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Home » Praxair Sales Grow 14% in 1Q

Praxair Sales Grow 14% in 1Q

By    MDM  Staff 
April 28, 2010
More about:  Gases/Welding Equipment,  Praxair
Chemicals, metals and electronics end markets show strongest growth, while manufacturing continues to lag.
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Praxair, Inc. (NYSE: PX), Danbury, CT, reported first-quarter sales were $2.4 billion, an increase of 14 percent over the prior-year quarter. Profit increased 8.3 percent to $314 million. Excluding a pre-tax charge related to currency devaluation in Venezuela, profit improved 17 percent.

Sales growth primarily was a result of higher overall volumes in all geographic regions and foreign currency appreciation. Volume growth was broad-based across most end-markets. Chemicals, metals and electronics showed the strongest pick-up, while growth in manufacturing continues to lag.

In North America, first-quarter sales were $1.2 billion, up 6 percent. By end-market, the strongest sales growth was to chemicals, metals, and electronics markets.

In Europe, first-quarter sales were $338 million compared to $303 million in the prior year. Excluding currency effects, sales grew 7 percent primarily from higher volumes in Spain and Germany.

In South America, first-quarter sales were $458 million compared to $353 million in the prior-year period. Excluding positive currency effects, sales grew 9 percent due primarily to higher volumes to metals and manufacturing customers, and higher overall pricing.

Sales in Asia grew 43 percent from the prior-year quarter to $258 million. Excluding currency and cost pass-through effects, underlying sales grew 29 percent from sharply higher volumes. Sales growth was primarily driven by electronics, higher on-site and merchant volumes across the region and new plant start-ups.

Praxair Surface Technologies had first-quarter sales of $136 million compared to $123 million in the prior-year quarter. Sales growth was attributable primarily to an acquisition in 2009, partially offset by lower volumes of industrial gas turbine coatings.

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