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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 (NYSE:LIN) recently announced a record year for small on-site projects in 2022, signing 52 new agreements, representing a 21% increase from 2021. This growth was primarily driven by the rising demand for next-generation energy storage, particularly in lithium-ion batteries, alongside strong needs from electronics, manufacturing, and metals sectors. The small projects utilize Linde's proprietary ECOVAR® technology, designed for efficiency and minimal environmental impact. Most projects require investments under $5 million and are expected to contribute to Linde's steady revenue growth.
Linde (NYSE:LIN) announced plans to expand its green hydrogen production capacity in Ontario, California, due to rising demand in the mobility market. The company will construct a five-megawatt PEM electrolyzer, which, in combination with the existing plant, is expected to prevent up to 75,000 metric tons of carbon dioxide emissions annually. This project is part of Linde's broader strategy to implement multiple hydrogen initiatives across the U.S., with the new electrolyzer projected to be operational by the second half of 2024.
Linde plc (NYSE:LIN) has appointed Hugh Grant as a new director, effective January 23, 2023. Grant, a former Chairman and CEO of Monsanto, brings extensive global experience to the board. He will serve on both the Nomination and Governance and Human Capital committees. Grant's leadership and board experience are expected to bolster Linde's strategic direction. The company, with 2021 sales of $31 billion, is a leader in industrial gases and engineering, serving various sectors including healthcare, manufacturing, and energy.
Linde plc (NYSE:LIN) shareholders approved an intercompany reorganization leading to the delisting of its ordinary shares from the Frankfurt Stock Exchange. Preliminary results show approximately 93% of votes favored the delisting at the Extraordinary General Meeting, with around 78% of total shares participating. The delisting is expected to finalize by March 1, 2023, upon completing regulatory approvals. Following the reorganization, shareholders will receive shares of the new holding company, which will retain the name Linde plc and trade under the existing ticker LIN on the NYSE. A full voting breakdown will be provided in an upcoming Form 8-K.
Linde (NYSE:LIN) has been awarded the Sustainable Market Initiative's Terra Carta Seal, recognizing its commitment to sustainable practices. The award, established by HM King Charles III, honors companies aligning their goals with the Terra Carta framework for environmental recovery. Linde is one of only 19 companies to receive the 2022 seal. The company has set ambitious climate goals, including a 2035 GHG emissions reduction target and a 2050 climate neutrality ambition. With $31 billion in sales in 2021, Linde serves varied sectors, including healthcare and energy, emphasizing its role in promoting sustainability.
The Great Lakes Clean Hydrogen coalition (GLCH) has received encouragement from the U.S. Department of Energy (DOE) to submit a full hydrogen hub application. This coalition includes Linde (NYSE: LIN), Cleveland-Cliffs (NYSE: CLF), and others. Their project focuses on developing low-carbon hydrogen through electrolysis at the Davis-Besse Nuclear Power Station in Ohio, aiming for a total investment exceeding $2 billion. Half of the funding is requested from the DOE's regional hydrogen hub initiative. The initiative targets decarbonization in steel, aviation, and glass industries while fostering environmental justice and job creation.
Linde has acquired the remaining 77.2% interest in nexAir, LLC, a major packaged gas distributor in the U.S., boosting its sales to approximately $400 million in 2022. This acquisition aligns with Linde's strategy to enhance network density and expand its operational footprint in the southeastern U.S. Linde Gas & Equipment Inc., which has held a minority stake since 2012, will now fully integrate nexAir to strengthen service reliability and quality for customers.
Linde (NYSE:LIN) will release its fourth quarter 2022 financial results on February 7, 2023, at 06:00 EST. A conference call will follow at 09:00 EST, accessible via various toll-free numbers for US, Germany, and UK. The webcast will be available for public listening and can be replayed later. In 2021, Linde reported sales of $31 billion, serving multiple sectors including healthcare and manufacturing.
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