Praxair, Inc. has reported third quarter net income and diluted earnings per share of $429 million and $1.40, 14% and 16% above the prior year quarter, respectively.
Third quarter sales were $2,896 million, 14% above the previous year quarter. According to the American based industrial gas company, sales increased across all geographic regions with strong growth from manufacturing, metals, energy and chemicals markets. Overall however, sales only rose 1% sequentially from the second quarter due primarily to higher volumes.
Operating profit in the third quarter was $632 million, up 15% from the prior-year quarter, reflecting higher volumes and prices combined with cost savings from productivity programs.
The company paid dividends of $150 million and purchased $251 million of stock, net of issuances. The after tax return on capital ratio and return on equity for the quarter both increased, to 14.8% and 28.3%, respectively.
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