Results slightly exceeded expectations, driven primarily by price increases and favorable exchange rates, rather than broad-based volume growth.

Key data: EPS $4.33 (+10% YoY, +5% ex-currency); Sales $8.8B (+8% YoY); Operating margin 30% (+50bps QoQ).

Business progress: Electronics business grew 10% YoY, benefiting from AI chip investments, with over $1 billion project backlog for ultra-high-purity gas plants. Helium supply shortages pushed up prices, with the company focusing on locking in long-term contracts. Medical business was flat due to US policy adjustments, EMEA remained weak, but Latin America and US aerospace business were strong, with aerospace sales already contributing half of manufacturing growth.

Guidance and outlook: Q2 EPS expected $4.40-$4.50 (+8%-10%), full-year EPS raised to $17.60-$17.90 (+7%-9%), raised the bottom by $0.20, but the top unchanged, and all assume no economic improvement or helium upside.

Risk/highlight signals: Positive — Management is confident in full-year margin expansion, expected to exceed the upper end of the traditional 40-60bps range; Negative — EMEA industrial activity continues to contract, management remains "cautious" on global uncertainty.