Air Liquide Shares Rise on Profit Increase

By Nina Kienle

Air Liquide shares rose after the company reported an increase in full-year profit, despite missing consensus expectations.

At 0930 GMT on Tuesday, shares were up 5.7% at EUR181.46.

The French industrial-gases company reported 2023 net profit of 3.08 billion euros ($3.32 billion) compared with EUR2.76 billion the prior year. The figure was slightly below expectations of EUR3.29 billion, according to analysts' estimates provided by the company.

"While other chemical stocks may offer higher earnings growth/recovery potential this year, the resilient business model continues to deliver," Citi analysts Ranulf Orr and Omi Pallavi said in a research note to investors.

Of note, Air Liquide increased its margin target as outlined in its Advance strategic plan, Jefferies analysts said in a research note. The company said it is now targeting a 3.2% margin increase for 2025, compared with its previous target of 1.6%.

Looking ahead, Air Liquide said it is confident in its ability to further increase its operating margin, and to grow its net profit at constant exchange rates.

Write to Nina Kienle at nina.kienle@wsj.com

(END) Dow Jones Newswires

February 20, 2024 04:52 ET (09:52 GMT)

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