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Linde's (LIN) Q1 Earnings Beat Estimates on Higher Pricing
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Linde plc (LIN - Free Report) reported first-quarter 2024 adjusted earnings of $3.75 per share, surpassing the Zacks Consensus Estimate of $3.68. The bottom line improved from the year-ago quarter figure of $3.42.
Total quarterly revenues of $8.1 billion missed the consensus estimate of $8.4 billion and decreased from the year-ago quarter’s $8.2 billion.
The solid quarterly earnings were driven by higher pricing from the Americas segment. This was offset partially by lower contributions from the Engineering business unit.
The operating profit of Linde’s Americas segment was up 6.1% year over year to $1.09 billion. An uptick in pricing aided the segment.
Linde’s profit in the EMEA segment soared 13.2% year over year to $687 million on the back of increased pricing.
Profit in the APAC segment increased almost 6% year over year to $447 million. Handsome prices and growth in volumes in the electronics and chemicals markets aided the business unit.
Operating profit in the Engineering segment decreased to $100 million from the prior year’s $149 million.
Backlogs
At the end of the first quarter, the company’s high-quality backlog was $8.3 billion, comprising a sale-of-gas backlog of $4.9 billion.
Capital Investment & Balance Sheet
Linde reported capital expenditure of $1.1 billion for the March quarter. The company ended the quarter with cash and cash equivalents of $4.8 billion. Its long-term debt was $15.2 billion.
Guidance
For the June-end quarter, Linde projects adjusted earnings per share between $3.70 and $3.80. For 2024, it estimates adjusted earnings per share of $15.30-$15.60.
Zacks Rank & Other Key Picks
Currently, Linde carries a Zacks Rank #2 (Buy). Other prospective players in the basic material space include Axalta Coating Systems Ltd. (AXTA - Free Report) , Ingevity Corporation (NGVT - Free Report) and Minerals Technologies Inc. (MTX - Free Report) . While Ingevity and Minerals sport a Zacks Rank #1 (Strong Buy), Axalta Coating carries a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
Axalta Coating beat the Zacks Consensus Estimate of earnings for the first quarter, thanks to strong volume growth in China. The company reported earnings of 48 cents per share, beating the consensus estimate of 40 cents.
Ingevity also surpassed the Zacks Consensus Estimate of earnings for the first quarter, thanks to the contribution from Performance Materials. The company reported earnings of 52 cents per share, beating the consensus estimate of 37 cents.
Minerals Technologies reported first-quarter earnings of $1.49 per share, beating the Zacks Consensus Estimate of $1.27. Contributions from the Consumer & Specialties business segment lead to better-than-expected earnings.
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Linde's (LIN) Q1 Earnings Beat Estimates on Higher Pricing
Linde plc (LIN - Free Report) reported first-quarter 2024 adjusted earnings of $3.75 per share, surpassing the Zacks Consensus Estimate of $3.68. The bottom line improved from the year-ago quarter figure of $3.42.
Total quarterly revenues of $8.1 billion missed the consensus estimate of $8.4 billion and decreased from the year-ago quarter’s $8.2 billion.
The solid quarterly earnings were driven by higher pricing from the Americas segment. This was offset partially by lower contributions from the Engineering business unit.
Linde PLC Price, Consensus and EPS Surprise
Linde PLC price-consensus-eps-surprise-chart | Linde PLC Quote
Segmental Highlights
The operating profit of Linde’s Americas segment was up 6.1% year over year to $1.09 billion. An uptick in pricing aided the segment.
Linde’s profit in the EMEA segment soared 13.2% year over year to $687 million on the back of increased pricing.
Profit in the APAC segment increased almost 6% year over year to $447 million. Handsome prices and growth in volumes in the electronics and chemicals markets aided the business unit.
Operating profit in the Engineering segment decreased to $100 million from the prior year’s $149 million.
Backlogs
At the end of the first quarter, the company’s high-quality backlog was $8.3 billion, comprising a sale-of-gas backlog of $4.9 billion.
Capital Investment & Balance Sheet
Linde reported capital expenditure of $1.1 billion for the March quarter. The company ended the quarter with cash and cash equivalents of $4.8 billion. Its long-term debt was $15.2 billion.
Guidance
For the June-end quarter, Linde projects adjusted earnings per share between $3.70 and $3.80. For 2024, it estimates adjusted earnings per share of $15.30-$15.60.
Zacks Rank & Other Key Picks
Currently, Linde carries a Zacks Rank #2 (Buy). Other prospective players in the basic material space include Axalta Coating Systems Ltd. (AXTA - Free Report) , Ingevity Corporation (NGVT - Free Report) and Minerals Technologies Inc. (MTX - Free Report) . While Ingevity and Minerals sport a Zacks Rank #1 (Strong Buy), Axalta Coating carries a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
Axalta Coating beat the Zacks Consensus Estimate of earnings for the first quarter, thanks to strong volume growth in China. The company reported earnings of 48 cents per share, beating the consensus estimate of 40 cents.
Ingevity also surpassed the Zacks Consensus Estimate of earnings for the first quarter, thanks to the contribution from Performance Materials. The company reported earnings of 52 cents per share, beating the consensus estimate of 37 cents.
Minerals Technologies reported first-quarter earnings of $1.49 per share, beating the Zacks Consensus Estimate of $1.27. Contributions from the Consumer & Specialties business segment lead to better-than-expected earnings.