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Linde
🇬🇧 NASDAQ:LIN
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•
Jun 30, 2024

Linde Q2 2024 Earnings Report

Linde's Q2 2024 results reflected EPS growth, increased ROC, and expanded operating margins despite a challenging macroeconomic environment.

Key Takeaways

Linde reported a 1% increase in sales to $8.3 billion and an 8% increase in EPS to $3.44. Adjusted EPS was $3.85, up 8% year-over-year. The adjusted operating profit margin reached 29.3%, a 140 basis point increase. The company reaffirmed its full-year adjusted EPS guidance of $15.40 - $15.60, representing 9% to 11% growth year-over-year excluding FX.

Sales reached $8.3 billion, up 1%, with underlying sales up 3%.

Operating profit was $2.2 billion, with adjusted operating profit at $2.4 billion, up 6%.

Adjusted operating profit margin increased by 140 basis points to 29.3%.

EPS was $3.44, up 8%, and adjusted EPS was $3.85, also up 8% year-over-year.

Total Revenue
$8.27B
Previous year: $8.2B
+0.8%
EPS
$3.85
Previous year: $3.57
+7.8%
Adjusted Operating Margin
29.3%
Previous year: 27.9%
+5.0%
Gross Profit
$3.06B
Previous year: $3.89B
-21.3%
Cash and Equivalents
$4.63B
Previous year: $3.36B
+37.8%
Free Cash Flow
$796M
Previous year: $1.29B
-38.3%
Total Assets
$80.2B
Previous year: $78.7B
+1.9%

Linde

Linde

Linde Revenue by Segment

Forward Guidance

Linde expects adjusted diluted earnings per share in the range of $3.82 to $3.92 for Q3 2024, representing a 5% to 8% increase versus the prior-year quarter. Full year 2024 adjusted diluted earnings per share is expected to be in the range of $15.40 to $15.60, up 8% to 10% versus prior year.

Positive Outlook

  • Adjusted diluted EPS guidance for Q3 2024 is $3.82 to $3.92, up 5% to 8% versus prior year quarter.
  • Excluding a 1% estimated currency headwind, Q3 2024 adjusted diluted EPS is expected to increase by 6% to 9%.
  • Full year 2024 adjusted diluted EPS guidance is $15.40 to $15.60, up 8% to 10% versus prior year.
  • Excluding a 1% estimated currency headwind, full year 2024 adjusted diluted EPS is expected to increase by 9% to 11%.
  • Full-year capital expenditures are expected to be in the range of $4.0 billion to $4.5 billion to support growth and maintenance requirements.

Challenges Ahead

  • Economic environment remains uncertain.
  • Q3 2024 adjusted diluted earnings per share includes an estimated currency headwind of 1%.
  • APAC sales were down 2% versus prior year driven by negative currency translation.
  • EMEA sales were down 3% versus prior year.
  • Second-quarter operating cash flow decreased 10% versus prior year driven primarily by engineering project prepayment timing.

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

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