Linde PLC（纳斯达克代码：LIN）股价在公司报告第四季度FY24业绩后下跌。

• 销售额同比增长5%至82.8亿美元，基本销售额同比增长2%，未达83.9亿美元的共识预期。
• 美洲销售额同比增长1%至36.1亿美元，亚太（APAC）销售额同比增长2%至16.7亿美元，欧洲、中东和非洲（EMEA）销售额同比下降2%至20.6亿美元。
• 林德工程销售额为6.28亿美元，同比下降5%。
• 调整后的营业利润同比增长9%至24.8亿美元，利润率同比扩大250个基点至29.9%，这得益于各个业务部门提价和持续的生产力举措。
• 调整后的每股收益为3.97美元，超出3.93美元的共识预期。
• 截至FY24，林德的总项目积压为104亿美元。公司在本年度通过分红和股票回购向股东返还了71亿美元。
• 经营现金流为94亿美元，本年度资本支出为45亿美元。

展望：公司预计FY25第一季度调整后的每股收益为3.85-3.95美元（不含汇率影响，同比增长7%-9%）对比市场预期的4.02美元。

林德预计FY25调整后的每股收益为16.15-16.55美元（不含汇率影响，同比增长8%-11%）对比市场预期的16.83美元。

公司预计FY25资本支出为50亿-55亿美元，以支持运营和增长需求，其中包括合同销售气体积压。

首席执行官 Sanjiv Lamba赞扬了公司25.9%的融资回报率，29.5%的运营利润率和不含汇率的10% EPS增长。

“尽管在充满挑战的环境中，我们的模型展现了韧性，并且我们的员工表现优异，交付了这些结果，”Lamba表示。

林德还与客户签订了公司有史以来最大的产品供应协议，支持100亿美元的项目积压，Lamba预计这将为“未来数年”的盈利增长做出贡献。

投资者可以通过iShares美国基础材料ETF （纽交所代码：IYM）和Materials Select Sector SPDR （纽交所代码：XLB）获得该股的敞口。

价格行动：截至周四最后一次检查，林德股价盘前下跌2.36%至443美元。

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Linde PLC (NASDAQ:LIN) shares are trading lower after the company reported fourth-quarter FY24 results.

• Sales rose 5% Y/Y to $8.28 billion, underlying sales up 2% Y/Y, missing the consensus of $8.39 billion. 
• Americas sales rose 1% Y/Y to $3.61 billion, APAC (Asia Pacific) sales increased 2% Y/Y to $1.67 billion and, EMEA (Europe, Middle East & Africa) sales was down 2% Y/Y to $2.06 billion in the quarter.
• Linde Engineering sales stood at $628 million, down 5% Y/Y, in the quarter.
• Adjusted operating profit increased 9% Y/Y to $2.48 billion, with margin expanding 250 basis points Y/Y to 29.9%, led by increased price and continued productivity initiatives across all segments.
• Adjusted EPS was $3.97, beating the consensus of $3.93.
• As of FY24, Linde's total project backlog stood at $10.4 billion. The company returned $7.1 billion to shareholders through dividends and share repurchases in the year.
• Operating cash flow stood at $9.4 billion, with capital expenditures of $4.5 billion in the year.

Outlook: For the first-quarter of FY25, the company expects adjusted EPS of $3.85 – $3.95 (up 7%-9% ex. FX), vs. consensus of $4.02.

Linde projects FY25 adjusted EPS of $16.15-$16.55 (up 8%-11% Y/Y ex. FX) vs. street view of $16.83.

The company expects FY25 capital expenditures of $5 billion-$5.5 billion to support operating and growth requirements, which includes the contractual sale of gas backlog.

CEO Sanjiv Lamba praised the company’s 25.9% ROC, 29.5% operating margin and EPS growth of 10% excluding currency.

“The results were delivered despite the challenging environment, reflecting the resiliency of our model and the exceptional execution by our employees,” Lamba said.

Linde also signed its largest ever product supply agreement with a customer, supporting a $10 billion project backlog which Lamba expects will contribute to earnings growth “for years to come.”

Investors can gain exposure to the stock via iShares U.S. Basic Materials ETF (NYSE:IYM) and Materials Select Sector SPDR (NYSE:XLB).

Price Action: LIN shares are down 2.36% at $443 premarket at the last check Thursday.

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