Linde PLC

LIN: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Linde Earnings: On Track to Achieve Full-Year Guidance Despite Tariff Headwinds

Krzysztof Smalec

May 1, 2025

Despite a challenging macroeconomic environment, wide-moat Linde delivered solid first-quarter results, increasing adjusted earnings per share by 5% year over year to $3.95. Management narrowed its full-year adjusted EPS guidance to $16.20-$16.50 from $16.15-$16.55. The midpoint, which is unchanged as better foreign-currency translation offset lower volume, assumes an economic contraction. We’ve maintained our $437 fair value estimate, as our slightly more conservative near-term projections amid tariff-related uncertainty were offset by the time value of money.

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Linde PLC

Linde Earnings: On Track to Achieve Full-Year Guidance Despite Tariff Headwinds

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