The 2020 Mid-Year Economic Update_long

Praxair Sales Rise 8% in 2Q

Praxair, Inc., Danbury, CT, announced second-quarter sales of $2,076 million, up 8% from the same period last year. Net income was $247 million, up 22%.

“While some macro-economic indicators point to a slowdown, we have not seen any significant decline in demand from our customers,” said Dennis H. Reilley, chairman and CEO.

In North America, second-quarter sales of $1,158 million rose 6% from $1,097 million in the year-ago quarter from higher sales to manufacturing, metals and electronics markets, and higher prices.

In Europe, sales of $296 million were 3% above the prior year, and increased 6% excluding the effect of a weaker euro. Underlying sales growth came from higher pricing and gases volume growth in Spain and Italy.

In South America, sales of $340 million grew 24% versus the year-ago quarter, and 13% excluding currency effects, from higher pricing and higher sales volumes. Sales growth came from energy, healthcare and metals markets.

Sales in Asia grew 13% to $155 million, from $137 million in the year-ago quarter. Sales to electronics and metals markets drove the increase.

Praxair Surface Technologies’ sales in the quarter grew to $127 million. Excluding currency effects, quarter-over-quarter sales growth was 4%, due to continued strong demand for OEM aviation coatings and higher pricing.

Commenting on Praxair’s business outlook, Reilley said, “We are evaluating a significant number of new project opportunities across our business, fueled by the secular growth trends in infrastructure building and energy production. Our backlog of projects is steadily increasing, which we expect to drive sustainable earnings growth for the foreseeable future.”

Praxair is an industrial gases company in North and South America with 2005 sales of $7.7 billion. The company produces, sells and distributes atmospheric and process gases, and high-performance surface coatings.

For more details on Praxair’s 2Q results, click here.

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