-Linde,, the world's largest industrial gases company, on Thursday raised its full-year earnings guidance citing higher pricing and increased volumes, despite the challenging environment and its exit from the Russian market.
The U.S.-German company, which supplies gases such as oxygen, nitrogen and hydrogen to factories and hospitals, expects its adjusted earnings per share to grow between 15% and 17% in 2022, excluding foreign currency headwinds.
It had previously guided for 11% to 13% EPS growth for the full year.
"Looking ahead, the geopolitical and macro environment continues to be very uncertain. Regardless, I have confidence the company will continue to deliver on its commitments to shareholders," Linde's chief executive Sanjiv Lamba said in a statement.
Despite dwindling gas supplies from Russia, Linde's production of gases such as medical oxygen and nitrogen have not been restricted by any gas allocation.
The European Union accounts for 25% of Linde's sales, which is the same as U.S. competitor Air Products and lower than 39% of French peer Air Liquide.
Linde reported a 15% rise in quarterly adjusted EPS to $3.10, ahead of the $2.96 forecast from analysts polled by Refinitiv.
The group's total sales increased by 12% to $8.5 billion in the April-June period, above analysts' forecast of $8.3 billion.
The company, which recorded impairments of $993 million from the Russia exit, said all its Russian earnings were excluded prospectively as of July 1.
Linde had in June ended its participation in Russia's Amur gas and chemicals complex in accordance with its plan to suspend all business development activities in the region, ceasing supply to certain customers and divesting industrial assets.
Linde has consistently beaten analysts' quarterly estimates over the past two years, benefitting from higher pricing environment and growing hydrogen investments as countries look to cut back on emissions.
Linde's Frankfurt-listed shares were down 1.6% at 1035 GMT.
