Linde PLC (NYSE:LIN), a global leader in industrial gases, has announced a significant change in its executive leadership. John Panikar, Executive Vice President-APAC, is set to retire on March 31, 2025, concluding a notable 33-year tenure with the company. His departure from the executive role will be effective as of November 1, 2024.
Stepping into the role will be Binod Patwari, the current Managing Director of Linde’s South Pacific Region. Effective November 1, 2024, Patwari will take over as Senior Vice President-APAC. In his new position, Patwari will oversee all operations within the Asia-Pacific region, with a focus on executing business plans and developing regional strategies.
The announcement was made in a recent 8-K filing with the Securities and Exchange Commission, reflecting the company's ongoing commitment to strong leadership and strategic business operations.
Linde PLC, with its origins in the merger of Linde AG (ETR:LING) and Praxair (NYSE:) (NYSE:), has been a major player in the industrial gas sector. The company's history of strategic leadership changes and its position in the industry reflect its adaptability and forward-looking approach to business.
In other recent news, industrial gas company Linde has been making significant strides despite challenging market conditions. BMO Capital Markets has expressed confidence in Linde, raising its price target for the company to $507, maintaining its Outperform rating. This adjustment reflects Linde's continued execution of its growth strategy, including driving growth through dedicated capital investments and cost reduction measures.
In their latest earnings call, Linde reported a 2% increase in sales to $8.4 billion, largely due to project activity and demand for liquefied natural gas infrastructure. A substantial $2 billion contract with Dow Chemical (NYSE:DOW) boosted Linde's project backlog to a record high of $10 billion. The company anticipates an earnings per share (EPS) of $3.86 to $3.96 for Q4 2024 and forecasts a full-year EPS of $15.40 to $15.50, indicating a 9-10% growth.
These recent developments highlight Linde's strategic focus and operational discipline. Despite some industrial market softness and geopolitical tensions affecting some regions, North America and India showed resilience with consistent growth. Linde continues to implement cost reductions and has returned $5.1 billion to shareholders, further demonstrating their commitment to growth and shareholder value.
InvestingPro Insights
As Linde PLC (NYSE:LIN) prepares for this significant leadership transition, InvestingPro data provides additional context for investors. The company's financial health appears robust, with a revenue of $33.02 billion over the last twelve months as of Q3 2024, and an impressive EBITDA of $12.58 billion for the same period. Linde's profitability is evident, with a gross profit margin of 47.75% and an operating income margin of 26.22%.
InvestingPro Tips highlight Linde's strong market position and financial stability. The company has maintained dividend payments for 33 consecutive years, aligning with John Panikar's tenure and demonstrating long-term stability. Additionally, Linde is recognized as a prominent player in the Chemicals industry, which supports its global leadership in industrial gases.
While the company trades at a high P/E ratio of 33.59, reflecting investor confidence, it's worth noting that 11 analysts have revised their earnings downwards for the upcoming period. This could be a factor for investors to watch as the leadership transition unfolds.
For those interested in a deeper analysis, InvestingPro offers 12 additional tips for Linde, providing a comprehensive view of the company's financial health and market position.
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