“We still expect consolidated operating margin ex pass-through to expand more than 100 basis points for the full year.”

In context

“nd the remainder from increases in Americas and APAC, partially offset by slightly lower volumes in EMEA. Pricing of 8% continues to be strong as all regions around the world are taking proactive and sustainable actions to recover inflation. Underlying sequential growth of 3% is driven by similar factors as broad-based price improvements and volume growth in Americas and APAC more than offset weaker volumes in EMEA from a combination of macroeconomic conditions and normal seasonal factors. Operating profit of $2 billion resulted in a 22.8% margin, which is 90 basis points above last year when excluding the effects of cost pass-through. Sequentially, operating margins ex pass-through declined 20 basis points from both weaker volumes and a lag effect of merchant and package pricing in EMEA. We still expect consolidated operating margin ex pass-through to expand more than 100 basis points for the full year. EPS of $3.10 increased 14% over prior year or 21% when excluding currency. This represents the eighth quarter in a row of EPS ex-FX growth exceeding 20%, demonstrating the breadth of Linde's portfolio. Return on capital of 21.8% reached another record from double-digit percent profit growth over a stable capital base. Our unrivaled asset network across all three supply modes enables industry leading growth without significant capital intensity, although we have ample capacity for greater investments, of which we expect to announce large wins in the near future. The ROC trend is also a result of disciplined capital and cash management. Sanjiv mentioned, how we intend to approach clean energy investments no different than other opportunities, which is an integral part of our multi-decade su”