Praxair’s results in the first financial quarter of 2015, as compared to the prior year, were challenged by negative impacts from foreign currency translation, as the U.S. dollar strengthened sharply against most foreign currencies.
Sales in the first quarter were $2.757bn, 9% below the prior-year quarter, due to the impact of negative currency translation of 8% and lower cost pass-through of 2%.
Reported first-quarter net income and diluted earnings per share of $416m and $1.43, respectively.
Organic sales growth of 1% was driven by higher price. Overall volumes were comparable to the prior-year quarter as volume growth in North America and Asia was offset by lower volumes in South America. Europe volumes remained stable.
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