Praxair's Quarterly Profit Strong; Forecast Below Expectations

Praxair, the largest industrial gas supplier in North America, reported a slightly higher-than-expected quarterly profit on strong sales to manufacturers and chemical producers.

The company, though, issued a fourth-quarter forecast below the average Wall Street forecast, citing an expected dent from foreign currency conversion.

''We are continuing to see solid growth in all geographies with the exception of Europe,'' Chief Executive Steve Angel said in a statement.

For the third quarter, Praxair posted net income of $429 million, or $1.40 per share, up from $377 million, or $1.21 per share, a year earlier.

Analysts on average expected $1.39 per share, according to Thomson Reuters I/B/E/S.

Revenue rose 14% to $2.89 billion. Analysts expected $2.83 billion.

For the fourth quarter, Praxair said it expects to earn $1.33 to $1.38 per share. Analysts expect $1.39.

Praxair sells oxygen, argon and related materials. Rivals include Airgas and Air Products.