24 October 2012 12:36 [Source: ICIS news]
LONDON (ICIS)--Praxair has reported an increase in net profit for the third quarter of 2012 to $430m (€331m), up by 0.2% year on year, the US-headquartered industrial gases company said on Wednesday.
Sales revenues were down slightly for the quarter compared to the same period in 2011, falling by 4% to $2.8bn, despite a 4% growth in sales volumes over the period. The company reported an increase in underlying sales in all regions other than Europe, which suffered from weak macroeconomic conditions and foreign currency headwinds, the company said.
Praxair CEO Steve Angel said: “While we are expecting that macroeconomic conditions overall may continue to weaken in the near-term, we will continue to drive long-term growth through our strategy of focusing on energy, environmental and emerging markets opportunities.”
A strong performance in North America was driven by higher prices and solid demand from the manufacturing, energy and metals markets, according to the company, while Asian sales were bolstered by new plant start-ups for chemicals and metals customers.
However, growth in the region was partially offset by reduced demand from the electronics and photovoltaic markets.
Although sales increased in South America, growth was sluggish in the region as a result of weak economic growth and foreign currency issues, according to Praxair.
“The backlog of new projects under construction for on-site customers was $2.6bn, with new project signings during the quarter in China and Brazil,” the company said.
The company is projecting sales of around $11.2bn for the full year 2012, down slightly from the $11.3bn generated in 2011.
($1 = €0.77)
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