Praxair Q3 Results Miss View; CFO Jim Sawyer To Retire On Dec. 31 - Quick Facts

(RTTNews) - Industrial gas producer Praxair, Inc. (PX) reported a rise in third-quarter net income to $445 million, or $1.49 per share, from $430 million, or $1.43 per share, a year before. The company said the recent results include the impact of a pension settlement charge of $9 million pre-tax, or 2 cents of earnings per share. Excluding this item, adjusted net income totaled $451 million, or $1.51 per share in the period. On average, 20 analysts polled by Thomson Reuters expected earnings per share of $1.52 for the quarter. Analysts' estimates typically exclude one-time items.

For the quarter, sales reached $3.01 billion, an increase, compared with the prior-year figure of $2.77 billion, while 15 analysts estimated $3.03 billion of sales.

Looking ahead to the fourth quarter of 2013, Praxair expects earnings per share in the range of $1.52 - $1.57, whereas 19 analysts project earnings of $1.57 per share.

For full year 2013, the company expects earnings per share of $5.80 - $5.85, on sales of about $12 billion, while it currently sees adjusted earnings per share in the range of $5.90 - $5.95. Analysts project earnings of $5.95 per share on $11.98 billion in sales for the year.

Separately, Praxair said its Executive Vice President and Chief Financial Officer, Jim Sawyer, would retire on December 31, 2013. He has been Praxair's CFO for 13 years. Meanwhile, Matt White, currently president, Praxair Canada, would succeed Sawyer as senior vice president and CFO, effective January 1, 2014. Sawyer would serve in an advisory capacity to the company until March 1, 2014.

Furthermore, the board declared a quarterly dividend of 60 cents per share, which is unchanged from the prior quarter, payable on December 16, 2013 to shareholders of record on December 6.