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- Majors’ gases revenues up +2% sequentially and +3% YoY in Q3 to nearly $17.5bn – a new record level.
- EBIT also recovered back to equal its record level in mid-2013 while capital employed continued the relative flat trajectory it has been on in recent quarters.
- Strongest growth since the 2007 base has been achieved by Air Liquide (AL) and Airgas while Taiyo Nippon Sanso (TNSC) has been the slowest growth performer over this period.
- TNSC showed highest year-on-year gases growth in Q3 (+9%), Linde lowest (+2%) with others in +3-5% range.
- Total revenue growth (including the effects of energy pass-through, acquisitions and currency) improved marginally after four quarters of relatively little growth.
- Underlying growth (combined impact of volume and price) continued to accelerate year-on-year but remains relatively modest although outperforming weak macro-economic growth.
- Both volume and pricing made a slightly higher positive contribution in Q3 across the industry. Volumes were underpinned by start-ups and ramp-ups while base business growth was modest.
- All majors indicate pricing impacts of +1-2% year-on-year in Q3, except TNSC which probably achieved higher gains due to the impact of power costs in Japan.
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