Linde plc (LIN) reported a full-year 2026 adjusted earnings outlook of $17.82 to $17.92 a share after a third quarter in which sales reached a record $9.4 billion and adjusted profit per share hit a record $4.59.

The industrial gases and engineering company now expects adjusted diluted earnings per share for the full year of $17.82 to $17.92, representing 8% to 9% growth when assuming favorable currency of 2% versus the prior year. The prior range after the second quarter was $17.70 to $17.90, which assumed favorable currency of 1%. For the fourth quarter, Linde expects adjusted diluted EPS of $4.40 to $4.50, up 5% to 7% versus the year-ago quarter, with no expected impact from foreign currency translation.

Sales were $9,404 million, up 9% from a year earlier, including a 1% favorable currency impact. Underlying sales rose 5%, from 3% price attainment and 2% volumes, primarily in electronics, chemicals & energy, and manufacturing. That underlying rate accelerated from 4% in the second quarter and 3% in the first, and the mix shifted toward price.

GAAP net income was $1,692 million and diluted EPS $3.66, down 12% and 11%, respectively. Excluding Linde AG purchase accounting impacts and cost-reduction and other charges, adjusted net income was $2,122 million, up 7%, and adjusted diluted EPS was $4.59, 9% above the year-ago quarter.

Operating profit was $2,150 million, with an operating margin of 22.9%. Adjusted operating profit was $2,763 million, up 8%, for an adjusted margin of 29.4%. Operating margin was 30 basis points lower than a year earlier, or flat excluding cost pass-through.

Operating cash flow was $3,169 million, up 8%. After capital expenditures of $1,392 million, free cash flow was $1,777 million. The company returned $1,685 million to shareholders through dividends and stock repurchases, net of issuances.

Americas sales were $3,601 million, up 11%, with underlying sales up 9% from 6% pricing and 3% volumes, primarily in electronics, chemicals & energy, and metals & mining. Operating profit was $1,263 million, or 35.1% of sales.

APAC sales were $1,950 million, up 12%, with underlying sales up 8% from 3% pricing and 5% volumes, primarily in electronics and chemicals & energy and project start-ups. Operating profit was $534 million, or 27.4% of sales.

EMEA sales were $2,327 million, up 7%, with underlying sales up 3% from 2% pricing and 1% volumes, primarily in healthcare and food & beverage. Operating profit was $817 million, or 35.1% of sales.

Linde Engineering sales were $582 million, up 12%, with operating profit of $107 million, or 18.4% of sales. Order intake was $499 million and third-party sale of equipment backlog was $2.9 billion.

Project backlog remained $11 billion. Contractual sale of gas project backlog was $7.9 billion, down from a record $8.1 billion after the second quarter. Full-year capital expenditures are expected at $5.5 billion to $6.0 billion.

Chief Executive Officer Sanjiv Lamba said customer proposal activity remains robust, particularly across electronics, supporting confidence in continued backlog growth.