US Praxair second-quarter net profit up 15% at $425m

27 July 2011 11:45  [Source: ICIS news]

LONDON (ICIS)--Second-quarter 2011 net profit at US-based Praxair rose 14.6% year on year to $425m (€293m) on higher sales and strong growth from manufacturing, metals and chemicals markets, the company said on Wednesday.

Sales were 13.1% above the previous year at $2.85bn and 6% higher than in the first quarter of 2011 due mainly to higher volumes and price, the industrial gases producer said.

Second-quarter operating profit was up 14.6%, at $627m, compared to the same period in the previous year.

“Our second-quarter results reflect continued strong growth in Asia and South America and moderate growth in North America,” CEO Steve Angel said.

"Our backlog of new projects under contract and construction reached a record level of $2.7bn, reflecting strong growth in energy markets and emerging economies," he added. "Earnings growth continues to outpace sales growth due to our unrelenting focus on pricing and productivity.”

Praxair said it expected sales of about $11.2bn for the full year. Current guidance is for diluted earnings per share of between $5.40 and $5.50. Diluted EPS in the second quarter were $1.38, up 16% year on year. Third-quarter EPS guidance is $1.35 to $1.40.

For more on Praxair, visit ICIS company intelligence

By: Nigel Davis
+44 20 8652 3214

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