Praxair, Inc. (NYSE: PX), Danbury, CT, reported sales for the third quarter were $2.9 billion, an increase of 14 percent over the previous year quarter. Profit increased 14 percent to $429 million.
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Sales increased across all geographic regions with strong growth from manufacturing, metals, energy and chemicals markets. Sales rose 1 percent sequentially from the second quarter due primarily to higher volumes.
For the first nine months, sales were $8.5 billion, up 13 percent over the prior year period. Profit grew 18 percent to $1.25 billion.
In North America, third-quarter sales were $1.4 billion, up 11 percent from the prior-year quarter, primarily due to organic growth. Sales growth was strongest to manufacturing, energy, chemicals and metals markets. Operating profit of $350 million grew 11 percent.
In Europe, third-quarter sales were $358 million, up 11 percent from the prior year, primarily due to positive currency effects. Operating profit increased 10 percent to $65 million.
In South America, third-quarter sales of $607 million grew 20 percent versus the prior-year quarter. Excluding currency effects, sales grew 14 percent due primarily to higher on-site, merchant and packaged-gas sales to manufacturing, metals and food and beverage markets. Operating profit was $140 million, 20 percent.
Sales in Asia were $341 million in the quarter, up 19 percent from the prior year driven by strong growth in China, India, Korea and Thailand. Sales growth came from metals, electronics and chemical customers. Operating profit was $51 million, 34 percent above the prior-year quarter.
Praxair Surface Technologies had third-quarter sales of $163 million, up 16 percent from the prior-year quarter. Sales growth came primarily from higher volumes of coatings to energy markets. Operating profit of $26 million in the quarter was up 13 percent.
