“Note, we are also assuming no base growth at the top end of Q4 guidance and thus recessionary conditions at the midpoint.”

In context

“ine is driven by engineering project timing. Engineering results are naturally lumpy due to project progress and we had a sizable Americas project billing in Q3. And while the engineering business has been streamlining the organization and rebuilding the backlog to maintain strong competitiveness and quality results, I still expect Q4 to have lower sales and profit from this timing. Second, we anticipate currency rates to worsen driving down sequential EPS by another 2%. Rates seemed to stabilize in October but we'll have to wait until January to see where they ultimately finish. Finally, we completed the divestiture of the non-core GIST business at the end of September. This had a minor effect at 1%, but we provided more details in the appendix, so you can better model the future impact. Note, we are also assuming no base growth at the top end of Q4 guidance and thus recessionary conditions at the midpoint. Consistent with prior quarters this economic assumption is merely a placeholder. So if conditions are better, we'll do better. And if they're worse, we'll take actions to mitigate. The full year guidance of $11.93 to $12.03 represents 17% to 18% growth from last year when excluding currency. The midpoint of the range is $0.15 higher than last quarter, driven by better Q3 results. Overall, the Linde team continues to execute despite the global challenges. We've demonstrated resilient, high-quality performance through recessionary conditions and 2023 will be no exception. So, regardless of what you read in the news, you can count Linde to deliver. I'll now turn the call over to Q&A. Operator: Thank you. [Operator Instructions] We will now take our first question from Peter Clark from Sociét”