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Linde upbeat on clean energy projects as it trims full year outlook
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Linde upbeat on clean energy projects as it trims full year outlook
Nov 3, 2024 3:48 PM

Oct 31 (Reuters) - Linde ( LIN ), the world's largest

industrial gases company, said on Thursday it was confident

about its clean energy projects after trimming its full-year

forecast due to a slowdown in its end markets including mining,

metals and healthcare.

"I feel pretty confident that the $8-10 billion number for

hydrogen investments over the next few years looks pretty much

intact," CEO Sanjiv Lamba said on a conference call.

In August, Linde ( LIN ) said it would invest more than $2 billion

to build a clean hydrogen facility to supply Dow's

Path2Zero production complex in Canada, the latest of such

projects for the gases group as countries look to cut back on

carbon dioxide emissions.

"I think it's important to note the size and scope we are

undertaking... the clean energy transition will draw upon

several different Linde ( LIN ) capabilities, expertise, and product

offerings since integrated gas management solutions are in

greater demand," Lamba said.

The U.S.-German company, which supplies gases such as

oxygen, nitrogen and hydrogen to factories and hospitals,

lowered the upper end of its 2024 earnings guidance, saying its

end markets had slowed down amid a tougher economy, especially

in the Americas region.

It now expects adjusted earnings per share (EPS) to increase

by 8-9% this year, after previously guiding for 8-10% growth.

Linde ( LIN ) said it expected its adjusted EPS to grow by 8% to 10%

in the fourth quarter, with mid-point of the range assuming an

economic contraction.

The group reported a 9% rise in its adjusted EPS to $3.94 in

the July-September quarter. That came ahead of analysts' mean

estimate of $3.89 per share in an LSEG poll.

Total sales were up 2% at $8.36 billion in the quarter,

slightly ahead of the LSEG poll estimate of $8.35 billion.

(Reporting by Bartosz Dabrowski in Gdansk; editing by Milla

Nissi and Emelia Sithole-Matarise)

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