23 January 2013 12:02 [Source: ICIS news]
LONDON (ICIS)--Praxair reported a slight drop in net income for the fourth quarter of 2012 to $414m (€310.5m), down 1.4% year on year, the US-headquartered industrial gases company said on Wednesday.
Net income was up slightly for the full-year 2012, reaching $1.69bn from $1.67bn in 2011.
Sales volumes were stable for the quarter at $2.8bn and down by 0.3% for the year at $11.2bn compared to the same periods in 2011, Praxair added.
Strong growth in North America over the course of the year was impacted by economic weakness in other markets and foreign exchange issues, according to Praxair CEO Steve Angel.
He said: “Our industry-leading North American business achieved double-digit operating profit growth with strength across most end markets. These strong results were mitigated by recessions in Brazil and Europe, moderating growth in China, and significant currency translation headwinds.”
The company is predicting sales of $12bn in 2013, an increase of nearly $800m on the previous year, and capital expenditure in the $1.8bn-2bn range, a slight drop on the $2.2bn invested in 2012.
The capital expenditure score for 2012 includes $280m on acquisitions – including 17 North American gas distributors and a Russian producer - $655m in stock dividends and $459m in stock repurchases, Praxair said.
“Our backlog of large projects remains strong at $2.6bn and new proposal activity remains solid. This backlog will contribute 4% to 6% growth in 2013, as the plants start up to supply on-site customers under long-term contracts,” added Angel.
($1 = €0.75)
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