Linde plc LIN saw a decline of 1.7% amid a broader market sell-off due to concerns about the U.S. economy despite reporting strong quarterly earnings on Aug 2.
The leading industrial gas producer’s second-quarter 2024 adjusted earnings were $3.85 per share, surpassing the Zacks Consensus Estimate of $3.79. The bottom line improved from the year-ago quarter’s profit of $3.57.
Total quarterly revenues of $8.27 billion marginally missed the Zacks Consensus Estimate of $8.3 billion but improved from the year-ago quarter’s $8.20 billion.
Linde PLC Price, Consensus and EPS Surprise
Linde PLC price-consensus-eps-surprise-chart | Linde PLC Quote
Strong quarterly earnings were primarily driven by higher pricing from the Americas segment.
Americas Segment
The Americas business unit represents LIN’s operational activities associated with industrial gases in 20 countries, comprising the United States, Canada, Mexico and Brazil. In the June quarter, the business segment generated 46.5% of the total operating profit.
Linde’s second-quarter operating profit in the Americas segment was up 8.3% year over year to $1.16 billion. Revenues from the segment came at $3.7 billion, increasing from $3.5 billion a year ago.
Overall, an uptick in pricing and flat volumes aided the segment. To view our detailed earnings blog: Linde's (LIN) Q2 Earnings Beat Estimates, Revenues Rise Y/Y. Currently, Linde carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of Other Players
Ecolab Inc. ECL, Element Solutions Inc. ESI and Perimeter Solutions, SA PRM are three companies belonging to the basic material sector that have also reported second-quarter earnings. ECL, ESI and PRM beat the Zacks Consensus Estimate for earnings.
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