Praxair, Inc. (NYSE: PX), Danbury, CT, reported second-quarter sales of $2.8 billion, down 2 percent from the prior-year period. Excluding the impact of currency exchange and cost pass-through, sales grew 6 percent. Profit for the industrial gases company increased 1 percent to $429 million.

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"North America, our largest region, experienced solid growth and improved operating leverage," said Steve Angel, president and CEO. "Europe and South America were negatively impacted by weaker currencies and macro-economic conditions. Asia sales benefited from new project start-ups to supply customers under long-term contracts."

For the first six months, sales were $5.7 billion, up 1.6 percent over the prior year. Profit increased 3 percent to $848 million.

In North America, second-quarter sales were $1.4 billion, up 2 percent from the prior-year quarter. Excluding the effects of lower cost pass-through and currency translation, underlying sales grew 6 percent from higher volumes and price. Operating profit of $363 million grew 11 percent.

In Europe, second-quarter sales were $382 million. Sales were 3 percent above the prior-year quarter due primarily to the previous consolidation of an industrial gas business in Scandinavia, partially offset by negative currency translation and lower volumes, primarily in Spain and Italy. Operating profit declined 6 percent to $68 million.

In South America, second-quarter sales were $520 million, 15 percent lower than the prior-year quarter due to the impact of negative currency translation. Operating profit was $110 million as compared to $139 million in the prior-year period.

Sales in Asia were $348 million in the quarter, in line with the prior-year quarter. Higher on-site sales in China, India and Korea, including new plant start-ups, were primarily offset by negative currency translation in Korea and India. Operating profit was $68 million, as compared to $63 million in the prior-year.

Praxair Surface Technologies had second-quarter sales of $168 million, in-line with the prior-year quarter. Sales grew 4 percent, excluding negative currency impact, primarily from higher jet-engine and energy coatings. Operating profit was steady at $27 million with growth from price and volume offset by currency translation impacts and cost increases.