Praxair Q3 Results Rise, But Miss View, Cuts FY14 Forecast - Quick Facts

(RTTNews) - Industrial gas producer Praxair, Inc. (PX) reported Wednesday that its third-quarter net income increased to $477 million or $1.62 per share from $445 million or $1.49 per share a year ago.

On average, 22 analysts polled by Thomson Reuters expected earnings of $1.63 per share for the quarter. Analysts' estimates typically exclude special items.

Sales in the third quarter were $3.14 billion, 4 percent higher than last year's $3.01 billion. Analysts were looking for sales of $3.17 billion.

Organic sales grew 5 percent from higher volumes, including new project start-ups, in North America, South America and Asia, and higher price across all operating segments.

Operating and EBITDA margins grew to 22.6 percent and 32.5 percent, respectively.

Looking ahead for the fourth quarter, Praxair expects earnings per share in the range of $1.53 to $1.60. Analysts expect earnings of $1.66 per share for the quarter.

For the full year of 2014, Praxair now expects sales in the range of $12.3 billion to $12.4 billion, and earnings per share to be in the range of $6.23 to $6.30, 5 percent to 6 percent above the prior year. Analysts expect earnings of $6.38 per share and sales of $12.48 billion for the year.

For the full year, the company was projecting earnings per share in the range of $6.30 to $6.45, and sales in the range of $12.4 billion to $12.7 billion.

Separately, Praxair said its Board has declared a quarterly dividend of 65 cents per share, unchanged from the previous quarter. The dividend is payable on December 15 to shareholders of record on December 5.