10-QPeriod: Q1 FY2025

LINDE PLC Quarterly Report for Q1 Ended Mar 31, 2025

Filed May 1, 2025For Securities:LIN

Summary

Linde plc reported flat sales of $8,112 million for the first quarter of 2025 compared to the prior year, with growth primarily driven by higher pricing and acquisitions, partially offset by negative currency translation and a slight volume decline. Despite flat top-line performance, operating profit on a reported basis increased 4% to $2,184 million, and on an adjusted basis, it rose 4% to $2,438 million. This improvement was attributed to strong pricing, productivity initiatives, and lower SG&A expenses, which more than offset cost inflation and other charges. Diluted earnings per share (EPS) also saw a 5% increase, reaching $3.51 on a reported basis and $3.95 on an adjusted basis, reflecting robust operational execution and efficient cost management. Key financial metrics demonstrate resilience, with Adjusted EBITDA growing 3% year-over-year to $3,213 million. The company generated strong operating cash flow of $2,161 million, an 11% increase from the prior year, supporting increased capital expenditures of $1,270 million for new plant and production equipment. Linde also continued its robust share repurchase program, buying back $2,417 million in the quarter, and increased its quarterly dividend by 8%. The company maintains a strong liquidity position with significant undrawn revolving credit facilities.

Financial Highlights

51 data points
Beta

Revenue

$8.11B

Net Income

$1.67B

20.6% Net Margin

EPS (Diluted)

$3.51

Total Assets

$82.70B

Cash & Equivalents

$5.29B

Free Cash Flow

$891.00M

Financial Statements
Beta
Revenue$8.11B
R&D Expenses$38.00M
SG&A Expenses$786.00M
Operating Income$2.18B
Net Income$1.67B
EPS (Basic)$3.53
EPS (Diluted)$3.51
Shares Outstanding (Basic)473.30M
Shares Outstanding (Diluted)476.26M

Key Highlights

  • 1Sales remained flat at $8,112 million, driven by 2% higher pricing and 1% from acquisitions, but impacted by a 3% currency headwind.
  • 2Reported operating profit increased 4% to $2,184 million, and adjusted operating profit rose 4% to $2,438 million, showcasing effective pricing and productivity gains.
  • 3Diluted EPS grew 5% year-over-year to $3.51 on a reported basis and $3.95 on an adjusted basis.
  • 4Adjusted EBITDA increased 3% to $3,213 million, reflecting continued operational strength.
  • 5Operating cash flow surged 11% to $2,161 million, supporting increased capital expenditures of $1,270 million.
  • 6The company repurchased $2,417 million of its shares in the first quarter and increased its quarterly dividend per share by 8%.

Frequently Asked Questions

Sales were flat year-over-year at $8,112 million due to a combination of factors. Higher pricing (2%) and contributions from acquisitions (1%) were partially offset by unfavorable currency translation (-3%) and a slight decrease in volumes (-1%). Cost pass-through mechanisms also contributed 1% to sales.

Linde plc effectively managed profitability through strong pricing initiatives and productivity improvements. These efforts, along with a 9% reduction in selling, general, and administrative (SG&A) expenses, more than compensated for cost inflation and specific charges, leading to a 4% increase in both reported and adjusted operating profit.

The provided 10-Q filing does not contain specific financial guidance for the remainder of the year. Linde plc typically provides quarterly updates on operating results, material trends, and financial guidance through its earnings releases and investor teleconferences, which are available on the company's website.

Linde plc is actively returning capital to shareholders through share repurchases and dividends. In the first quarter of 2025, the company repurchased $2,417 million of its ordinary shares under its authorized program and increased its quarterly dividend per share by 8%.