Linde plc (NYSE:LIN) reported its Q4 results, with revenue growing 14% year-over-year to $8.3 billion, and non-GAAP EPS growing 20% year-over-year to $2.77.

All regional markets increased relative to last year. Americas, growing 16% year-over-year to $3.2 billion, and EMEA growing 18% year-over-year to $2.1 billion, were the strongest regions, driven by demand in energy and chemicals end markets. APAC reported modest growth of 1% year-over-year due to China-related metal and mining curtailments.

According to the analysts at DA Davidson, the company continues to be able to offset cost increases by raising prices on customers. It helps that the company’s products are critical materials for their customers, but also represent a small portion of their cost of goods sold. With a return on capital at just under 18% in Q4 and a record backlog of $13.1 billion, the analysts expect a steady stream of profitable growth ahead.