Praxair To Report Venezuela Results At SICAD II Exchange Rate - Quick Facts

(RTTNews) - Praxair Inc. (PX) announced the company has adopted the Venezuelan government's SICAD II currency exchange system rate of approximately 50 bolivars per U.S. dollar. As a result, Praxair expects to record in its fourth-quarter 2014 results a charge of about $131 million (before and after tax) or $0.45 per share. The charge includes remeasurement of monetary assets and liabilities to the SICAD II rate and related fixed asset impairments and inventory adjustments.

Praxair estimates that the currency devaluation to the SICAD II rate will reduce the full-year 2015 revenues by approximately $100 million and earnings per share by about $0.07 as compared to 2014.