Praxair 2nd-qtr earnings rise 24 percent on broad sales gains, company lifts full-year outlook

Praxair 2nd-quarter net income up 24 percent

DANBURY, Conn. — Industrial gas supplier Praxair, Inc. said Wednesday that its second-quarter earnings rose 25 percent on a broad increase in sales that was led by South America and Asia.

The company reported net income of $371 million, or $1.19 per share, up from $299 million, or 96 cents per share, a year ago.

Sales increased 18 percent to $2.53 billion from $2.14 billion. Praxair said the gains came across all its geographical regions, with the strongest growth in markets such as chemicals, metals and electronics.

Analysts polled by Thomson Reuters expected net income of $1.14 per share on revenue of $2.46 billion.

Company CEO Steve Angel said that sales growth should continue during the second half of the year, but at a more modest pace.

The company raised its 2010 outlook to a range of $4.60 to $4.70 per share, up from a previous forecast of $4.50 to $4.65 per share. Sales are projected at $10 billion. In the third quarter, Praxair expects earnings of $1.15 to $1.20 per share.

Analysts foresee 2010 earnings of $4.59 per share on revenue of $10.04 billion. In the third quarter, the forecast is for $1.19 per share.

Praxair stock rose 58 cents to $86.41 in morning trading.