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Linde plc’s $1 Billion Electronics Wins: Can Semiconductor Demand Sustain The Momentum?

Linde plc delivered a second quarter that combined strong top-line and earnings growth with weaker margin performance, leaving the investment case balanced between expanding long-term growth visibility and near-term execution pressure. Sales reached $9.3 billion, up 9% year over year, while underlying sales increased 4% through a combination of volume and pricing. Adjusted earnings per share rose 10% to $4.50. Growth was supported by project start-ups, electronics demand, aerospace activity and improving manufacturing conditions in selected markets, particularly the United States. The company also raised the lower end of its full-year earnings outlook to $17.70 to $17.90, implying 8% to 9% growth, while maintaining a cautious assumption of no broader economic improvement. The strongest element of the outlook is Linde plc’s project pipeline. The sale-of-gas backlog reached a record $8.