US Praxair third-quarter net profit up 14% at $429m

26 October 2011 11:35  [Source: ICIS news]

LONDON (ICIS)--US-based Praxair's third-quarter 2011 net profit rose 14% year on year to $429m (€293m) on higher sales and strong growth from manufacturing, metals and chemicals markets, the company said on Wednesday.

Sales for the three months ended 30 September were 14% above the previous year’s quarter at $2.90bn, as demand increased across all geographic regions, it added.

Third-quarter sales rose 1% sequentially from the second quarter due primarily to higher volumes, Praxair said.

Operating profit in the third quarter was up 15% year on year to $632m, reflecting higher volumes and prices combined with Praxair’s cost savings from productivity programmes, it added.

“We are continuing to see solid growth in all geographies with the exception of Europe,” said chairman and CEO Steve Angel.

“Proposal activity remains at healthy levels and our backlog of large customer projects under construction is at a record $2.7bn, 25% above 2010 levels. Most importantly, we remain confident in our ability to bring growth to the bottom line through our commitment to productivity and flawless execution,” he added.

For the full year of 2011, Praxair expects sales in the area of $11.2bn and diluted earnings per share in the range of $5.40$5.45.

($1 = €0.72)

For more on Praxair, visit ICIS company intelligence

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

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