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Linde plc (symbol: LIN) is a global leader in the industrial gas sector, delivering critical gas products and technologies to a wide array of industries. Founded in Germany and headquartered in the United Kingdom since 2018, Linde operates in over 100 countries, providing atmospheric and process gases, including oxygen, nitrogen, argon, hydrogen, carbon dioxide, and helium. Linde's innovative solutions serve diverse markets such as chemicals, manufacturing, healthcare, and steelmaking.
In 2023, Linde generated approximately $33 billion in revenue, driven by a robust portfolio and strategic initiatives. The company reported a net income of $1,543 million for the fourth quarter alone and saw a 16% increase in diluted earnings per share to $3.16. Linde's operations are marked by efficiency and profitability, achieving an adjusted operating profit margin of 27.4% in the fourth quarter of 2023.
Linde's commitment to sustainable practices is evident in its projects and partnerships. The company continues to invest in clean hydrogen production and carbon capture technologies, essential for the energy transition. Recent expansions include increasing the capacity of its Mims, Florida facility by 50% and signing a long-term agreement with H2 Green Steel for a green steel production plant in Sweden.
Linde has also been recognized for its commitment to business integrity and ethics, receiving the 2024 World's Most Ethical Companies recognition from Ethisphere. This accolade marks Linde's fourth consecutive year on the list, highlighting its dedication to ethical practices and compliance.
Looking ahead, Linde is poised for continued growth and innovation. With a high-quality project backlog of $8.5 billion and a strategic focus on high-quality growth opportunities, the company expects robust earnings growth for years to come. For the full year 2024, Linde projects adjusted diluted earnings per share in the range of $15.25 to $15.65, reflecting an increase of 7% to 10% compared to the prior year.
Linde plc has announced a 10% increase in its quarterly dividend, raising it to $1.06 per share. This dividend will be payable on March 22, 2021, to shareholders of record by March 5, 2021. The company's CEO, Steve Angel, emphasized Linde's commitment to increasing dividends annually as part of its capital allocation policy. Linde reported 2019 sales of $28 billion and serves multiple sectors, including healthcare and manufacturing, providing essential industrial gases and solutions.
Linde plc (NYSE:LIN) announced a new share repurchase program authorizing up to US$5 billion for its ordinary shares. This program replaces the previous US$6 billion program, expiring on February 1, 2021. CEO Steve Angel emphasized the importance of this move for rewarding shareholders, as Linde has maintained a strong balance sheet and generated surplus cash through operations. The Board established a buyback limit of 15% of outstanding shares and set the expiration date for July 31, 2023.
Linde plc (NYSE:LIN) has authorized a new share repurchase program worth up to US$5.0 billion, set to begin on February 1, 2021 and run until July 31, 2023. This program replaces the previous US$6.0 billion plan expiring on February 1, 2021. Linde aims to repurchase up to 15% of its outstanding shares, approximately 523 million. The repurchase will serve to reduce share capital and fulfill equity award obligations.
Linde has entered into a long-term agreement with BorsodChem, a Hungarian chemical company, to supply nitrogen, oxygen, and compressed air to its complex in Kazincbarcika. The deal includes the construction of one of Hungary's largest air separation units, expected to be completed by the end of 2021. This initiative aims to support BorsodChem's expansion and meet the increasing demand for industrial gases in Hungary and neighboring countries. Linde's commitment to reliable gas supply is reiterated, alongside an opportunity to serve additional regional customers.
Linde (NYSE:LIN) has announced plans to build and operate the world's largest 24-megawatt PEM electrolyzer plant at the Leuna Chemical Complex in Germany. This facility will produce green hydrogen for industrial customers, utilizing Linde's extensive pipeline network. The plant is expected to fuel around 600 fuel cell buses, saving up to 40,000 tons of CO2 emissions annually. Construction is set to begin soon, with production scheduled for the second half of 2022. Linde's commitment supports EU climate strategies and affirms its leadership in the hydrogen sector.
Linde (NYSE: LIN) will release its fourth quarter 2020 financial results on February 5, 2021, at 06:00 EST. A conference call will follow at 10:00 EST, available to the public via webcast. The earnings report and presentation materials will also be accessible on the company's investor relations website. Linde, a leader in industrial gases, reported 2019 sales of $28 billion and serves diverse markets including healthcare and manufacturing. The company aims to enhance productivity and sustainability through its offerings.
Linde (NYSE:LIN) has partnered with Daimler Truck AG to innovate hydrogen refueling technology for fuel cell-heavy vehicles. This collaboration focuses on developing fueling technology utilizing subcooled liquid hydrogen (sLH2), enhancing on-board capacity, range, and energy efficiency. The prototype for the Mercedes-Benz GenH2 Truck, capable of exceeding 1,000 kilometers, is set for its initial refueling in Germany by 2023. Linde's extensive hydrogen capabilities position it as a leader in the transition to clean hydrogen, with nearly 200 fueling stations globally.
Linde (NYSE:LIN) has signed a memorandum of understanding with Snam to develop clean hydrogen projects and infrastructure in Europe. This collaboration aims to leverage both companies' technologies along the hydrogen value chain, enhancing production, distribution, and storage capabilities. Linde, a leader in hydrogen production, operates the largest liquid hydrogen capacity globally and runs numerous hydrogen fueling stations and electrolysis plants. This partnership aligns with the European Green Deal's goals and the European Hydrogen Strategy.
Linde reported its third-quarter 2020 results with a net income of $699 million and diluted EPS of $1.32. Adjusted EPS reached $2.15, marking an 11% year-over-year increase. The company achieved sales of $6,855 million, down 2% from last year but up 7% sequentially. Linde also reported a strong free cash flow of $1.1 billion, up 20%. Adjusted full-year EPS guidance was raised to $8.05 - $8.10, indicating anticipated 12% growth. Operating profit margins expanded significantly, reflecting solid operational management.
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