Linde Q3 Profit Climbs, Tops View, While Sales Miss; Lifts FY23 Earnings Forecast Above Market

(RTTNews) - Industrial gases company Linde plc (LIN) reported Thursday that its third-quarter net income was $1.57 billion, up 23 percent from last year's $1.27 billion. Earnings per share of $3.19 grew 26 percent from last year's $2.54.

Adjusted net income was $1.78 billion or $3.63 per share, compared to prior year's $1.56 billion or $3.10 per share.

On average, 17 analysts polled by Thomson Reuters expected earnings of $3.57 per share for the quarter. Analysts' estimates typically exclude special items.

Linde's sales for the third quarter were $8.16 billion, 7 percent below prior year's $8.80 billion. The Street was looking for sales of $8.62 billion for the quarter.

Underlying sales increased 3 percent from 5 percent price attainment partially offset by 2 percent lower volumes.

Looking ahead for the fourth quarter, Linde expects adjusted earnings per share in the range of $3.38 to $3.48, up 7 percent to 10 percent versus prior-year quarter. The analysts estimate earnings of $3.45 per share for the quarter.

For the full year 2023, the company now expects adjusted earnings per share to be in the range of $14.00 to $14.10, up 14 percent to 15 percent from the prior year.

The company previously expected full-year adjusted earnings in a range of $13.80 to $14.00 per share.

The analysts estimate earnings of $13.97 per share for the quarter.

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