Linde PLC

F:LIN

Record quarter: Linde reported record second-quarter sales of $9.3 billion and record EPS of $4.50, with both up near double-digit percentages from a year ago.

Backlog growth: Backlog rose $1 billion to a record $8.1 billion after a new U.S. electronics win, and management still expects the year to end with an “8 handle” on backlog.

Margin pressure: Operating margin declined 30 basis points excluding cost pass-through, mainly because of the U.S. homecare business and some mix effects, and management said actions are underway to improve it.

Outlook held: Full-year EPS guidance was lifted at the low end to $17.70 to $17.90, while the company kept its back-half assumptions unchanged and said it is not building in macro improvement.

Electronics strength: Electronics remains the fastest-growing end market, helped by AI-related demand and project start-ups, with strong pipelines in the U.S., Taiwan, Korea and China.

Homecare review: Management said the U.S. homecare business continues to face cost inflation and reimbursement pressure and is being actively reviewed for strategic fit.