Praxair sales fall by 2%
Praxair reported second-quarter sales were $2.8 billion, 2% below the prior-year quarter.
Sales growth was 6%, excluding negative foreign currency translation and cost pass-through effects. Underlying sales growth was driven by strong volumes and higher pricing in North America in most end markets, including energy, manufacturing and metals. Sales in Asia reflect slower growth offset by new plant start-ups for chemicals and metals customers. Europe and South America sales continued to be impacted by overall weak macro-economic conditions and significant foreign currency headwinds.
Net income and diluted earnings per share of $429 million and $1.42, 1% and 3% above the prior-year quarter, respectively.
In North America, second-quarter sales were $1.3 billion, up 2% from the prior-year quarter. Excluding the effects of lower cost pass-through and currency translation, underlying sales grew 6% from higher volumes and price. Acquisitions of packaged gas distributors contributed 2% growth.
“North America, our largest region, experienced solid growth and improved operating leverage. Europe and South America were negatively impacted by weaker currencies and macro-economic conditions. Asia sales benefited from new project start-ups to supply customers under long-term contracts,” said chairman, president and chief executive officer Steve Angel.
INDUSTRIAL SUPPLY MAGAZINE
The May/June issue of Industrial Supply magazine features an in-depth cover story about GHX Industrial. Plus, we're featuring articles by contributing writers Dr. Bharani Nagarathnam and Frank Hurtte, as well as interviews with numerous product and distribution industry experts.
