(Reuters) – Linde (NYSE:LIN), the world’s largest industrial gases company, raised the top end of its 2023 earnings guidance on Thursday, citing higher pricing and continued productivity initiatives across all its businesses.

The U.S.-German company reported 10% sales growth in the Americas, which accounted for nearly a third of its revenue in the first quarter, while the Europe, Africa and Middle East (EMEA) region grew just 1% compared to the same period in 2022.

Linde is reaping the benefits of the clean energy transition in the United States, especially since President Joe Biden signed the $430 billion Inflation Reduction Act (IRA), seen as the biggest climate change package in the country’s history.

“Looking ahead, the geopolitical and macro environment continues to remain uncertain. Regardless, we will continue to create shareholder value in any economic scenario,” CEO Sanjiv Lamba said in a statement.

The company, which supplies gases such as oxygen, nitrogen and hydrogen to factories and hospitals, expects its adjusted earnings per share (EPS) to grow 9%-13% this year, after previously guiding for growth between 9% and 12%.

Total sales were stable at $8.2 billion in the first quarter, but earnings rose 17% to $3.42 per share, above Refinitiv’s mean estimate of $3.13.

Linde has consistently beaten earnings estimates over the past three years, benefitting from growing hydrogen investments as countries move to cut carbon emissions.

For the next quarter, Linde is targeting EPS in the range of $3.40-$3.50, corresponding to 10%-13% annual growth.

Earlier on Thursday, French peer Air Liquide (OTC:AIQUY) reported first-quarter revenue above expectations, helped by growth in its industrial merchant and electronics businesses.

Linde’s Board on Monday said it would propose a quarterly dividend of $1.275 per share, its 30th consecutive dividend increase.