Praxair (NYSE: PX), Danbury, CT, reported sales for the first quarter of $3 billion, a 5 percent increase year-over-year. Profit increased 8 percent to $448 million. Organic sales grew 6 percent, driven by higher on-site volumes from new project start-ups primarily in North America and Asia.
North American first-quarter sales were $1.5 billion, an increase of 8 percent from the prior-year quarter. Organic sales were up 5 percent, driven primarily by higher sales to the energy end-market as on-site volumes increased from new project start-ups for hydrogen supply to refinery customers and higher pricing.
In Europe, first-quarter sales were $397 million, up 7 percent versus the first quarter of 2013. Organic sales growth of 2 percent came from higher pricing and higher volumes.
South America first-quarter sales were $488 million, up 7 percent from the prior-year quarter.Sales in Asia were $392 million in the quarter, up 7 percent from the prior year, driven by volume growth in India, China and Korea and higher pricing for helium and rare gases.
Praxair Surface Technologies had first-quarter sales of $169 million, 4 percent above the prior-year quarter. Organic sales increased 3 percent from higher volumes of aviation coatings and higher price.