Chemicals concern Praxair Inc. reported a 3.3% increase in second-quarter earnings as higher customer demand from the oil-refining and health-care sectors offset weakness from electronics and basic ma…
Chemicals concern Praxair Inc. reported a 3.3% increase in second-quarter earnings as higher customer demand from the oil-refining and health-care sectors offset weakness from electronics and basic manufacturing businesses. Praxair, based in Danbury, Connecticut, said net income rose to US$ 126 million, or 77 cents a share, from US$ 122 million, or 76 cents, a year earlier. Sales rose 3.9% to $1.31 billion from $1.27 billion. The earnings were below the 78 cents analysts expected, according to Thomson Financial/First Call. Praxair said it had solid volume growth in North America, Europe and Asia, but unfavourable currency rates reduced earnings per share by eight cents. Demand for industrial gases remained strong in Mexico but weak in most of Canada and the US. Praxair expects future earnings to be hurt by further weakness in currency-exchange rates. In New York Stock Exchange composite trading on 24 July, Praxair fell 25 cents to US$ 45.05.