(Alliance News) - Linde PLC on Thursday said it delivered a strong first quarter performance as it increased its income and sales in the three months to March 31.
The Dublin-based chemicals company reported net income of USD1.17 billion in the first quarter of 2022. This was up 20% against the previous year's figure of USD980 million. Per share, earnings rose 24% to USD2.31 from USD1.87.
Sales totalled USD8.21 billion in the quarter, representing an increase of 13% against a year previous's total of USD7.24 billion. This was mostly driven by the manufacturing, chemicals and energy end markets, Linde explained.
All of the company's regions saw double-digit sales growth against the previous year, with the Europe, Middle East & Africa region growing 19% - the best region for growth.
Chief Executive Sanjiv Lamba said: "Linde employees delivered another strong quarter of quality financial results with [return on capital] reaching a new record of 18.9% and operating margins expanding 130 basis points excluding cost-pass through."
For the second quarter of 2022, Linde expects adjusted diluted earnings per share in the range of USD2.90 to USD3.00. This would be up 7% to 11% against the prior year's figure of USD2.70.
For the full year, the company expects adjusted diluted EPS to be in the range of USD11.65 to USD11.90, up 9% to 11% versus prior year if achieved. In 2021, adjusted diluted EPS stood at USD10.69.
This guidance range, Linde explains, excludes contribution from Russian earnings by the second half of 2022 as the company continues to scale back Russian operations and wind down engineering projects affected by sanctions.
Shares in Linde were down 0.7% at USD304.97 in the New York pre-market on Thursday.
By Heather Rydings; heatherrydings@alliancenews.com
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