Q3 2024 Linde PLC Earnings Call Transcript
Key Points
- Linde PLC (LIN) achieved record highs in EPS, ROC, and operating margin despite challenging economic conditions.
- North America, particularly the US, showed positive growth and resilience, contributing significantly to global sales.
- Linde's project backlog reached $10 billion, including the largest sale of gas project in company history with Dow Chemical.
- The company is actively pursuing growth in consumer-related end markets, such as food and beverage and healthcare, which showed stability.
- Linde's disciplined investment approach and robust stock repurchases continue to support shareholder value.
- Economic weakness is anticipated to continue, prompting Linde to implement targeted cost reductions affecting 2% of its workforce.
- Industrial-related end markets have declined 1% to 2% sequentially, with significant pressure in EMEA and parts of APAC, especially China.
- Geopolitical tensions and economic uncertainty have suppressed large ticket purchases in industrial markets like steel and chemicals.
- The electronics market recovery is progressing slower than expected, impacting sequential growth.
- Linde's guidance assumes an economic contraction in the fourth quarter, reflecting a cautious outlook on the global economy.
Ladies and gentlemen, good day, and thank you for standing by. Welcome to the Linde third-quarter 2024 earnings teleconference and webcast. (Operator Instructions) Please be advised that today's conference is being recorded.
(Operator Instructions) And I would now like to hand the conference over to Mr. Juan Pelaez, Head of Investor Relations. Please go ahead, sir.
Abby, thank you. Good morning, everyone, and thank you for attending our 2024 third-quarter earnings call and webcast. I'm Juan Pelaez, Head of Investor Relations, and I'm joined this morning by Sanjiv Lamba, Chief Executive Officer; and Matt White, Chief Financial Officer.
Today's presentation materials are available on our website at linde.com in the Investors section. Please read the forward-looking statement disclosure on page 2 of the supplement, and note that it applies to all statements made during this teleconference. The reconciliations of the adjusted numbers are in the appendix to this presentation. Sanjiv will provide some
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