Linde Q3 2023 Earnings Report
Key Takeaways
Linde reported third-quarter 2023 net income of $1,565 million and diluted earnings per share of $3.19, up 23% and 26% respectively. Sales for the third quarter were $8,155 million, 7% below prior year but underlying sales increased 3%.
Sales $8.2 billion, down 7% YoY, underlying sales up 3%
Operating profit $2.1 billion; adjusted operating profit $2.3 billion, up 15%
Operating profit margin 25.2%; adjusted operating profit margin 28.3%, up 550 basis points
EPS $3.19 up 26%; adjusted EPS $3.63, up 17% YoY
Linde
Linde
Linde Revenue by Segment
Linde Revenue by Geographic Location
Forward Guidance
For the fourth quarter of 2023, Linde expects adjusted diluted earnings per share in the range of $3.38 to $3.48, up 7% to 10% versus prior-year quarter. For the full year 2023, the company expects adjusted diluted earnings per share to be in the range of $14.00 to $14.10, up 14% to 15% versus prior year and assumes no currency impact.
Positive Outlook
- Adjusted diluted earnings per share in the range of $3.38 to $3.48 for Q4 2023
- 7% to 10% increase in adjusted diluted earnings per share versus prior-year quarter for Q4 2023
- Currency tailwind of 1% year-over-year is expected for Q4 2023
- Adjusted diluted earnings per share to be in the range of $14.00 to $14.10 for full year 2023
- 14% to 15% increase in adjusted diluted earnings per share versus prior year for full year 2023
Challenges Ahead
- Currency headwind of 2% sequentially is expected for Q4 2023
- Sales were down 7% year-over-year
- Operating cash flow decreased 4% versus prior year
- Americas sales were 2% lower versus prior year
- APAC sales were 1% lower versus prior year
Revenue & Expenses
Visualization of income flow from segment revenue to net income