Praxair sales up 9 percent
Praxair reported third-quarter sales were $3.0 billion, 9% above the prior-year quarter.
Organic sales increased 7% with growth across all geographic segments. On-site sales in North America and Asia had strong growth, driven by new project start-ups, including refinery hydrogen supply. South American organic sales reflect higher price and growth including the metals, manufacturing and healthcare end markets. Acquisitions in North America and Europe contributed 3% growth in the quarter. Sales were steady sequentially from the second quarter due primarily to higher volumes from new project start-ups offset by weaker currency translation.
Net income and diluted earnings per share were $445 million and $1.49, respectively.
Chairman, president and chief executive officer Steve Angel said, “On-site project start-ups in Asia and North America, including refinery hydrogen supply, drove solid volume growth in the quarter. We are beginning to reap the benefits of capital projects contracted after the recession, but just coming on stream now."
In North America, third-quarter sales were $1.58 billion, up 14% from the prior-year quarter. Organic sales growth of 7% was driven by strong growth to the energy end market, primarily driven by hydrogen project start-ups for refinery customers. The acquisitions of NuCO2 and packaged gas distributors contributed 6% growth.
In Europe, third-quarter sales were $386 million, 10% above the prior-year quarter.
In South America, third-quarter sales were $494 million, 4% below the prior-year quarter.
Sales in Asia were $385 million in the quarter, up 8% from the prior-year quarter, driven by higher on-site sales in China, Korea and India, including new plant start-ups.
Praxair Surface Technologies had third-quarter sales of $160 million, 2% above the prior-year quarter.
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