Linde plc Reports Solid Q3 and Nine-Month Results with Increased Sales and Operating Profit

Linde plc reported its financial results for the quarter and nine months ended September 30, 2024, showcasing a solid performance with notable increases in sales and operating profit compared to the previous fiscal period.

For the third quarter of 2024, Linde achieved total sales of $8,356 million, reflecting a 2% increase from $8,155 million in Q3 2023. The operating profit for the quarter was $2,086 million, up from $2,052 million, representing a 2% rise. However, net income for the quarter slightly decreased to $1,550 million from $1,565 million in the same period last year. Basic earnings per share increased to $3.24 from $3.21, while diluted earnings per share rose to $3.22 from $3.19.

For the nine months ended September 30, 2024, Linde's total sales reached $24,723 million, a 1% increase from $24,552 million in the same period of 2023. Operating profit for this period rose to $6,365 million, compared to $5,996 million, marking a 6% increase. Net income for the nine months was $4,840 million, up from $4,656 million, a 4% increase. Basic earnings per share for the nine months increased to $10.09 from $9.51, and diluted earnings per share rose to $10.02 from $9.43.

Segment performance varied, with the Americas segment reporting sales of $3,618 million in Q3 2024, a slight decrease from $3,629 million in Q3 2023. The EMEA segment saw a modest increase in sales to $2,111 million from $2,105 million, while the APAC segment experienced a 5% increase in sales to $1,716 million. The Engineering segment's sales decreased to $611 million from $615 million in the prior year.

Linde's financial position improved, with cash and cash equivalents increasing to $5,187 million as of September 30, 2024, compared to $4,664 million at the end of 2023. Total assets rose to $82,546 million from $80,811 million, while total liabilities increased to $41,943 million from $39,716 million. The company reported total debt of $22,262 million, up from $19,373 million at the end of 2023.

Strategically, Linde made acquisitions totaling $175 million in the nine months ended September 30, 2024, primarily related to packaged gas businesses in the Americas, a significant decrease from $842 million in acquisitions during the same period in 2023. The company also reported net cash used for financing activities of $(2,749) million, a reduction from $(4,620) million in the previous year.

Overall, Linde's performance in the third quarter and year-to-date reflects a stable growth trajectory, supported by strategic pricing and operational efficiencies, despite some fluctuations in segment sales and net income.