Linde Reports First-Quarter 2024 Results (Earnings Release Tables Attached)

EQS-News: Linde plc / Key word(s): Quarter Results
Linde Reports First-Quarter 2024 Results (Earnings Release Tables Attached)
(news with additional features)

02.05.2024 / 11:45 CET/CEST
The issuer is solely responsible for the content of this announcement.

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Linde Reports First-Quarter 2024 Results

First-Quarter Highlights

* Sales $8.1 billion, down 1%, underlying sales up 1%

  * Operating profit $2.1 billion, adjusted operating profit $2.3 billion,
    up 6%

  * Operating profit margin 25.9%; adjusted operating profit margin 28.9%,
    up 200 basis points

* EPS $3.35, up 9%; adjusted EPS $3.75, up 10% YoY

  * Full-year 2024 adjusted EPS guidance of $15.30 - $15.60 representing 8%
    to 10% growth year-over-year

Woking, UK, May 2, 2024 - Linde plc (Nasdaq: LIN) today reported
first-quarter 2024 net income of $1,627 million and diluted earnings per
share of $3.35, up 7% and 9% respectively. Excluding Linde AG purchase
accounting impacts and other charges, adjusted net income was $1,821
million, up 8% versus prior year. Adjusted earnings per share was $3.75, 10%
above prior year.

Linde's sales for the first quarter were $8,100 million, down 1% versus
prior year. Compared to prior year, underlying sales increased 1% from 2%
price attainment partially offset by 1% lower volumes largely driven by the
manufacturing end market.

First-quarter operating profit was $2,095 million. Adjusted operating profit
of $2,341 million was up 6% versus prior year led by higher price and
continued productivity initiatives across all segments. Adjusted operating
profit margin of 28.9% was 200 basis points above prior year and 130 basis
points higher when excluding the effects of cost pass-through.

First-quarter operating cash flow of $1,954 million increased 2% versus
prior year. After capital expenditures of $1,048 million, free cash flow was
$906 million. During the quarter, the company returned $1,694 million to
shareholders through dividends and stock repurchases, net of issuances.

Commenting on the financial results and business outlook, Chief Executive
Officer Sanjiv Lamba said, "I'm proud of how the Linde team continues to
deliver high-quality results despite economic headwinds. We had another
strong quarter, growing EPS 10%, ROC to 25.6% and expanding operating
margins 200 basis points, reaching 28.9%. These results demonstrate the
resiliency of our integrated industrial gas model through optimizing our
network density, all while developing high-quality growth opportunities."

Lamba continued, "Despite the uncertain economic environment, I remain
confident in our ability to continue to create shareholder value through our
proven operating model."

For the second quarter of 2024, Linde expects adjusted diluted earnings per
share in the range of $3.70 to $3.80, up 4% to 6% versus prior-year quarter
or 5% to 7% when excluding 1% of estimated currency headwind.

For the full year 2024, the company expects adjusted diluted earnings per
share to be in the range of $15.30 to $15.60, up 8% to 10% versus prior year
or 9% to 11% when excluding 1% of estimated currency headwind. 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 including the $4.9
billion contractual sale of gas project backlog.

First-Quarter 2024 Results by Segment

Americas sales of $3,560 million were flat versus prior-year quarter.
Compared with first quarter 2023, underlying sales increased 2% driven by 3%
higher pricing partially offset by 1% lower volumes, primarily in the
manufacturing and healthcare end markets. Operating profit of $1,088 million
was 30.6% of sales, 170 basis points above prior year and 110 basis points
higher when excluding the effects of cost pass-through.

APAC (Asia Pacific) sales of $1,591 million were flat versus prior year.
Compared with first quarter 2023, underlying sales grew 4% driven by 1%
price attainment and 3% volume growth, primarily in the chemicals and
electronics end markets, including project start-ups. Operating profit of
$447 million was 28.1% of sales, 160 basis points above prior year. Year
over year cost pass-through was immaterial.

EMEA (Europe, Middle East & Africa) sales of $2,091 million were down 4%
versus prior year. Compared with first quarter 2023, underlying sales grew
1%, driven by 3% higher pricing partially offset by 2% lower volumes,
primarily in the manufacturing end market. Operating profit of $687 million
was 32.9% of sales, 500 basis points above prior year and 340 basis points
higher when excluding the effects of cost pass-through.

Linde Engineering sales were $539 million, flat versus prior year, and
operating profit was $100 million or 18.6% of sales. Order intake for the
quarter was $364 million and third-party sale of equipment backlog was $3.4
billion.

Earnings Call

A teleconference on Linde's first-quarter 2024 results is being held today
at 9:00 am EDT.

   Live             US Toll-Free Dial-In Number: 1 888 770 7292 UK
   conference       Toll-Free Dial-In Number: 0800 358 0970 Access code:
   call             6877110
   Live webcast     https://www.linde.com/investors/financial-reports
   (listen-only)

Materials to be used in the teleconference are also available on the
website.

About Linde

Linde is a leading global industrial gases and engineering company with 2023
sales of $33 billion. We live our mission of making our world more
productive every day by providing high-quality solutions, technologies and
services which are making our customers more successful and helping to
sustain, decarbonize and protect our planet.

The company serves a variety of end markets such as chemicals & energy, food
& beverage, electronics, healthcare, manufacturing, metals and mining.
Linde's industrial gases and technologies are used in countless applications
including production of clean hydrogen and carbon capture systems critical
to the energy transition, life-saving medical oxygen and high-purity &
specialty gases for electronics. Linde also delivers state-of-the-art gas
processing solutions to support customer expansion, efficiency improvements
and emissions reductions.

For more information about the company and its products and services, please
visit www.linde.com

Adjusted amounts, free cash flow and return on capital are non-GAAP
measures. See the attachments (Earnings release tables:
https://eqs-cockpit.com/c/fncls.ssp?u=df0acc47b7d0dc252f22faa88842b3a5) for
a summary of non-GAAP reconciliations and calculations for adjusted amounts.

Attachments: Summary Non-GAAP Reconciliations, Statements of Income, Balance
Sheets, Statements of Cash Flows, Segment Information and Appendix: Non-GAAP
Measures and Reconciliations.

*Note: We are providing adjusted earnings per share ("EPS") guidance for
2024. This is a non-GAAP financial measure that represents diluted earnings
per share from continuing operations (a GAAP measure) but excludes the
impact of certain items that we believe are not representative of our
underlying business performance, such as cost reduction and other charges,
the impact of potential divestitures or other potentially significant items.
Given the uncertainty of timing and magnitude of such items, we cannot
provide a reconciliation of the differences between the non-GAAP adjusted
EPS guidance and the corresponding GAAP EPS measure without unreasonable
effort.

Forward-looking Statements

This document contains "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995. These forward-looking
statements are identified by terms and phrases such as: anticipate, believe,
intend, estimate, expect, continue, should, could, may, plan, project,
predict, will, potential, forecast, and similar expressions. They are based
on management's reasonable expectations and assumptions as of the date the
statements are made but involve risks and uncertainties. These risks and
uncertainties include, without limitation: the performance of stock markets
generally; developments in worldwide and national economies and other
international events and circumstances, including trade conflicts and
tariffs; changes in foreign currencies and in interest rates; the cost and
availability of electric power, natural gas and other raw materials; the
ability to achieve price increases to offset cost increases; catastrophic
events including natural disasters, epidemics, pandemics such as COVID-19
and acts of war and terrorism; the ability to attract, hire, and retain
qualified personnel; the impact of changes in financial accounting
standards; the impact of changes in pension plan liabilities; the impact of
tax, environmental, healthcare and other legislation and government
regulation in jurisdictions in which the company operates; the cost and
outcomes of investigations, litigation and regulatory proceedings; the
impact of potential unusual or non-recurring items; continued timely
development and market acceptance of new products and applications; the
impact of competitive products and pricing; future financial and operating
performance of major customers and industries served; the impact of
information technology system failures, network disruptions and breaches in
data security; and the effectiveness and speed of integrating new
acquisitions into the business. These risks and uncertainties may cause
future results or circumstances to differ materially from adjusted
projections, estimates or other forward-looking statements.

Linde plc assumes no obligation to update or provide revisions to any
forward-looking statement in response to changing circumstances. The above
listed risks and uncertainties are further described in Item 1A. Risk
Factors in Linde plc's Form 10-K for the fiscal year ended December 31, 2023
filed with the SEC on February 28, 2024 which should be reviewed carefully.
Please consider Linde plc's forward-looking statements in light of those
risks.


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Additional features:

File: https://eqs-cockpit.com/c/fncls.ssp?u=df0acc47b7d0dc252f22faa88842b3a5
File description: Q1 2024 Earnings Release Tables

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02.05.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS
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The issuer is solely responsible for the content of this announcement.

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   Language:       English
   Company:        Linde plc
                   Forge, 43 Church Street West
                   GU21 6HT Woking, Surrey
                   United Kingdom
   Phone:          +1-203-837-2210
   E-mail:         Investor_Relations@Linde.com
   Internet:       www.linde.com
   ISIN:           IE000S9YS762
   Listed:         Nasdaq
   EQS News ID:    1894215

End of News EQS News Service
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1894215 02.05.2024 CET/CEST