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Praxair announces third quarter results

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Praxair has announced third-quarter diluted earnings per share of 75 cents, up 27 per cent on a comparable basis. Net income rose to $247m in the quarter.

Sales in the third quarter rose 11 per cent to $2,099m, compared to $1,890m in the 2005 quarter. Operating profit (on a comparable basis) grew 28 per cent to $392m from $307m in the prior-year quarter. Higher operating profit was due to strong volume growth across most end markets and geographic regions, higher prices, productivity improvements, and a gain from divestitures.

“Activity in the industrial economy has continued to be strong, and we have not seen any meaningful decline in demand from our customers,” said Dennis H. Reilley, chairman and chief executive officer.

North America
Third-quarter sales of $1,187m rose 9 per cent from the year-ago quarter, and 11 per cent excluding the effects of lower natural gas prices, due to higher volumes and higher prices. Sales grew in all major end-market segments. Operating profit grew to $204m, up 28 per cent from $159m in the prior-year period on a comparable basis.

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