Air Liquide 3Q Revenues Drop Slightly on Forex Effects
25 Ottobre 2017 - 8:24AM
Dow Jones News
By Nathan Allen
France's Air Liquide SA (AI.FR) said Wednesday that its
third-quarter revenue decreased slightly on the year, citing a
foreign-exchange hit which offset positive currency effects in the
first half.
Revenue at the French industrial-gases producer was 4.94 billion
euros ($5.81 billion), down 0.3% from EUR4.96 billion a year
earlier.
The company is using restated sales--which take into account the
divestitures of Aqua Lung and Air Liquide Welding--as its baseline
for comparison. Prior to the restatement, Air Liquide reported its
third-quarter 2016 revenue as EUR5.08 billion.
Sales at Air Liquide's main gas-and-services business rose 0.1%
to EUR4.79 billion, driven largely by developing economies and the
Asia-Pacific region, it said. China reported 15% revenue growth
thanks to an increase in prices and volumes, while European sales
grew by 4.2%, the company said.
Synergies from the acquisition of Airgas, which Air Liquide
bought for $10 billion in 2016, came in ahead of schedule thanks to
quicker project execution, the company said. Air Liquide now
expects synergies of $195 million by the end of 2017 compared with
an earlier forecast of $175 million.
Air Liquide said that lower demand in the U.S. due to hurricanes
Harvey and Irma had a moderate negative effect on sales. However,
it expects insurance to cover most of the impact on operating
profit, while forthcoming reconstruction work should drive higher
volumes in the coming months.
"Assuming a comparable environment, Air Liquide is confident in
its ability to deliver net profit growth in 2017," said Chief
Executive Benoit Potier.
Write to Nathan Allen at nathan.allen@dowjones.com
(END) Dow Jones Newswires
October 25, 2017 02:09 ET (06:09 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
Grafico Azioni Air Liquide (EU:AI)
Storico
Da Mar 2024 a Apr 2024
Grafico Azioni Air Liquide (EU:AI)
Storico
Da Apr 2023 a Apr 2024