Praxair reports rise in profits, benefits from emerging markets

Praxair reports rise in profits, benefits from emerging markets

2:51 PM, 17th June 2011
Praxair reports rise in profits, benefits from emerging markets
Stephen F Angel, Chairman and CEO, Praxair.

  • Sales of $ 2.7 billion, 11 per cent above prior-year quarter
  • Diluted EPS of $ 1.29, up 18 per cent 
  • Strong pipeline of growth projects in emerging economies
  • Raises full-year 2011 diluted EPS guidance to $ 5.35 - $5.45
  • Second-quarter diluted EPS guidance of $ 1.33 to $ 1.38

DANBURY, US: Praxair, Inc reported first-quarter net income and diluted earnings per share of $ 398 million and $ 1.29, 17 per cent and 18 per cent above the prior-year quarter, respectively.

Sales in the first quarter were $ 2,702 million, 11 per cent above the previous-year quarter, due primarily to broad-based volume growth. Sales increased across all geographic regions with strongest growth from manufacturing, metals, chemicals and electronics markets. Sales rose 3 per cent sequentially from the fourth quarter of 2010 due to higher volumes and price.

Operating profit in the first quarter was $ 591 million, up 17 per cent from the prior-year quarter due to higher volumes, higher price and productivity. Earnings before interest, taxes, depreciation and amortization (EBITDA) of $ 844 million grew by 14 per cent from the prior-year period.

“Praxair kicked off the year with solid volume growth. The emerging markets, primarily South America and Asia, grew at double-digits, while our business in North America benefitted from steady economic recovery in US. We continue to successfully execute pricing and productivity initiatives. New project opportunities remain robust,” commented Stephen F Angel, Chairman and CEO, Praxair.

For the full year of 2011, Praxair expects sales in the area of $11 billion. The company expects diluted earnings per share to be in the range of $ 5.35 to $ 5.45.

Praxair surface technologies had first-quarter sales of $ 157 million, up 15 per cent from the prior-year quarter. Sales growth came from higher jet engine and industrial coatings volumes. Operating profit of $ 25 million in the quarter was 32 per cent above the prior-year period due to higher volumes.

(C) WOC News

 

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