Praxair Sales Up 9% in Third Quarter - Modern Distribution Management

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Praxair Sales Up 9% in Third Quarter

Praxair also announced a new CFO.

Praxair Inc. (NYSE: PX), Danbury, CT, reported sales for the third quarter of $3 billion, an increase of 9 percent compared to the same period a year ago. Organic sales increased 7 percent. Profit increased 3.5 percent to $445 million.

In North America, third-quarter sales were $1.6 billion, up 14 percent from the prior-year quarter. Organic sales growth of 7 percent was driven by strong growth to the energy end market, primarily driven by hydrogen project start-ups for refinery customers. The acquisitions of NuCO2 and packaged gas distributors contributed 6 percent growth. Operating profit of $406 million grew 9 percent from the prior year primarily due to higher volumes from project start-ups, acquisitions and higher price.

In Europe, third-quarter sales were $386 million, 10 percent above the prior-year quarter. In South America, third-quarter sales decreased 4 percent to $494 million. Sales in Asia were $385 million in the quarter, up 8 percent from the prior-year quarter.

For the first nine months, sales for Praxair were $8.9 billion, an increase of 5.8 percent compared to the same period a year ago. Profit increased slightly to $1.3 billion.

Praxair also announced that executive vice president and CFO Jim Sawyer will retire December 31 after 28 years of service with Praxair and its predecessor company, Union Carbide. Sawyer has served as Praxair’s CFO for 13 years.

Matt White, currently president, Praxair Canada, will succeed Sawyer as senior vice president and CFO effective January 1, 2014. White was appointed president of Praxair Canada in 2011. He joined Praxair in 2004 as finance director of Praxair’s largest business unit, North American industrial gases. 

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