“This trend has already started to reverse as evidenced by the flat sequential impact. I'll speak to guidance at the end, but based on current FX levels, we might have some upside going forward.”

In context

“ly focusing on our core values. This is the fourth year in a row of double-digit EPS growth, and I see no reason why this won't continue. Stated simply, I have confidence that we will deliver strong results irrespective of economic and geopolitical climate. From my vantage point, I've never been more confident about Linde's future. I'll now turn the call over to Matt to walk you through the financial numbers. Matt White: Thanks, Sanjiv. Please turn to slide 5 for an overview of the fourth quarter results. Sales of $7.9 billion were down 5% from prior year and 10% sequentially. Note that underlying sales increased 7% year-on-year but decreased 2% sequentially. So, there are several moving parts distorting the trends. First, you can see FX down 6% year-on-year due to the strong U.S. dollar. This trend has already started to reverse as evidenced by the flat sequential impact. I'll speak to guidance at the end, but based on current FX levels, we might have some upside going forward. Divestitures from GIST and the deconsolidation of Russia resulted in a 4% and 2% headwind when compared to prior year and the third quarter. We’ll lap that part of this in June and the rest in September, although I do expect a sequential tailwind in the first quarter from our U.S. acquisition of nexAir. The engineering business decreased 4% from last year and 3% sequentially. The prior year variance is driven by Russian projects, and the sequential decline is from timing of a U.S. project. I expect a few more quarters of engineering volatility as they resolve and subsequently lap suspended Russian projects. While we ceased all Russian activity in July of 2022, we continue to reconcile balance sheet liabilities upon reaching settlements with our vendors and former customers. Cost pass-thro”