Posted May 7, 2010
Praxair's sales up 14 percent
Praxair Inc. reported first-quarter sales of $2.42 billion, 14% above the previous-year quarter.
Net income and diluted earnings per share were $314 million and $1.01, respectively.
Sales growth came primarily from higher overall volumes in all geographic regions and foreign currency appreciation. Volume growth was broad-based across most end-markets. Chemicals, metals and electronics showed the strongest pick-up, while growth in manufacturing is lagging.
"We are seeing signs of volume recovery in all our end markets, though the strength varies significantly by geography. Asia and South America showed the strongest underlying sequential growth, while in the U.S. and Europe, recovery was slower but began to accelerate in March," said chairman and CEO Steve Angel.
"For the balance of 2010, we are optimistic that growth in the U.S. and Europe will continue to improve, but at a modest pace. In Brazil, China, India, and Mexico, we are seeing robust business-development activity and a strong recovery of base-business volumes."
