Praxair has announced record second-quarter net income of $247m, and diluted earnings per share of 75 cents.
Net income grew 22 per cent, and earnings per share grew 23 per cent on a comparable basis including stock option expense in the prior year.
Sales in the second quarter rose eight per cent to $2,076m, compared to $1,919m in the 2005 quarter. Operating profit grew to $382m from $311m in the prior year on a comparable basis. The strong growth in operating profit was due to new business development, higher prices and productivity improvement. Operating profit in the quarter also included $15m from insurance recoveries.
‘While some macro-economic indicators point to a slowdown, we have not seen any significant decline in demand from our customers,’ said Dennis H. Reilley, chairman and chief executive officer.
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