Praxair, Inc. (NYSE: PX), Danbury, CT, reported sales of $2.7 billion for the first quarter, an increase of 11 percent over the previous-year quarter. Profit increased 17 percent to $398 million.
| We Deliver Distribution News to Your Inbox Sign up below to receive MDM Update, your free weekly distribution news update by email. |
Sales for the industrial gases company increased across all geographic regions with strongest growth from manufacturing, metals, chemicals and electronics markets. Sales rose 3 percent sequentially from the fourth quarter of 2010 due to higher volumes and price.
In North America, first-quarter sales were $1.3 billion, up 8 percent from the prior-year quarter. Volumes were 6 percent above the prior year largely attributable to higher sales to manufacturing, chemicals, metals and energy markets. Operating profit of $322 million grew 16 percent.
In Europe, first-quarter sales were $343 million, up 4 percent from the prior year, excluding negative currency effects. The underlying sales increase was due to volume growth in Germany, Italy and Spain. Operating profit was $65 million.
In South America, first-quarter sales of $558 million grew 22 percent versus the prior-year quarter, and 15 percent excluding currency effects. Volumes grew 10 percent from the prior year due primarily to higher on-site, merchant and packaged gas sales in Brazil to manufacturing, metals, food and beverage and healthcare end markets. Operating profit was $133 million.
Sales in Asia were $310 million in the quarter, up 20 percent from the prior year driven by strong growth in China, India, and Korea. Sales growth came from electronics, metals, manufacturing and chemical customers. Operating profit was $46 million.
Praxair Surface Technologies had first-quarter sales of $157 million, up 15 percent from the prior-year quarter. Sales growth came from higher jet engine and industrial coatings volumes. Operating profit was $25 million.
