Gases agency Linde boosted by healthcare, ramps up oxygen manufacturing By Reuters
© Reuters. FILE PHOTO: Males park Linde tankers after they arrived from overseas to assist with coronavirus illness (COVID-19) disaster, at Netaji Subhas Chandra Bose Worldwide Airport (NSCBIA) in Kolkata, India, Might 2, 2021. REUTERS/Rupak De Chowdhuri
By Sarah Morland and Veronica Snoj
(Reuters) -Linde, the world’s largest industrial gases firm, hiked its 2021 earnings outlook on Thursday, as a powerful efficiency in its healthcare enterprise helped it beat first quarter forecasts.
The U.S.-German firm, which provides gases resembling oxygen, nitrogen and hydrogen to factories and hospitals, now expects adjusted earnings per share to rise 17-19% year-on-year – in contrast with its earlier forecast for 11-13% progress.
Larger costs and rising demand within the healthcare sector – the place Linde (NYSE:) provides gear and medical gases together with oxygen for COVID-19 sufferers – helped its gross sales in Europe, the Center East and Africa soar 10% within the first quarter.
The pandemic has pushed up demand for medical oxygen, significantly in India, the place extreme shortages and logistics issues have seen dozens of hospitals run brief in latest weeks.
Chief Working Officer Sanjiv Lamba mentioned that groups in India have been now producing greater than 3,000 tonnes of medical oxygen each day, practically ten-fold the determine 4 weeks in the past.
“We have deployed about 1,200 drivers on the highway, serving about 1,000 hospitals within the nation,” he added.
Linde, India’s greatest oxygen producer, and different suppliers are ramping up manufacturing to greater than 9,000 tonnes per day by mid-Might, an govt instructed Reuters final week.
Lamba famous comparable challenges in Mexico, Brazil and different Latin American nations – the place infections proceed to unfold, filling up intensive care models, whilst restrictions ease.
Linde’s general earnings per share for January-March rose 32% to $2.49, beating analysts’ common estimate of $2.26 and its personal steering.
Linde’s greatest competitor, Air Liquide (OTC:), additionally beat analysts’ forecasts final month, pushed by robust demand for medical oxygen and an industrial rebound in China.
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