Posted July 28, 2010
Praxair sales up 18 percent
Praxair Inc. reported second-quarter net income and diluted earnings per share of $371 million and $1.19, respectively, both up 24% from the prior-year quarter.
Second-quarter sales were $2.5 billion, 18% above the previous-year quarter. Sales increased due to double-digit volume growth in all geographic regions, led by South America and Asia. By end market, sales to chemicals, metals and electronics showed the strongest growth compared to the prior year. Compared to the first quarter of 2010, overall sales growth was 4%, and was broad-based across all major end-markets.
Commenting on the financial results and business outlook, chairman and chief executive officer Steve Angel said, "The global economic environment continued to improve this quarter, with South America and Asia showing the strongest recovery. Our sales growth reflects strengthening global demand and new project start-ups. We leveraged our strong sales growth into higher earnings growth as a result of continued productivity improvements and prior-year cost reduction.
He said the company expects volume growth to continue in the second half of 2010, perhaps at a more modest pace.
