Linde PLC（納斯達克代碼：LIN）股價在公司報告第四季度FY24業績後下跌。

• 銷售額同比增長5%至82.8億美元，基本銷售額同比增長2%，未達83.9億美元的共識預期。
• 美洲銷售額同比增長1%至36.1億美元，亞太（APAC）銷售額同比增長2%至16.7億美元，歐洲、中東和非洲（EMEA）銷售額同比下降2%至20.6億美元。
• 林德工程銷售額爲6.28億美元，同比下降5%。
• 調整後的營業利潤同比增長9%至24.8億美元，利潤率同比擴大250個基點至29.9%，這得益於各個業務部門提價和持續的生產力舉措。
• 調整後的每股收益爲3.97美元，超出3.93美元的共識預期。
• 截至FY24，林德的總項目積壓爲104億美元。公司在本年度通過分紅和股票回購向股東返還了71億美元。
• 經營現金流爲94億美元，本年度資本支出爲45億美元。

展望：公司預計FY25第一季度調整後的每股收益爲3.85-3.95美元（不含匯率影響，同比增長7%-9%）對比市場預期的4.02美元。

林德預計FY25調整後的每股收益爲16.15-16.55美元（不含匯率影響，同比增長8%-11%）對比市場預期的16.83美元。

公司預計FY25資本支出爲50億-55億美元，以支持運營和增長需求，其中包括合同銷售氣體積壓。

首席執行官 Sanjiv Lamba讚揚了公司25.9%的融資回報率，29.5%的運營利潤率和不含匯率的10% EPS增長。

“儘管在充滿挑戰的環境中，我們的模型展現了韌性，並且我們的員工表現優異，交付了這些結果，”Lamba表示。

林德還與客戶簽訂了公司有史以來最大的產品供應協議，支持100億美元的項目積壓，Lamba預計這將爲“未來數年”的盈利增長做出貢獻。

投資者可以通過iShares美國基礎材料ETF （紐交所代碼：IYM）和Materials Select Sector SPDR （紐交所代碼：XLB）獲得該股的敞口。

價格行動：截至週四最後一次檢查，林德股價盤前下跌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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