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.


Related Links
Industrial Gas Distributors Fight Rising Costs with Price Increases

About the Author
Leave a Reply

Leave a Comment

Sign Up for the MDM Update Newsletter

The MDM update newsletter is your best source for news and trends in the wholesale distribution industry.

By subscribing, you are agreeing to MDM’s Privacy Policy.

0

articles left

This is your last free article

Subscribe to MDM Premium today and get:

  • Unlimited access to MDM.com
  • 1 year digital subscription, with new issues twice a month
  • Trends analysis, market data and quarterly economic updates
  • Deals on select store products and events

2

articles left

Want more Premium content from MDM?

Subscribe today and get:

  • New issues twice each month
  • Unlimited access to mdm.com, including 10+ years of archived data
  • Current trends analysis, market data and economic updates
  • Discounts on select store products and events

1

article
left

You have one free article remaining

Subscribe to MDM Premium to get unlimited access. Your subscription includes:

  • Two new issues a month
  • Access to 10+ years of archived data on mdm.com
  • Quarterly economic updates, trends analysis and market data
  • Store and event discounts

To continue reading, you must be an MDM Premium subscriber.