Praxair, Inc., Danbury, CT, third-quarter sales rose 11% to $2,099 million, compared with $1,890 million in the 2005 quarter. Net income rose to $247 million.
"Activity in the industrial economy has continued to be strong, and we have not seen any meaningful decline in demand from our customers," said Dennis H. Reilley, chairman and CEO. "Looking forward, we expect U.S. macroeconomic growth to moderate. However, we expect growth in our business to outpace the economy, due to a steadily increasing backlog of projects related to energy production, infrastructure building in emerging markets, and new applications technologies."
In North America, third-quarter sales of $1,187 million rose 9% from the year-ago quarter, and 11% excluding the effects of lower natural gas prices, due to higher volumes and higher prices. Sales grew in all major end-market segments.
In Europe, sales in the quarter of $293 million were 14% above the prior period, and increased 10% excluding currency effects. Underlying sales growth was primarily attributed to volume growth in Spain and Italy.
In South America, third-quarter sales of $340 million grew 16% versus the prior year, and 10% excluding currency effects, primarily due to strong volume growth in the energy sector.
Sales in Asia grew 21% to $165 million in the quarter, from $136 million in the year-ago period, led by robust electronics sales.
Praxair is a global industrial gases company with 2005 sales of $7.7 billion. The company produces, sells and distributes atmospheric and process gases, and high-performance surface coatings.