April 28, 2009 - Modern Distribution Management

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April 28, 2009

Praxair 1Q Sales Fall 20%

Praxair, Inc., Danbury, CT, reported sales of $2.1 billion for the first quarter of 2009, 20% below first quarter 2008 sales. Profit declined 5.5% to $290 million.
 
Demand appears to have stabilized, but at a lower level, with overall volumes down 12% versus the prior year. However, we have not yet seen meaningful signs of recovery and we are therefore cautious regarding our outlook for the remainder of the year, said CEO Steve Angel.
 
Based on the current macroeconomic environment, Praxair expects sales for the full year of 2009 to be in the area of $9 billion. Full-year capital expenditures are expected to be in the area of $1.4 billion, supporting the construction of 42 on-site production plants under contract which will come on-stream in 2009 ...

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Arrow Electronics Sales Down 15% In 1Q

Arrow Electronics, Inc., Melville, NY, reported first quarter 2009 sales of $3.42 billion, down 15% from the prior year period. Profit declined 69% to $26.7 million.
 
 We executed well in the first quarter, despite the persistent backdrop of global economic uncertainty and turbulence, with sales and earnings per share in line with our expectations, CEO William E. Mitchell said. "We achieved our targeted level of cost reductions, and reduced expenses at a faster rate than the decline in sales. However, we cannot ignore the fact that economies around the world are still struggling with recessionary conditions, and this will continue to have an impact on our business."
 
Global enterprise computing solutions (ECS) sales of $1.07 billion ...

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GDP Falls at Rate of 6.1% in 1Q

Real gross domestic product - the output of goods and services produced by labor and property
located in the U.S. - decreased at an annual rate of 6.1 percent in the first quarter of 2009, (from the fourth quarter to the first quarter), according to advance estimates released by the Bureau of Economic Analysis. In the fourth quarter, real GDP decreased 6.3 percent.
 
The Bureau emphasized that the first-quarter advance estimates are based on source data that are incomplete or subject to further revision by the source agency. The first-quarter "preliminary" estimates, based on more comprehensive data, will be released on May 29, 2009.
 
The decrease in real GDP in the first quarter primarily reflected negative contributions ...

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