Linde Takes Near-$1 Billion Hit From Ukraine War But Lifts 2022 Guidance

   By Cristina Roca 
 

Linde PLC said Thursday that a hefty charge related to a pullback from Russia dragged its net profit for the second quarter, but raised its full-year guidance after higher prices and volumes boosted its underlying results.

The multinational industrial-gases and engineering company posted net profit of $372 million compared with $841 million a year earlier.

The result was dragged by charges of $993 million stemming from the company's decision to scale back its activity in Russia due to the war in Ukraine and deconsolidate some local subsidiaries.

On an adjusted basis, earnings from continuing operations rose to $1.57 billion from $1.42 billion a year earlier.

Sales rose 12% to $8.46 billion, helped by higher prices and to a smaller extent, higher volumes.

Adjusted earnings per share, the company's preferred metric, stood at $3.10 a share, up from $2.70 a share a year earlier.

The company said it expects adjusted EPS of $2.85-$2.95 for the third quarter, representing a 4%-8% on-year increase.

Linde upgraded its full-year adjusted EPS guidance and now expects it to be in the range of $11.73-$11.93, representing a 10%-12% increase. It had previously forecast adjusted EPS at between $11.65 and $11.90, representing 9%-11% annual growth.

Write to Cristina Roca at [e-mail]

(END) Dow Jones Newswires

July 28, 2022 06:48 ET (10:48 GMT)

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