Home Market News Linde Hits All-Time High and Proposes $1 Billion Hydrogen Project in Arizona

Linde Hits All-Time High and Proposes $1 Billion Hydrogen Project in Arizona

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Linde Hits All-Time High and Proposes $1 Billion Hydrogen Project in Arizona
green steel chemical tanks or oil tanks stacked in row.

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Linde, a leading industrial gas company, achieved an all-time intraday high of $395.18 and ended Friday’s trading with a +0.7% gain. This marked the seventh consecutive daily gain for Linde since the company reported better than expected adjusted Q3 earnings and raised its Q4 and full-year earnings guidance.

The company’s improved forecast for FY 2023 adjusted EPS now ranges from $14.00 to $14.10, surpassing the previous outlook of $13.80 to $14.00. This upward revision represents a 14% to 15% year-over-year growth, surpassing the analyst consensus of $13.97.

This positive news prompted Citi analyst Patrick Cunningham to praise Linde’s execution on price and productivity, highlighting that this has been a hallmark for the company, contributing to continued margin expansion.

Linde has also announced a partnership with NextEra Energy to develop a $1 billion hydrogen facility in Arizona, according to the Phoenix Business Journal. The proposed Gila Hydrogen Facility aims to produce up to 120 metric tons per day of liquid hydrogen for various alternative energy applications, including corporate fleets.

If successful, the hydrogen produced by this facility could power around 3,000 trucks, significantly reducing reliance on diesel. This initiative aligns with Linde and NextEra Energy’s commitment to promoting sustainable energy solutions and reducing carbon emissions.