Business Intelligence Financial – Linde – Q1 2017


gasworld Business Intelligence provides you with the latest analysis of Linde’s Q1 2017 earnings report.


  • Total corporate sales in Q1 were reported at €4.39bn. This was an increase of over 6% YoY, or 4% growth when adjusted for currency. This was a further improvement over the previous 3 quarters, which had shown the weakest reported performance since late 2013.
  • Gases account for over 80% of Linde corporate sales, with Engineering under 20%. Other businesses (mainly Gist distribution) have been moved into discontinued business, as Linde seeks to divest this business.
  • Reported Gases growth also accelerated to nearly 5% YoY in Q1, which was significantly better than the previous year. This again shows growth of around 2% on a comparable basis.
  • Engineering sales increased over 14% YoY in Q1 but, at $648m, remained below the average of recent years. Order intake was up, but backlog was again down YoY.

Linde Group Sales Growth
  • Total Group
  • Gases
  • Gases Comparable
,Total Group,Gases,Gases Comparable
2012 Q1,5.4%,2.9%,4.1%
2012 Q2,6.4%,7.2%,1.3%
2012 Q3,13.2%,17.3%,0.3%
2012 Q4,17.9%,23.2%,4.3%
2013 Q1,10.3%,14.8%,1.8%
2013 Q2,10.8%,14.3%,2.6%
2013 Q3,5.4%,0.0%,2.5%
2013 Q4,-4.1%,-3.7%,3.1%
2014 Q1,1.5%,-2.3%,3.1%
2014 Q2,-1.3%,-3.2%,2.3%
2014 Q3,2.6%,2.4%,3.9%
2014 Q4,6.6%,3.6%,1.5%
2015 Q1,8.7%,9.0%,0.8%
2015 Q2,11.4%,12.3%,2.0%
2015 Q3,3.3%,7.3%,1.7%
2015 Q4,-1.4%,5.5%,1.5%
2016 Q1,-3.0%,-1.3%,1.6%
2016 Q2,-7.4%,-4.6%,-0.4%
2016 Q3,-2.4%,-3.8%,-2.7%
2016 Q4,3.8%,2.5%,2.3%
2017 Q1,6.1%,4.8%,1.8%

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