Adds CEO quote in paragraph 6, context in paragraph 7, Q4 outlook in paragraph 8
By Bartosz Dabrowski
Oct 31 (Reuters) - Linde LIN.O, the world's largest industrial gases company, on Thursday reported third-quarter earnings above market expectations on higher pricing, but slightly lowered the top end of its full-year forecast.
The U.S.-German company, which supplies gases such as oxygen, nitrogen and hydrogen to factories and hospitals, reported a 9% rise in its adjusted earnings per share to $3.94 in the July-September quarter. That came ahead of analysts' mean estimate of $3.89 per share in an LSEG poll.
It now expects its adjusted EPS to increase by 8-9% this year, after previously guiding for 8-10% growth.
Linde has consistently beaten earnings estimates or raised its guidance over the past five years, thanks to its stable industrial contracts, diverse customer base and growing hydrogen investments as countries look to cut back on emissions.
However, its end markets including metals, mining and healthcare have slowed down amid a tougher economy, especially in its key Americas region.
"We do not anticipate any near-term improvement in the economic environment. However, we have taken proactive actions to mitigate economic headwinds," CEO Sanjiv Lamba said in the statement.
In August, Linde said it would invest more than $2 billion to build a clean hydrogen facility for supplying to Dow's DOW.N Path2Zero production complex in Canada, the latest of such projects for the gases group as countries look to cut back on CO2 emissions.
Linde said it expected its adjusted EPS to grow by 8% to 10% in the fourth quarter, with mid-point of the range assuming an economic contraction.
The group's total sales were up 2% at $8.36 billion in the third quarter, slightly ahead of the LSEG poll estimate of $8.35 billion.
(Reporting by Bartosz Dabrowski in Gdansk; editing by Milla Nissi)
((bartosz.dabrowski@thomsonreuters.com;))
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