Praxair, Inc. reported second-quarter net income and diluted earnings per share of $308m and $1.06, respectively. These results include the impact of a $146m pre-tax charge, or 39 cents of diluted earnings per share.
This charge was related to cost reduction actions taken in response to lower volumes resulting from economic slowdown in emerging markets and energy related end-markets.
Praxair’s results in the second quarter, as compared to the prior year, were challenged by negative impacts from foreign currency translation, as the US dollar remained strong against most foreign currencies.
Sales in the second quarter were $2.7bn, 12% below the prior-year quarter, primarily due to the impact of negative currency translation of 9% and lower cost pass-through of 2%. Organic sales were 1% lower than the prior-year quarter as positive price and new project contribution were offset by weaker underlying industrial activity in Brazil and China and from weaker metals, energy and manufacturing in the United States.
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