Shares fall after sales miss
Qatar restart key for helium
2022-2027 margin target maintained
Rephrases lead, adds Qatar comments in paragraphs 2 & 3, helium context in para 4
By Olivier Cherfan
April 28 (Reuters) - French industrial gases group Air Liquide AIRP.PA said on Tuesday that a restart of the Ras Laffan liquified natural gas plant in Qatar would offer the fastest relief to the global helium shortage, helping ease pressure on its own supplies.
"An immediate relief would be the restart of the LNG plant in Ras Laffan, much more than the opening of the Hormuz Strait," CEO François Jackow said in a call with analysts.
Air Liquide said the Qatar helium outage, affecting about 30% of global supply, had prompted temporary contractual measures and volume allocations, while contracts remained in place.
Although helium accounts for only about 3% of Air Liquide's sales, the gas is strategically important as it is used in healthcare and electronics, two of the group's main growth markets. The company said its underground storage site in Germany can hold more than a year of helium supply.
J.P. Morgan analysts highlighted continued weakness in its large industries business despite steady growth in the onsite backlog and expectations that the Middle East conflict could shift some chemical production from Asia to Europe.
Air Liquide's first-quarter revenue missed expectations as weaker demand in Europe and Asia offset growth in the Americas. Sales rose 3.4 percent excluding currency and energy effects, but fell 3.5 percent on a reported basis.
Its shares were down 4.5% at 1021 GMT.
The company reaffirmed its target of a 560-basis-point cumulative operating margin increase over 2022–2027, excluding energy effects, implying 100 basis points of expansion in both 2026 and 2027.
Air Liquide, involved in six of the seven U.S. hydrogen hubs selected by the Department of Energy, remains exposed to timing uncertainty around funding and project execution, reflecting a broader risk for companies tied to U.S. clean hydrogen projects.
($1 = 0.8541 euros)
(Reporting by Olivier Cherfan, editing by Matt Scuffham and Milla Nissi-Prussak)
((olivier.cherfan@thomsonreuters.com))
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