Linde Earnings Call Transcripts
Fiscal Year 2025
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Record annual EPS, cash flow, and margins were achieved despite industrial headwinds, with a $10B project backlog and robust capital returns. 2026 EPS is guided up 6–9%, with restructuring and productivity actions expected to drive margin expansion.
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EPS grew 7% to $4.21 with strong cash flow and a $10B backlog, despite flat volumes and industrial recession. Guidance remains cautious for 2025, but robust project pipelines in the U.S. and APAC, plus ongoing capital returns, support continued growth.
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Record Q2 results with EPS of $4.09 and 30.1% margin, strong cash flow, and a $7.1B project backlog. Guidance for 2025 EPS raised to $16.30–$16.50, with growth led by the Americas and clean energy, but volume headwinds and macro uncertainty persist.
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EPS grew 8% ex-FX with operating margins at 30.1% and a strong $10B backlog, despite flat sales and ongoing industrial softness. Guidance remains cautious but stable, with proactive capital allocation and robust productivity initiatives supporting future growth.
Fiscal Year 2024
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Delivered industry-leading financials in 2024, with strong margin expansion, record backlog, and robust capital returns. 2025 guidance anticipates 4–7% EPS growth (8–11% ex-FX), with margin expansion and continued investment in clean energy and electronics projects.
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Q3 delivered record EPS and margins despite global industrial weakness, with North America and electronics as bright spots. A $2B+ Dow Chemical contract boosted backlog to $10B, while cost actions and cautious guidance reflect ongoing macro uncertainty.
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Record Q2 results with EPS up 8% and operating margin at 29.3%, driven by strong pricing and project execution despite flat volumes. Guidance remains cautious amid macro uncertainty, but proactive management and a robust backlog support continued growth.