Linde Earnings: Impressive Margin Expansion Continues as EMEA Delivers Over 30% Operating Margin

Narrow-moat-rated Linde delivered strong third-quarter results, featuring a 17% year-over-year increase in adjusted EPS, and raised its full-year guidance for the third time this year. Management now anticipates adjusted EPS of $14.00-$14.10 (up from $13.80-$14.00), which assumes no economic improvement in the fourth quarter at the top end of the range. We’ve raised our fair value estimate to $393 from $379, which reflects our more optimistic operating margin assumptions and time value of money.