By Adria Calatayud

Air Liquide reported a drop in revenue for the third quarter due to sharply reduced energy prices, but said its project backlog and investment plans are at record levels.

The French industrial-gas supplier reported revenue of 6.81 billion euros ($7.21 billion) for the third quarter, down 17% on the same period last year.

Analysts had expected Air Liquide to report quarterly revenue of EUR6.83 billion, according to a consensus provided by FactSet.

The company said the revenue fall mainly reflects a drop in energy prices that are contractually passed through to its customers.

On a comparable basis, revenue was up 1.5%, Air Liquide said on Wednesday.

The company said its project backlog and investment decisions reached record levels in the quarter at EUR4.2 billion and EUR1.3 billion, respectively.

For 2023, Air Liquide continues to expect increases in its operating margin and to recurring net profit at constant-exchange rates.

Write to Adria Calatayud at

(END) Dow Jones Newswires

10-25-23 0153ET