Air Liquide Q3 Revenue Slips Year-on-Year

Industrial gas producer Air Liquide has reported a slight decrease in revenue for the third quarter due to unfavorable energy and currency impacts. The group said in a media release that its revenue for the period was EUR 6.7 billion ($7.3 billion), 0.7 percent down compared to Q3 2023.

Gas and Services revenue in the third quarter of 2024 reached EUR 6.4 billion ($6.9 billion), down by 0.6 percent.

“In a difficult market environment, our sales increased, demonstrating the resilience of our business model. We continued to improve our margin and our investment decisions reached a record level, paving the way for long-term growth”, François Jackow, Chief Executive Officer, said.

“Air Liquide also continued to improve its performance. The transformation plan announced in July has now entered the execution phase across the entire Group, in particular through the simplification of our organization. Group efficiencies, up 10 percent, reached a record level of EUR 353 million ($382 million) at the end of September”, said Jackow.

The company said that excluding currency, energy, and significant scope impacts, activities grew in the third quarter of 2024. Revenue from Large Industries increased 2.8 percent, supported by the start-up of two large units at the beginning of the year and the strengthening of demand, particularly in Chemicals in the United States, Air Liquide said.

In the Industrial Merchant business a solid price effect offset slightly lower gas volumes and a decline in Hardgoods sales in the U.S. In Electronics, all segments contributed to growth, except Specialty Materials, Air Liquide said.

The Healthcare business was the main contributor to the growth in the third quarter. It benefited from the dynamic development of Home Healthcare and the increase in volumes and prices of medical gases in an inflationary environment, Air Liquide said.

Global Markets & Technologies’ revenue declined 4.6 percent to EUR 207 million ($224 million). However, when excluding the impact of the divestiture of technological activities for the Aeronautics sector in the first quarter, revenue from this business segment remained stable compared to the previous year.

The Engineering & Construction segment generated consolidated revenue of EUR 110 million ($119 million) for the third quarter, showing no significant change from the same period in 2023. This figure excludes internal projects, particularly those related to Large Industries and Electronics, which are experiencing growth.

Air Liquide said it has reduced its net debt by EUR 541 million ($585.5 million) to EUR 9.6 billion ($10.4 billion) during the third quarter.

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