FRANKFURT -(Dow Jones)- German industrial gases and technology company Linde AG (LIN.XE) Thursday confirmed its 2012 and mid-term outlooks after earnings grew in line with expectations in the first quarter.
- "We have made a good start to the new financial year and are confident of meeting our targets," said Wolfgang Reitzle, Chief Executive Officer of Linde AG. "Even if global economic trends are not as dynamic in 2012 as in 2011, we continue to assume that we will achieve increases in Group revenue and Group operating profit compared with the prior year."
-Linde also confirmed its medium-term targets. In 2014, it aims for an operating profit of at least EUR4 billion and a return on capital employed of at least 14%.
-In the quarter, revenue rose 5.4% to EUR3.51 billion. After adjusting for exchange rate effects, the increase in revenue was 3.1%.
-Analysts saw Linde's first-quarter revenue at EUR3.47 billion.
-Linde increased operating profit 6.2% to EUR808 million, partly as a result of the rigorous implementation of its High Performance Organisation program, a holistic concept for sustainable process optimisation and productivity gains.
-Profit for the period increased slightly in the quarter, up 1.7% to EUR308 million.
-One-off items contributed to the high figure for the first quarter, Linde said. Profit attributable to shareholders was EUR287 million compared with EUR284 million in the year-earlier period.
-Analysts saw Linde's first-quarter net profit at EUR287 million.
-Earnings per share were EUR1.68 compared with EUR1.67. On an adjusted basis, i.e. after adjusting for the effects of the purchase price allocation from the BOC acquisition, earnings per share stood at EUR1.89 compared with EUR1.88.
-Frankfurt Bureau, Dow Jones Newswires; 49-69-29725-500
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(END) Dow Jones Newswires
May 04, 2012 01:38 ET (05:38 GMT)
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