Linde plc's third-quarter sales increased 9% to $9.404 billion, while net income fell 12% to $1.692 billion, according to the company's results release, attached as Exhibit 99.1 to a Form 8-K filed with the U.S. Securities and Exchange Commission (SEC) on Oct. 29.
Underlying sales grew 5%, with pricing contributing 3 percentage points and volume adding 2. Linde cited electronics, chemicals & energy, and manufacturing as the primary end markets for that growth. Favorable currency movements added 1% to reported sales growth.
Adjusted diluted earnings per share rose 9% to $4.59. Reported diluted earnings per share fell 11% to $3.66. Linde recorded $425 million in cost-reduction and other charges, including $200 million in global severance costs, $42 million in other cost-reduction charges and $183 million in noncash charges, primarily related to its U.S. homecare business. The company said it took further steps to improve productivity and strengthen performance.
Operating cash flow totaled $3.169 billion. Linde returned $1.685 billion to shareholders through dividends and share repurchases, net of issuances. Chief Executive Officer Sanjiv Lamba said proposal activity remained strong, particularly in electronics, and that this supported his confidence in further backlog growth.
For the fourth quarter, Linde forecast adjusted diluted earnings per share of $4.40 to $4.50, an increase of 5% to 7% from a year earlier. Its full-year forecast is $17.82 to $17.92 per share, which the company said would represent growth of 8% to 9%, assuming a favorable 2% currency effect.
The SEC filing lists Item 2.02, Results of Operations and Financial Condition, and Item 9.01, Financial Statements and Exhibits. It identifies Linde's results release as Exhibit 99.1.
