Linde Surpasses Q1 Earnings on Higher Americas Pricing

Core Insights - Linde plc reported first-quarter 2025 adjusted EPS of $3.95, exceeding the Zacks Consensus Estimate of $3.93 and improving from $3.75 in the previous year [1] - Total quarterly revenues were $8,112 million, slightly below the Zacks Consensus Estimate of $8,258 million, but up from $8,100 million year-over-year [1] - The strong earnings were driven by higher pricing and increased volumes in the Americas segment, though partially offset by lower contributions from the EMEA segment due to reduced volumes in certain end markets [1] Segmental Highlights - The Americas segment's operating profit rose 4.5% to $1,137 million, although it fell short of the Zacks Consensus Estimate of $1,160 million, supported by higher pricing and volume increases in electronics and chemicals & energy [2] - EMEA segment profit increased approximately 5.1% year-over-year to $722 million, surpassing the Zacks Consensus Estimate of $709 million, aided by higher pricing despite lower volumes in metals & mining and chemicals & energy [3] - The APAC segment's profit grew from $447 million to $451 million, meeting the Zacks Consensus Estimate, with stable pricing contributing to this growth [3] - Operating profit in the Engineering segment increased to $114 million from $100 million, exceeding the Zacks Consensus Estimate of $96 million [4] Backlogs - At the end of the first quarter, Linde's project backlog was $10.3 billion, including a sale-of-gas backlog of $7 billion [5] Capital Investment & Balance Sheet - Linde reported capital expenditures of $1.27 billion for the first quarter, with cash and cash equivalents of $5.29 billion and long-term debt of $17.6 billion [6] Guidance - For Q2 2025, Linde estimates adjusted EPS to be between $3.95 and $4.05, and for the full year 2025, adjusted EPS is expected to range from $16.20 to $16.50 [7] - The company reiterated its full-year capital expenditure guidance of $5 billion to $5.5 billion [7]