases company Linde plc (LIN) reported Thursday slightly lower net profit in its third quarter, while earnings per share increased amid higher sales. Adjusted earnings beat market estimates.

Looking ahead, the company sees fourth-quarter earnings below market, and trimmed fiscal 2024 outlook, also below market.

In pre-market activity on the Nasdaq, Linde shares were losing around 6.5 percent to trade at $442.42.

In its third quarter, net income was $1.55 billion or $3.22 per share, compared to $1.57 billion or $3.19 per share a year ago.

Adjusted net income was $1.90 billion, compared to $1.78 billion last year. Adjusted earnings per share were $3.94, compared to $3.63 a year ago.

On average, 16 analysts polled by Thomson Reuters expected the company to report profit per share of $3.89, for the quarter. Analysts' estimates typically exclude special items.

Sales for the quarter grew 2 percent to $8.36 billion from last year's $8.16 billion. Underlying sales increased 2 percent.

Looking ahead to the fourth quarter, Linde expects adjusted earnings per share in the range of $3.86 to $3.96, up 8 percent to 10 percent from last year. Analysts expect earnings of $4.03 per share for the quarter.

For fiscal 2024, the company now expects adjusted earnings per share in the range of $15.40 to $15.50, up 8 percent to 9 percent from last year, or 9 percent to 10 percent on a costant currency basis.

The company previously expected annual adjusted earnings per share to be in the range of $15.40 to $15.60. Analysts expect the company to report profit per share of $15.52.

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