Praxair Inc. reported third quarter revenues decreased 4 percent to $2.77 billion from $2.9 billion a year ago, as the global economic slowdown continued to impact sales, particularly in the company”™s European and South American operations.
The Danbury-based industrial gases manufacturer lowered its full-year earnings projections to between $5.54 and $5.59 a share on $11.2 billion in revenues.
The company had previously projected 2012 earnings between $5.60 and $5.70 a share on revenue between $11.2 and $11.5 billion.
Net income for the third quarter was virtually unchanged at $430 million, while earnings per share rose 2 percent to $1.43 from $1.40 in the third quarter of 2011.
Excluding an income tax benefit, cost reduction charges absorbed primarily in Europe, and a pension settlement charge, the company”™s adjusted net earnings were $419 million, or $1.39 a share, in the third quarter, equaling market expectations.
“While we are expecting that macro-economic conditions overall may continue to weaken in the near-term, we will continue to drive long-term growth through our strategy of focusing on energy, environmental and emerging markets opportunities,” said Steve Angel, president, chairman and CEO of Praxair.
