Praxair sales fall 9 percent
Praxair reported sales in the first quarter were $2.75 billion, 9% below the prior-year quarter.
The lower sales primarily resulted from negative currency translation of 8% and lower cost pass-through of 2%.
Organic sales growth of 1% was driven by higher price. Overall volumes were comparable to the prior-year quarter as volume growth in North America and Asia was offset by lower volumes in South America. Europe volumes remained stable.
Operating profit in the first quarter was $623 million, 8% below the prior-year quarter.
In North America, first-quarter sales were $1.49 billion, up 2% from the prior-year quarter excluding cost-pass through and negative currency translation. Organic sales growth of 1% was driven primarily by higher sales of merchant and packaged gases to food and beverage, healthcare and manufacturing end-markets. Acquisitions of U.S. packaged gas distributors contributed 1% growth. Operating profit of $379 million grew 3% versus the prior-year quarter, excluding currency translation, due to higher volumes, price and acquisitions.
For full-year 2015, Praxair expects sales in the range of $11.4 billion to $11.7 billion.
INDUSTRIAL SUPPLY MAGAZINE
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