Praxair Inc. has revealed its third-quarter earnings rose by 23% as a result of new business overseas and better pricing, with earnings increased to $305m or 94 cents per share.
The new results compare favourably to figures of $247m or 75 cents per share in the corresponding quarter last year, while revenue rose 13% from $2.1bn to $2.37bn.
Analysts had reportedly expected a profit of 91 cents per share on revenue of $2.35bn, and in the wake of the results announcement the company attributed sales growth to new business and project start-ups in Asia and South America, as well as growth in North America.
According to Steve Angel, chairman and CEO, an increase in new business for Praxair reflects “infrastructure development in Asia and South America, and an abundance of projects in energy markets in the Americas”.
Praxair’s South American sales grew 23% to $419m, while sales in Asia rose 15% to $190m and sales in North America, the company’s largest market, rose 10% to $1.31bn.
Just a few days earlier, the Praxair board declared a quarterly dividend of 30 cents per share – unchanged from the previous quarter. The dividend is payable on 17th December to shareholders of record as of 7th December.
Meanwhile an announcement is due soon regarding one of the company’s investments in Europe. The European Commission has recently set the deadline for its inquiry of Praxair Inc’s proposed acquisition of a 50% stake in Norwegian chemical group Yara International ASA’s industrial gases business.
A decision on the undisclosed deal is due on 28th November.