The slog through the current economic slump continues as US corporation, Praxair Inc., releases its first quarter 2016 results, in which the Tier One industrial gas player also generally records losses across the board.
Overall, sales were down 9% compared to the prior-year quarter, totalling $2.5bn. The company attributes this to negative currency translation and lower cost pass-through, which reduced sales by 7% and 1%, respectively.
Additionally, any growth from higher pricing, new project start-ups, and healthcare and food and beverage end-markets was “more than offset” by lower volumes to energy, metals and manufacturing end-markets, primarily throughout North America.
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