Posted January 27, 2010
Praxair's sales up slightly
Praxair Inc. reported fourth-quarter net income $340 million and diluted earnings per share of $1.09.
Net income and earnings per share increased 70% from the prior-year quarter largely due to a cost reduction program charge in the prior-year quarter. Excluding this prior-year charge, net income and diluted earnings per share increased 8%.
Sales in the fourth quarter were $2,407 million compared to $2,403 million in the previous year. Sales rose 5% sequentially from the third quarter due to moderately higher volumes, positive currency effects, and higher natural gas cost pass-through.
For the full year of 2009, reported net income was $1,254 million. Reported diluted earnings per share was $4.01, up 6% from 2008.
Full-year sales were $8,956 million, down 17% due to lower volumes and negative foreign currency and cost pass-through effects, partially offset by higher pricing. Reported operating profit was $1,575 million.
“So far, the rate of recovery from the recession has been mixed. Our businesses in Asia and South America are showing strong improvement. However, in North America and Europe our volumes are still sluggish in manufacturing, metal fabrication and non-residential construction markets," said chairman and CEO Steve Angel.
