DGAP-News: Linde plc: Linde Reports Second-Quarter 2019 Results (Earnings Release Tables attached)
DGAP-News: Linde plc / Key word(s): Quarterly / Interim Statement
Linde Reports Second-Quarter 2019 Results
- Sales $7.2 billion, ex. FX +4% versus prior year and +5% sequentially
Guildford, UK, August 5, 2019 - Linde plc (NYSE: LIN; FWB: LIN) today reported second-quarter income from continuing operations of $513 million and diluted earnings per share of $0.94. Excluding Linde AG purchase accounting impacts and other charges, adjusted pro forma income from continuing operations was $1,000 million, up 11% versus prior year adjusted pro forma and 8% sequentially. Adjusted pro forma earnings per share was $1.83, 12% above the prior year and 8% sequentially.
Linde's sales for the second quarter were $7,204 million. Pro forma sales were $7,179 million, in line with the prior year. Excluding unfavorable currency translation effects, sales increased 4% driven by volume and price each growing 2%. Volume growth was evenly split between base business and project startups while price improved across all geographic segments. Sales sequentially increased 4% driven by 4% higher volumes and 1% price, partially offset by 1% currency headwind.
Second quarter reported operating profit of $669 million was 3% below the prior-year quarter, primarily due to the impact of purchase accounting. On an adjusted pro forma basis, operating profit of $1,319 million was 6% above prior year or 10% when excluding unfavorable currency.
During the second quarter, the company paid $474 million of dividends and repurchased $498 million of stock, net of issuance.
For full-year 2019, Linde expects adjusted pro forma diluted earnings per share to be in the range of $6.95 to $7.18 which represents an increase of 12% to 16% versus prior year. This range includes an estimated currency headwind of 3%.
Following is additional detail on second quarter 2019 pro forma results for each segment.
A teleconference on Linde's second-quarter results is being held this morning, August 5, 2019 at 9:00 am Eastern Time. The US Toll-Free Dial-In Number is 1 855 758 5442 and the access code is 7264748. The call is also available as a webcast live and on-demand at www.linde.com/investors. Materials to be used in the teleconference are also available on the website.
For more information about the company, please visit www.linde.com
Proforma sales and adjusted operating profit and earnings per share are non-GAAP measures prepared on a basis consistent with Article 11 and includes certain non-GAAP adjustments. See pages 9 to 15 for reconciliations.
See the attachments (Earnings Release tables: n.eqs.com/c/fncls.ssp) for a summary of pro forma, adjusted pro forma and non-GAAP reconciliations and calculations. Adjusted amounts, EBITDA, free cash flow and net debt are non-GAAP measures.
*Note: We are providing adjusted pro forma earnings per share ("EPS") guidance for 2019. This is a non-GAAP financial measure that represents diluted earnings per share from continuing operations (a GAAP measure) but excludes the impact of certain items that we believe are not representative of our underlying business performance. At this time, we cannot provide a reconciliation of the differences between the non-GAAP adjusted pro forma EPS guidance and the corresponding GAAP EPS measure for 2019 without unreasonable effort such as (1) the impact of anticipated asset divestitures and (2) purchase accounting adjustments related to the business combination between Praxair and Linde AG. As such, these variables result in an EPS GAAP range that we believe is too large and variable to be meaningful.
Attachments: Summary pro forma and adjusted pro forma reconciliations, Statements of Income, Balance Sheets, Statements of Cash Flows, Segment Information and Appendix: 2019 and 2018 pro forma income statement information and non-GAAP Measures.
Linde plc assumes no obligation to update or provide revisions to any forward-looking statement in response to changing circumstances. The above listed risks and uncertainties are further described in "Item 1A Risk Factors" in Linde plc's Form 10-K for the fiscal year ended December 31, 2018 filed with the SEC on March 18, 2019 which should be reviewed carefully. Please consider Linde plc's forward-looking statements in light of those risks.
Additional features:Document: n.eqs.com/c/fncls.sspDocument title: Earnings Release Tables
05.08.2019 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.The issuer is solely responsible for the content of this announcement.The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de
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