Praxair’s first-quarter 2009 results have left the company feeling cautious about the remainder of the year, but it believes provisions put in place to cope with the economic crisis will pay off once things start to improve.
Praxair reported net income attributable to Praxair and diluted earnings per share of $290m and 93 cents, respectively, in the first quarter, compared to $307m and 96 cents in the first quarter of 2008.
Reported sales in the first quarter were $2,123m, a decline of 20% compared to sales in the first quarter of 2008.
Higher product pricing was offset by significantly lower volumes in all geographies due to production cutbacks and lower demand by customers as a result of the global macroeconomic slowdown.
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