(Reuters) -Linde, the world’s largest industrial gases company, on Thursday raised its full-year earnings guidance after reporting second-quarter profit above market expectations, as higher pricing offset weaker volumes.
Linde has consistently beaten analysts’ quarterly estimates over the past two years, benefiting from pandemic-driven demand for consumer electronics and growing hydrogen investments aided by global initiatives to cut back on emissions, such as the U.S. Inflation Reduction Act.
The U.S.-German company, which supplies gases such as oxygen, nitrogen and hydrogen to factories and hospitals, expects its adjusted earnings per share to rise by 12% to 14%, up from the previously guided 9-13% growth.
Order volumes fell by 1% in the Americas and by 4% in the Europe, Middle East and Africa (EMEA) region, its two biggest geographies by sales.
The group’s total sales were down 3% at $8.2 billion in the second quarter, below the Refinitiv Eikon forecast of $8.6 billion.
Adjusted earnings per share rose to $3.57, beating the $3.48 per share expected by analysts.
(Reporting by Andrey Sychev and Bartosz Dabrowski in Gdansk; Editing by Milla Nissi)
