Shares of the industrial gas supplier dropped around 3% in a down market.
Industrial gas supplier Linde reported a solid third quarter on Thursday, proving once again its ability to grow revenues and earnings in a sluggish macro and industrial environment. Revenue in the third quarter increased 2.5% to $8.36 billion, slightly beating estimates of $8.35 expected by analysts, according to estimates compiled by LSEG. Adjusted earnings per share rose 8.5% year over year to $3.94, topping expectations by 5 cents, LSEG data showed.
More importantly, volumes and price/mix improved. Margins were a standout, increasing 230 basis points year over year thanks to ongoing price and productivity initiatives; a basis point equals 0.01%. The annual gains in volumes were driven by electronics, along with its chemicals-and-energy end market. On the other hand, the health care and metals-and-mining markets were slight drags.
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