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Praxair Sales Up 5% in 2Q

Praxair Inc. (NYSE: PX), Danbury, CT, reported sales for the second quarter of $3.1 billion, a 5 percent increase over the same period a year ago. Organic sales increased 4 percent, driven by new project start-ups, primarily in North America and Asia, and price across all operating segments. Profit increased 6 percent to $467 million.

By end-market, sales growth was strongest for metals, energy and food & beverage customers. Acquisitions contributed 1 percent growth in the quarter.

Sales for the first half of 2014 were $6.1 billion, up 4 percent year over year. Profit increased 9 percent to $915 million.

In North America, second-quarter sales were $1.6 billion, up 5 percent from the prior-year quarter. Organic sales growth was up 5 percent, driven primarily by higher pricing and increased sales to the energy end-market as on-site volumes increased from new project start-ups for hydrogen supply to refinery customers. Acquisitions contributed 1 percent growth. Operating profit of $398 million grew 4 percent from the prior year, due to higher pricing, higher volumes and ongoing productivity initiatives.

In Europe, second-quarter sales were $408 million, up 7 percent from the second quarter of 2013. Acquisitions, primarily Dominion Technology Gases, contributed 3 percent growth. Organic sales growth of 1 percent came from higher pricing. Operating profit of $78 million increased 13 percent year-over-year, driven by positive currency translation, acquisitions and higher price.

In South America, second-quarter sales were $509 million, up 3 percent from the prior-year quarter. Operating profit was $113 million, up 1 percent, due to higher pricing partially offset by lower volumes in Brazil and cost inflation.

Sales in Asia were $394 million in the quarter, up 4 percent from the prior year driven by higher pricing and volume growth in India, China, Korea and Thailand. Sales growth came primarily from metals, energy and electronics customers. Operating profit was $76 million, 25 percent above the prior-year quarter due primarily to higher volumes, price and productivity initiatives.

Praxair Surface Technologies had second-quarter sales of $174 million, 5 percent above the prior year. Organic sales increased 4 percent primarily from higher price. Operating profit was $32 million, as compared to $31 million in the prior year, due primarily to higher price.

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