Praxair posts 10 percent sales gain
Praxair's fourth quarter sales climbed 10 percent to $3.0 billion, resulting in net income or $474 million, or $1.59 per share.
Organic sales increased 7% with growth across all geographic segments due primarily to energy, metals, chemicals and manufacturing markets. Acquisitions in North America and Europe contributed 3% growth in the quarter.
Full-year sales were $11.92 billion, 8 percent higher than sales of $11.22 billion in 2012. Net income for the year was $1.75 billion, or $5.87 per share, compared to $1.69 billion, or $5.61, in 2012.
In North America, fourth-quarter sales were $1.56 billion, up 11% from the prior-year quarter. Organic sales growth of 6% was driven by strong growth in the energy end market, primarily driven by hydrogen project start-ups for refinery customers. The acquisitions of NuCO2 and packaged gas distributors contributed 5% growth.
In Europe, fourth-quarter sales were $404 million, 11% above the prior-year quarter.
In South America, fourth-quarter sales were $481 million, 1% below the prior-year quarter.
Sales in Asia were $394 million in the quarter, 5% above the prior year, driven by strong growth in on-site and merchant volumes due to project start-ups.
Praxair Surface Technologies had fourth-quarter sales of $164 million, compared to $162 million in the prior-year quarter. Sales grew 1% as favorable pricing was partially offset by weaker volumes of aviation coatings. Operating profit was $27 million.
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