Linde's 1Q Revenue, Profit Beat Expectations
April 28 2017 - 02:37AM
Dow Jones News
FRANKFURT--Industrial gases company Linde AG said on Friday net
profit and revenue rose in the first quarter, mainly due to demand
in Europe and Asia, as the company moves closer to a merger with
U.S. peer Praxair Inc.
Net profit for the quarter rose to 311 million euros ($338.8
million) from EUR306 million in the year-earlier period, beating
analysts' forecast of around EUR254 million. Revenue was up 6.6% to
EUR4.39 billion from EUR4.12 billion, with its gases division
accounting for EUR3.80 billion of total revenue.
Revenue growth was driven by Linde's gas supply business in
northern Europe and plant start-ups in central and eastern Europe.
Demand for liquefied gases and cylinder gas products was higher in
most regions, particularly in the Asia, Linde said.
The company affirmed its target of 3% revenue growth adjusted
for foreign exchange, but again warned it could decline by as much
due to challenging market conditions.
Linde has said it plans to merge with Praxair Inc., creating the
industry's biggest player with a combined value of $67 billion.
Write to Monica Houston-Waesch at nikki.houston@wsj.com
(END) Dow Jones Newswires
April 28, 2017 02:22 ET (06:22 GMT)
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