-- CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:
Linde reported Q1 adjusted EPS of $4.33, up 10% Y/Y and $0.06 ahead of consensus, while sales of $8.8B grew 8% Y/Y, beating by 2%. Underlying sales growth of 3% comprised 2% pricing and 1% volume, though adjusted operating margins contracted 10 bps to 30.0%. The results demonstrate management's pricing discipline and ability to execute on the record $7.1B project backlog despite European manufacturing weakness. Management reaffirmed full-year 2026 adjusted EPS guidance of $17.60-$17.90 (7%-9% growth). Americas delivered strong 10% sales growth with margin expansion, while APAC surged 11% with 6% volume growth in electronics. EMEA faced challenges with underlying sales declining 2%. Linde returned $1.5B to shareholders through dividends and repurchases. We believe Linde's backlog-driven growth model supports consistent earnings progression, with project startups accelerating and ROC maintaining at 24%, though margin contraction and volume headwinds limit near-term multiple expansion potential.