Praxair Inc. reported record sales and earnings in the fourth quarter and full year of 2007, as fourth-quarter and full-year diluted earnings per share grew 20% and 21% to reach 98 cents and $3.62 respectively and signal strong performances in the South American and Asian markets.
Sales in the fourth quarter totalled $2,523m and for the year stood at $9,402m, the highest in the company’s history. Sales growth rose 19% in the fourth quarter and 13% overall for the whole year, as Praxair achieved strong sales growth in every geographic region from new business and new plant start-ups.
Operating profit of $484m grew 23% in the Q4, while full-year operating profit of $1,786m increased 18% from the prior year. The strong operating leverage has been attributed to new business, improved pricing and cost savings from productivity initiatives.
Commenting on the year’s results and business outlook, Chairman and Chief Executive Officer Steve Angel said, “We finished an outstanding year with a strong fourth quarter. Sales growth was robust globally, led by South America and Asia. We leveraged sales growth into record earnings due to our intensive focus on pricing, productivity, and capital and operational discipline. Demand for new energy supplies, tightening environmental regulations, and infrastructure development in emerging markets will continue to drive significant new business opportunities for Praxair globally.”
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