Reporting on its earnings for the second quarter of 2009, Praxair’s CEO said the company is continuing to sign new contracts and consider new projects, despite the uncertain economic climate.
Praxair reported net income and diluted earnings per share of $299m and 96 cents respectively in the second quarter, compared to $349m and $1.08 in the second quarter of 2008.
Reported sales in the second quarter were $2,138m, 26% below $2,878m in the second quarter of 2008. Underlying sales were 12% below the previous year, excluding the negative effects of foreign currency and cost pass-through. Overall volumes declined by 14%, and were partially offset by higher pricing.
Operating profit in the second quarter was $447m, 18% below the previous-year period and sequentially unchanged from the first quarter. Operating margin improved to 20.9% as cost reductions more than offset volume declines.
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