LIN Linde PLC

   By Ed Frankl 
 

Linde PLC said Thursday that first-quarter profit and sales rose on year amid higher pricing, and raised its 2022 guidance despite economic uncertainties.

The multinational industrial-gases and engineering company posted net profit of $1.17 billion, or $2.30 a share, in the quarter compared with $980 million, or $1.86 a share, in the prior year.

Earnings growth was led by higher pricing, strong volumes and continued productivity initiatives across all segments, the company said.

Linde's adjusted earnings per share from continuing operations was $2.93 for the three-month period, up 18% from the previous year's first quarter.

Sales rose 13% to $8.21 billion, the company said.

The results compared with expectations of $1.27 billion for net profit and $7.40 billion for revenue, according to analysts polled by FactSet.

Linde also raised its full-year guidance of adjusted EPS to between $11.65 and $11.90, representing 9%-11% annual growth. Previously, Linde targeted 2022 adjusted EPS of $11.55-$11.85.

"Looking ahead, the geopolitical and macro environment has become more uncertain, but I have confidence the company will continue to deliver on commitments to shareholders," Chief Executive Sanjiv Lamba said.

The company said it expects diluted earnings per share in the second quarter between $2.90 and $3.00, up 7%-11% versus last year's figure.

Write to Ed Frankl at edward.frankl@dowjones.com

(END) Dow Jones Newswires

April 28, 2022 06:48 ET (10:48 GMT)

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