Linde plc (EU)
- WKN: A2DSYC
- ISIN: IE00BZ12WP82
- Land: Irland
Nachricht vom 30.07.2021 | 10:59
Linde plc: Linde Reports Second-Quarter 2021 Results (Earnings Release Tables Attached) (news with additional features)
DGAP-News: Linde plc
/ Key word(s): Quarter Results
Linde Reports Second-Quarter 2021 Results
Guildford, UK, July 30, 2021 - Linde plc (NYSE: LIN; FWB: LIN) today reported second-quarter 2021 income from continuing operations of $840 million and diluted earnings per share of $1.60, an increase of 84% versus prior year. Excluding Linde AG purchase accounting impacts and other charges, adjusted income from continuing operations was $1,415 million, up 41% versus prior year and 8% sequentially. Adjusted earnings per share was $2.70, 42% above prior year and 8% higher sequentially.
Linde's sales for the second quarter were $7,584 million, 19% above prior year and up 5% sequentially. Compared to prior year, underlying sales increased 18%, including 3% price attainment and 15% higher volumes. Volume growth was broad-based across all geographic segments and end markets. Sequentially, underlying sales increased 5% driven by higher volume and price.
Second-quarter operating profit was $1,142 million. Adjusted operating profit of $1,837 million was up 39% versus prior year led by higher price, strong volumes and continued productivity initiatives across all segments. Adjusted operating margin of 24.2% expanded 350 basis points versus prior year and 90 basis points sequentially.
Second-quarter operating cash flow of $1,827 million increased 4% versus prior year. After capital expenditures of $744 million, free cash flow was $1,083 million, up 10% versus prior year. During the quarter, the company returned $1,748 million to shareholders through dividends and stock repurchases, net of issuance.
In addition, the company ended the second quarter with a total backlog of approximately $7.5 billion which includes both sale of gas and sale of plant projects, all contractually secured with high-quality customers.
Commenting on the financial results and business outlook, Chief Executive Officer Steve Angel said, "Linde employees delivered another quarter of record breaking financial results with operating profit margins expanding 350 basis points, ROC improving to 15.7% and EPS growing 42%, reaching an all-time high of $2.70. Our team continues to execute well against our core strategy, producing industry leading performance."
Angel continued, "Looking ahead, I'm confident the company will deliver another outstanding year."
For third quarter 2021, Linde expects adjusted diluted earnings per share in the range of $2.60 to $2.70, up 34% to 39% versus the same quarter in 2019 and 21% to 26% versus prior-year quarter. This guidance assumes 3% currency tailwind versus prior year and 1% headwind sequentially.
Second-Quarter 2021 Results by Segment
APAC (Asia Pacific) sales of $1,544 million were 19% above prior year. Underlying sales grew 21% driven by 2% price attainment and 19% volume growth, led by higher demand across all end markets, plus project start-ups. Sequentially, price increased 1% and volume grew 7%, led by electronics and cyclical end markets. Divestitures were driven by an accounting deconsolidation of a joint venture which reduced sales 12% versus prior year, but had no impact on earnings per share. Operating profit of $389 million was 25.2% of sales, up 250 basis points versus prior year.
EMEA (Europe, Middle East & Africa) sales of $1,875 million were up 29% versus prior year. Underlying sales grew 16% from 4% higher pricing and 12% higher volumes across all end markets. Sequentially, underlying sales were up 3% from 1% pricing and 2% volumes. Operating profit of $487 million was 26.0% of sales, up 510 basis points versus prior year.
Linde Engineering sales were $646 million, 20% below prior year largely due to the timing of plant completion and operating profit was $108 million or 16.7% of sales. Order intake for the quarter was $355 million and third-party sale of plant backlog was $4.1 billion.
Materials to be used in the teleconference are also available on the website.
For more information about the company and its products and services, please visit www.linde.com
Adjusted amounts, free cash flow and return on capital are non-GAAP measures. See the attachments (Earnings release tables: https://eqs-cockpit.com/cgi-bin/fncls.ssp?u=877a140efbc17aa840d45e8102ccced4) for a summary of non-GAAP reconciliations and calculations for adjusted amounts.
Attachments: Summary Non-GAAP Reconciliations, Statements of Income, Balance Sheets, Statements of Cash Flows, Segment Information and Appendix: Non-GAAP Measures and Reconciliations.
*Note: We are providing adjusted earnings per share ("EPS") guidance for 2021. This is a non-GAAP financial measure that represents diluted earnings per share from continuing operations (a GAAP measure) but excludes the impact of certain items that we believe are not representative of our underlying business performance, such as cost reduction and other charges, the impact of potential divestitures or other potentially significant items. Given the uncertainty of timing and magnitude of such items, we cannot provide a reconciliation of the differences between the non-GAAP adjusted EPS guidance and the corresponding GAAP EPS measure without unreasonable effort.
File: Q2 21 Earnings Tables
|The Priestley Centre, 10 Priestley Road|
|GU2 7XY Guildford|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange; Moscow, NYSE, Luxembourg Stock Exchange (Euro MTF)|
|EQS News ID:||1222910|
|End of News||DGAP News Service|
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