Air Liquide Flags Slowing Demand in Europe as Q3 Sales slightly Exceed Expectations By Stocksak

© Stocksak. FILEPHOTO: A sphere containing liquid hydrogen was seen during an Air Liquide tour. The facility supplies California’s Mobility Market in Las Vegas. It opened on May 24, 2022. REUTERS/Bridget Bennett

(Stocksak). – French industrial gas company Air Liquide (OTC) reported slightly better-than-expected sales for the third quarter.

The third quarter saw 8.25 billion euros in sales by the supplier of gases like oxygen, nitrogen, hydrogen to hospitals and factories. This was 8.3% higher than the previous year and better than the 8.11 million average forecast from a company.

“In terms geoographies, activity remained strong in the Americas, Asia, and Europe,” the company stated in a statement.

Air Liquide stated that revenues in Europe fell 0.2% compared to last year, especially in the large industries segment, which was affected by slower demand from steel and chemical customers.

A business survey revealed that the euro zone is in recession. In October, business activity contracted at its fastest pace in almost two years. This is due to energy prices rising and supply chains being disrupted by the COVID-19 pandemic.

Air Liquide had announced in September its intention to withdraw from Russia and had also signed an agreement to transfer its assets to local management.

On Tuesday, the group announced that its large industries segment, which supplies gas to industrial customers in metals and chemicals, refining, and energy, had experienced a 27.5% decrease in Europe on a comparable basis.

Air Liquide has confirmed its outlook for this year, which includes an increase in its operating profit and recurring net profits growth at constant exchange rates.

The firm stated that its 12-month investment opportunities were worth 3 billion euros and that 40% of them are related to the energy transformation. The group is looking to reap the benefits of the shift to green energy and has signed numerous deals this year, including a joint venture formed with Siemens Energy to manufacture renewable hydrogen electrolyzers throughout Europe.

($1 = 1.0126 euros)

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