Praxair, Inc. has revealed annual sales growth of 13% in its latest quarterly fiscal results, thanks in part to sales growth in Asia and South America.
The Connecticut headquartered firm reported second-quarter net income and diluted earnings per share of $425m and $1.38 - reflecting 15% and 16% growth on the prior year quarter, respectively.
Second quarter sales were also on the ascent, having risen 13% to $2,858m. With appreciation across all geographic regions and particular growth in manufacturing, metals and chemicals markets, sales succeeded to rise sequentially form the first quarter by 6%.
Steve Angel, Chairman and CEO for the firm commented on the results, “Our second quarter results reflect continued strong growth in Asia and South America and moderate growth in North America. Our backlog of new projects under contract and construction reached a record level of $2.7bn reflecting strong growth in energy markets and emerging economies. Earnings growth continues to outpace sales growth due to our unrelenting focus on pricing and productivity.”
Operating profit also enjoyed a year-on-year boost, up 15% to $627m. The company generated healthy cash flow from operation in the quarter of $573m, similarly capital expenditures, primarily for new production plants under long-term contracts with customers, were $433m. With such a robust fiscal quarter the firm amended its 2011 full-year forecast.
In a press statement, released just yesterday, Praxair issued the following forecast: “For the full year of 2011, Praxair expects sales in the area of $11.2 billion. Full-year capital expenditures are expected to be approximately $1.8 billion, and the effective tax rate is forecasted to be about 28%.
For the third quarter of 2011, Praxair expects diluted earnings per share in the range of $1.35 to $1.40.”