Praxair sales down on currency effects
Praxair reported that its fourth quarter sales were $2.99 billion, 0.7% down from $3.01 billion in the same period last year.
Excluding negative currency translation effects, sales for the quarter were 3% above the prior-year quarter.
Organic sales growth was driven by increased volumes, including volume growth from new plant start-ups, and higher price across the Americas and Asia.
Adjusted net income for the quarter was $460 million, or $1.57 per share.
Full-year sales were $12.27 billion, a 2.9% increase from $11.92 billion a year ago.
Excluding negative currency translation, sales growth was 6%, driven by higher volumes, pricing and acquisitions. Reported operating profit was $2,608 million. Adjusted operating profit of $2.74 billion was 6% above 2013, excluding negative currency translation.
In North America, fourth-quarter sales were $1.59 billion, up 3% from the prior-year quarter excluding currency translation. Organic sales growth of 2% was driven by higher pricing and growth in merchant and packaged gas volumes. Acquisitions of U.S. packaged gas distributors contributed 1% growth.
In Europe, fourth-quarter sales were $356 million, 12% below the prior-year quarter. Excluding currency, cost pass-through and net divestitures, organic sales were 1% below prior year due primarily to weaker sales in Northern Europe.
In South America, fourth-quarter sales were $473 million, 2% below the prior-year quarter. Organic sales, excluding negative currency translation, grew 8% primarily from growth to food and beverage and healthcare end-markets.
Sales in Asia were $407 million in the quarter, 6% above the prior year excluding currency and cost pass-through, driven by volume growth in on-site, including new plant start-ups, and merchant.
Praxair Surface Technologies had fourth-quarter sales of $165 million as compared to $164 million in the prior-year quarter. Organic sales grew 1% due to favorable pricing. Overall volumes were comparable to the prior-year period.
INDUSTRIAL SUPPLY MAGAZINE
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