By Ed Frankl
Linde PLC said Thursday that third-quarter profit rose amid strong demand, as it again raised its adjusted earnings per share guidance for the year.
The industrial gases and engineering company posted net income of $978 million, or $1.88 a share, in the quarter to the end of September, compared with $699 million, or $1.32 a share in the prior-year period.
Excluding items, Linde reported adjusted EPS of $2.73, 27% above the prior year and 1% up quarter-on-quarter.
Sales rose to $7.67 billion from $6.86 billion in the same period last year, Linde said.
The company raised its 2021 adjusted diluted EPS guidance to be in the range of $10.52 to $10.62, representing a 43% to 45% rise against 2019 and a 28% to 29% rise vs. 2020. Previously, Linde had forecast adjusted earnings per share of $10.10 to $10.30
Third-quarter operating cash flow was $2.56 billion, up 36% on the prior year and 40% sequentially. The company said it ended the quarter with a backlog of around $13.4 billion, which was $7.5 billion at the end of 2Q.
Last week, Linde appointed Sanjiv Lamba to succeed Steve Angel as chief executive, with Mr. Angel taking over from Wolfgang Reitzle as the multinational company's new chairman.
Write to Ed Frankl at firstname.lastname@example.org
(END) Dow Jones Newswires
October 28, 2021 06:44 ET (10:44 GMT)Copyright (c) 2021 Dow Jones & Company, Inc.