Praxair Sees Higher Earnings In FY17 After Q4 EPS Meets View; Lifts Dividend

(RTTNews) - Industrial gas maker Praxair Inc. (PX) Thursday said it expects first-quarter earnings per share in the range of $1.28 to $1.35.

For full-year 2017, Praxair expects earnings per share to be in the range of $5.45 to $5.80, 2% to 9% growth excluding currency versus 2016.

This is compared to fiscal 2016 earnings per share of $5.21, and adjusted earnings of $5.48.

On average, analysts polled by Thomson Reuters expect earnings of $1.40 per share for the first quarter and $5.47 per share for the year. Analysts' estimates typically exclude special items.

In its fourth quarter, attributable net income declined to $406 million or $1.41 per share from $422 million or $1.47 per share last year.

Sales in the fourth quarter were $2.64 billion, 2% higher than last year's $2.60 billion.

Analysts expected earnings of $1.41 per share on sales of $2.66 billion for the quarter.

Volume growth from new on-site projects in Europe, South America and Asia was offset by lower base business volumes in North America, due primarily to weaker manufacturing and energy activity.

Separately, Praxair said its Board has declared a 5% increase in the company's quarterly dividend to 78.75 cents per share, payable on March 15, to common shareholders of record as of March 7.