Praxair sales fall 12 percent
Praxair reported sales in the second quarter were $2.73 billion, 12% below the prior-year quarter.
Negative currency translation of lowered sales by 9%. Organic sales were 1% lower than the prior-year quarter as positive price and new project contribution were offset by weaker underlying industrial activity in Brazil and China and from weaker metals, energy and manufacturing in the United States.
Second-quarter net income and was $308 million, or $1.06 per share, which included a $146 million pre-tax charge related to cost reduction actions taken in response to lower volumes resulting from economic slowdown in emerging markets and energy related end-markets.
In North America, second-quarter sales were $1.48 billion, down 1% from the prior-year quarter excluding cost-pass through and negative currency translation. Volume growth to food and beverage and refinery customers was more than offset by weaker metals, upstream energy and manufacturing end-markets.
INDUSTRIAL SUPPLY MAGAZINE
The March/April issue of Industrial Supply magazine features an in-depth cover story about Joyce Lansdale and Vallen. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and David Kahle, as well as interviews with numerous product and distribution industry experts.
