Linde Takes Near-$1 Billion Hit From Ukraine War But Lifts 2022 Guidance
July 28 2022 - 7:03AM
Dow Jones News
By Cristina Roca
Linde PLC said Thursday that a hefty charge related to a
pullback from Russia dragged its net profit for the second quarter,
but raised its full-year guidance after higher prices and volumes
boosted its underlying results.
The multinational industrial-gases and engineering company
posted net profit of $372 million compared with $841 million a year
earlier.
The result was dragged by charges of $993 million stemming from
the company's decision to scale back its activity in Russia due to
the war in Ukraine and deconsolidate some local subsidiaries.
On an adjusted basis, earnings from continuing operations rose
to $1.57 billion from $1.42 billion a year earlier.
Sales rose 12% to $8.46 billion, helped by higher prices and to
a smaller extent, higher volumes.
Adjusted earnings per share, the company's preferred metric,
stood at $3.10 a share, up from $2.70 a share a year earlier.
The company said it expects adjusted EPS of $2.85-$2.95 for the
third quarter, representing a 4%-8% on-year increase.
Linde upgraded its full-year adjusted EPS guidance and now
expects it to be in the range of $11.73-$11.93, representing a
10%-12% increase. It had previously forecast adjusted EPS at
between $11.65 and $11.90, representing 9%-11% annual growth.
Write to Cristina Roca at cristina.roca@wsj.com
(END) Dow Jones Newswires
July 28, 2022 06:48 ET (10:48 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
Linde (NYSE:LIN)
Historical Stock Chart
From Sep 2024 to Oct 2024
Linde (NYSE:LIN)
Historical Stock Chart
From Oct 2023 to Oct 2024