US Praxair’s Q3 net income up 19% to $377m on higher demand

27 October 2010 11:42  [Source: ICIS news]

LONDON (ICIS)--Praxair’s net income for the third quarter of 2010 rose by 19% year on year to $377m (€271m), on increased demand as the global economy continued to recover, the US-based international industrial gases firm said on Wednesday.

Third-quarter group sales grew 11% to $2.54bn, due primarily to strong volume growth in all geographic regions, driven by a revival in the chemicals, metals, electronics and manufacturing markets.

In addition, Praxair said that volume growth in Asia and South America had been particularly strong, which reflected new plant start-ups and improved customer demand.

“Our results this quarter reflect steadily improving base-business volumes and new plant start-ups,” said Praxair chairman and CEO Steve Angel.

“In line with our expectations, the pace of sequential growth has moderated, but we continue to see slow but steady improvement in all geographies…. Increasing consumer demand and investments in infrastructure and energy production in these geographies, combined with more outsourcing of industrial gas supply by customers, will continue to support strong new business activity,” he added.

Praxair said that operating profit in the third quarter grew 15% to $551m compared with the prior-year quarter, due primarily to higher volumes.

For the full year of 2010, Praxair expected sales around $10bn, it added.

“Looking forward, we expect our businesses in South America and in Asia to continue to grow more rapidly than the developed markets,” Angel said.

($1 = €0.72)

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By: Franco Capaldo
+44 (0)20 8652 3214

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