LIN's Q4 Earnings Beat on Higher Americas Pricing, Revenues Miss

Core Viewpoint - Linde plc reported fourth-quarter 2024 adjusted EPS of $3.97, exceeding estimates, while total revenues of$8.28 billion fell short of expectations and decreased year-over-year [1][2]. Financial Performance - Adjusted EPS of $3.97 surpassed the Zacks Consensus Estimate of$3.93 and improved from $3.59 in the prior year [1]. - Total quarterly revenues were$8.28 billion, missing the Zacks Consensus Estimate of $8.36 billion and down from$8.30 billion a year ago [1]. Segmental Highlights - The Americas segment's operating profit rose 6.98% to $1,150 million, slightly below the consensus estimate of$1,153 million, driven by higher pricing and increased volumes in manufacturing, electronics, and food & beverage [3]. - EMEA segment profit increased almost 11.5% year-over-year to $686 million but missed the consensus estimate of$699 million due to lower volumes [4]. - The APAC segment's profit grew from $452 million to$500 million, exceeding the consensus estimate of $482 million, supported by higher project start-up volumes in the electronics market [4]. - Operating profit in the Engineering segment decreased to$106 million from $119 million, aligning with the consensus estimate [5]. Backlogs - Linde's project backlog at the end of the fourth quarter was$10.4 billion, including a sale-of-gas backlog of 7.1 billion [6]. Capital Investment & Balance Sheet - Capital expenditures for the December quarter were 1.25 billion, with cash and cash equivalents of $4.85 billion and long-term debt of$15.3 billion [7]. Guidance - For Q1 2025, Linde projects adjusted EPS between $3.85 and$3.95, and for the full year 2025, adjusted EPS is expected to be in the range of $16.15 to$16.55 [8]. - Full-year capital expenditures are projected to be between $5 billion and$5.5 billion [8].