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Air Liquide: sales down 7.3% in Q1 2024

Air Liquide has announced a 7.3% decline in first-quarter 2024 sales to €6.65 billion, mainly due to lower energy prices and an unfavorable currency effect.
Air Liquide résultats T1 2024

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The French industrial gases group suffered a significant drop in revenues due to external factors, including a significant reduction in energy prices in Europe, which fell by 80%, and unfavorable currency effects. However, CFO Jérôme Pelletan assures us that this drop has not had a negative impact on the Group’s operating margins, thanks to the full passing-on of energy price variations to industrial customers.

Benefits of lower energy prices and adjusted performance

Jérôme Pelletan stressed that lower energy prices are good news for industrial customers, making them more competitive. Despite the overall decline, like-for-like sales were up 2.1%. The Gas & Services division, which represents the most significant segment, posted sales of 6.35 billion euros, down 7.8%, but up 2% on a like-for-like basis.

Sector and geographic performance

Air Liquide’s healthcare business was particularly dynamic, recording an 8.1% increase in sales, driven by growth in all homecare therapies and higher medical gas prices. Geographically, the American continent remains the main market with 2.55 billion euros, followed by Europe and Asia-Pacific. Africa and the Middle East saw a significant increase of 11.3% to 267 million euros.

Cost optimization strategy and acquisitions

Air Liquide achieved cost reductions of 112 million euros in the first quarter, surpassing its annual targets. This optimization is due to the centralization of purchasing procedures and improved data management. The Group has also made three acquisitions in the United States and China, and plans to divest its activities in 12 African countries, aiming for an operation that should run through 2024.

Despite the challenges posed by lower energy prices and an unfavorable currency environment, Air Liquide has succeeded in maintaining its operating margins while adapting its strategy to support future growth. The Group continues to make operational and strategic adjustments, including targeted acquisitions and cost-cutting efforts, to strengthen its position in the global market.

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