Linde reported better-than-expected quarterly results with revenue of $8.5 billion and adjusted earnings per share of $4.09. The company raised its earnings guidance for the year, despite economic challenges. Linde also saw a record backlog of $7.1 billion, ensuring future growth. The company returned $1.81 billion to shareholders and maintains a $500 price target.

Sales for Linde’s Americas segment rose 4% driven by pricing and volume increases. APAC and EMEA sales were stable. The company raised its full-year outlook but lowered third-quarter forecasts, anticipating economic contraction. Full-year adjusted EPS guidance is $16.30 to $16.50, with capital expenditure of $5 billion to $5.5 billion. (Jim Cramer’s Charitable Trust is long LIN.)

Read more at CNBC: We own Linde to deliver in tough times. It didn’t disappoint this quarter