Praxair Q2 Results Miss Estimates

(RTTNews) - Praxair, Inc. (PX) said second-quarter net income declined $308 million or $1.06 per share from $467 million or $1.58 per share in the prior year.

The latest results included the impact of a $0.39 per share charge, related to cost reduction actions.

Excluding the charge, adjusted earnings per share was $1.45, while it was $1.58 last year. On average, 19 analysts polled by Thomson Reuters expected earnings of $1.46 per share for the quarter. Analysts' estimates typically exclude special items.

Sales in the second quarter fell 12 percent to $2.738 billion from $3.113, primarily due to the impact of negative currency translation of 9 percent and lower cost pass-through of 2 percent. Analysts expected revenues of $2.85 billion.

Organic sales were 1 percent lower than the prior-year quarter, as positive price and new project contribution were offset by weaker underlying industrial activity in Brazil and China and from weaker metals, energy and manufacturing in the United States.

For the third quarter, Praxair expects earnings per share in the range of $1.42 to $1.49. Analysts expect earnings of $1.57 per share.

For full-year 2015, Praxair sees adjusted earnings per share in the range of $5.80 to $5.95, up 3 to 6 percent ex-currency from 2014. Wall Street looks for earnings of $5.99 per share.