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Praxair, Inc. (NYSE: PX), Danbury, CT, reported third-quarter sales of $2.8 billion, down 4 percent from the prior year period. Excluding negative currency translation and cost pass-through effects, sales grew 4 percent in the quarter.
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Profit of $430 million was flat compared to the third quarter of 2011.
In North America, third-quarter sales were $1.4 billion, 2 percent below the prior-year quarter. Excluding the effects of lower cost pass-through and currency translation, sales grew 4 percent, primarily from higher pricing and acquisitions of packaged gas distributors. Sales grew to the manufacturing, energy and metals markets.
In Europe, third-quarter sales were $352 million. Sales were 2 percent below the prior-year quarter due primarily to negative currency translation which decreased sales by 13 percent. Lower underlying volumes, primarily in Spain and Italy, were offset by higher price and the consolidation of an acquisition in Scandinavia in 2011.
In South America, third-quarter sales were $516 million, 15 percent lower than the prior-year quarter due to the impact of negative currency translation. Underlying sales increased 1 percent versus the prior-year quarter.
Sales in Asia were $358 million, up 3 percent from the prior-year quarter. Higher on-site sales in China from new plant start-ups were partially offset by lower merchant sales to the electronics and photovoltaic industries.
Praxair Surface Technologies third-quarter sales were $157 million compared to $163 million in the prior-year quarter. Sales grew 2 percent, excluding currency translation impact, primarily from higher jet engine and energy coatings.
For the first nine months of 2012, sales were $8.4 billion, relatively flat compared to the same period a year ago. Profit increased 2 percent to $1.3 billion.