Linde PLC

LIN: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$759.00	Ddlnp	Jpgmtrml

Linde Earnings: Midpoint of Full-Year EPS Outlook Maintained After Solid First Quarter

Krzysztof Smalec

May 2, 2024

Wide-moat-rated Linde posted solid first-quarter results, as its adjusted EPS of $3.75 came in above management’s $3.58-$3.68 guidance. However, the second-quarter outlook of $3.70-$3.80 fell short of the $3.88 FactSet consensus estimate, sending shares down nearly 6% in intraday trading on May 2. We’ve trimmed our fair value estimate to $420 from $425, which reflects our slightly more conservative near-term revenue growth projections.

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