Praxair earnings down 14.4 percent
Praxair reported first-quarter net income of $356 million, a 14.4% decline from $416 million in the same period last year.
Diluted earnings per share of $1.24 compared to EPS of $1.43 in the year-ago period.
Praxair’s sales in the first quarter were $2.5 billion, 9% below the prior-year quarter, primarily due to the impacts of negative currency translation and lower cost pass-through, which reduced sales by 7% and 1%, respectively.
Organic sales were 1% below the prior-year quarter. Growth from higher pricing, new project start-ups, and healthcare and food and beverage end-markets, was more than offset by lower volumes to energy, metals and manufacturing end-markets, primarily in North America.
“While North America continues to face year-over-year volume headwinds primarily in the energy, metals and manufacturing end-markets, we grew sales to the healthcare, food and beverage end-markets globally, achieved higher pricing in many businesses, and grew volumes in Europe and Asia supplemented by project start-ups. In addition, we closed six packaged gas acquisitions located in North America and Europe," said chairman and chief executive officer Steve Angel.