Praxair Quarterly Profit up 24% as Sales Surge
Industrial gas supplier Praxair Inc said on Wednesday that second-quarter profit jumped 24% as sales increased around the world, especially to electronics and metals customers. Net income rose to $371 million, or $1.19 per share, from $299 million, or 96 cents per share, a year earlier. Analysts on average expected earnings of $1.14 per share, according to Thomson Reuters I/B/E/S.
Revenue at the Danbury, Conn.-based company rose 18.2% to $2.53 billion. Analysts expected $2.46 billion. Praxair's board also announced a share repurchase program worth $1.5 billion, to be financed by available cash and debt.
The company has been rumored to be a possible "white knight" for Airgas as it looks to defend itself against a hostile takeover by rival Air Products.
