Shares of Linde PLC, the world's largest industrial gases company, plunged more than 6% in pre-market trading on Wednesday despite the company reporting better-than-expected third-quarter earnings and raising its full-year guidance.
Linde reported adjusted earnings per share of $3.94 for the September quarter, beating analysts' consensus estimate of $3.89. The company's sales of $8.36 billion also surpassed expectations, though the 2.46% year-over-year increase was relatively modest.
Despite the earnings beat, investors appeared to be disappointed, sending Linde's stock tumbling in early trading. The sell-off may have been fueled by concerns over the company's outlook and the broader macroeconomic environment.
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