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What were the key takeaways from Linde’s earnings call?

What does Linde do and what are its main business segments?

What is the revenue and EPS growth rate for Linde year over year?

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What guidance did Linde's management provide for the next earnings period?

- **Revenue Growth**: Q3 EPS up 7% to $4.21, driven by price increases and project backlog. Operating cash flow +8%.
- **End Market Strength**: Electronics (+6% YoY), healthcare, and food/beverage stable. U.S. manufacturing rebounding post-tariff concerns.
- **Backlog Resilience**: $10 billion backlog supports long-term growth; Q4 guidance reflects cautious macro outlook.
- **Strategic Moves**: $5.3B returned to shareholders; AI initiatives to enhance efficiency across 300+ use cases.
- **Risks**: European industrial weakness, helium pricing drag (~1%-2% EPS impact).

**【CEO Summary Section】**
- **Revenue and Profit Growth**: Q3 EPS of $4.21, up 7% YoY; operating cash flow increased 8% to $2.9 billion. Backlog remains at $10 billion, supporting long-term EPS growth.
- **End Market Trends**: Electronics grew 6% YoY, driven by high-end chip production in Korea, Taiwan, and the U.S. Healthcare and Food & Beverage showed stable, mid-single-digit growth. Industrial markets (metals, chemicals) faced headwinds, but U.S. manufacturing activity improved.
- **Strategic Positioning**: Maintained disciplined capital management; 2025 free cash flow of $1.7 billion used for $5.3 billion shareholder returns. Confident in ability to capitalize on future opportunities despite macro challenges.

**【CFO Financial Commentary】**
- **Sales Performance**: Q3 sales $8.6 billion, +3% YoY, +1% sequentially. Underlying sales +2% YoY, driven by price increases (+2%) and project backlog contributions. Volumes flat due to weaker European industrial demand.
- **Profitability**: GAAP EPS of $4.21, +7% YoY. Tax rate lower than expected, but Q4 rate expected to rise. Full-year ETR projected at mid- to high-23%.
- **Cash Flow**: Operating cash flow $2.9 billion, free cash flow $1.7 billion. Capital deployment: $4.2 billion in projects, $5.3 billion returned to shareholders.
- **Guidance**: Q4 EPS $4.10-$4.20 (3%-6% growth); full-year EPS $16.35-$16.45 (+5%-6%).

**【Q&A Key Highlights】**
- **Backlog and Projects**: Q3 ended with $7 billion backlog despite $1 billion in project startups. U.S. metals sector shows opportunities for new capacity, driven by tariffs. Electronics CapEx cycle expected to continue for 5-7 years.
- **Helium Impact**: APAC pricing down due to helium oversupply, impacting EPS by ~1%-2% YoY. Rare gases pricing stabilized, but helium challenges persist.
- **2026 Outlook**: Management actions and capital allocation (mid-single-digit growth each) expected to offset macro headwinds. Electronics, steel, and chemicals end markets key growth drivers.
- **AI and Efficiency**: 300+ AI use cases deployed across operations, with benefits scaling over 2-3 years. Focus on data-driven productivity improvements.


Linde plc (LIN) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

LIN

LIN fundamentals

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