Air Liquide Net Profit Rises But Misses Expectations

By Helena Smolak

Air Liquide said its net profit rose but missed analysts' expectations while its operating margin increased despite a decline in sales.

The French industrial-gases company said net profit for 2023 was 3.08 billion euros ($3.32 billion) compared with EUR2.76 billion a year earlier

Group revenue fell 7.8% to EUR27.61 billion, dragged by declining energy prices and a negative currency impact. Geographies within its gas and services business posted growth, in particular the Americas and Europe, it said.

Net profit was below expectations of EUR3.29 billion, while revenue slightly exceeded views of EUR27.53 billion, according to analysts' estimates provided by the company.

For 2024, the Paris-based company said it is confident in its ability to further increase its operating margin and to deliver recurring net profit growth at constant rates.

Air Liquide proposed a dividend of EUR3.20 a share.

The company's operating margin increased by 0.8 percentage points in 2023 excluding the energy impact, and rose by 1.5 percentage points over 2022-23. Air Liquide confirmed its guidance as set out in its Advance strategic plan and said it will double its operating margin target to a 3.2 percentage-point increase through 2025.

Write to Helena Smolak at helena.smolak@wsj.com

(END) Dow Jones Newswires

February 20, 2024 02:17 ET (07:17 GMT)

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