praxair inc (PX) Key Developments
Praxair Inc. Issues $500,000,000 Notes Due February 28, 2019
Nov 12 13
On November 12, 2013, Praxair Inc. issued $500,000,000 aggregate principal amount of 1.900% notes due February 28, 2019. The Notes were issued under an Indenture dated as of July 15, 1992 between the company and U.S. Bank National Association, as successor Trustee.
Praxair Inc. Presents at Citi's 6th Annual Basic Materials Conference, Dec-03-2013 11:00 AM
Nov 2 13
Praxair Inc. Presents at Citi's 6th Annual Basic Materials Conference, Dec-03-2013 11:00 AM. Venue: New York, New York, United States. Speakers: Matthew J. White, President of Praxair Canada.
Praxair, Inc. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2013; Provides Earnings Guidance for the Fourth Quarter and Full Year of 2013
Oct 30 13
Praxair Inc. announced unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2013. The company reported third-quarter net income and diluted earnings per share of $445 million and $1.49, respectively compared to net income and diluted earnings per share of $430 million and $1.43 for the same period a year ago. These results include the impact of a pension settlement charge of $9 million pre-tax, or 2 cents of diluted earnings per share. Excluding this item, adjusted net income and diluted earnings per share were $451 million and $1.51, 8% and 9% above the prior-year quarter net income of $419 million or $4.19 per diluted share. Sales in the third quarter were $3,013 million, 9% above the prior-year quarter sales of $2,774 million. Organic sales increased 7% with growth across all geographic segments. Reported operating profit in the third quarter was $670 million. Adjusted operating profit was $679 million, up 9% compared to the prior-year quarter operating profit of $623 million. The increase was driven by higher overall volumes, higher pricing and acquisitions, partially offset by negative currency translation effects. The company generated record cash flow from operations in the quarter of $904 million. Operating cash flow funded $516 million of capital expenditures, primarily for new production plants under long-term contracts with customers. Operating profit was $670 million and income before income taxes and equity investments was $629 million against operating profit of $558 million and income before income taxes and equity investments of $522 million a year ago period. Net cash provided by operating activities was $904 million against $746 million a year ago period. Capital expenditures were $516 million against $547 million a year ago period. Net debt was $8,892 million against $7,028 million a year ago period. Return on shareholders' equity was 28.4% against 29.2% a year ago period. Adjusted EBITDA was $968 million against $879 million a year ago period. Adjusted income before income taxes and equity investments was $1,845 million against $2,361 million a year ago period.
For the nine months, the company reported sales of $8,915 million, operating profit of $1,935 million, income before income taxes and equity investments of $1,813 million and net income of $1,281 million or $4.28 per diluted share compared to sales of $8,425 million, operating profit of $1,821 million, income before income taxes and equity investments of $1,715 million and net income of $1,278 million or $4.23 per diluted share a year ago period. Net cash provided by operating activities was $1,953 million against $1,873 million a year ago period. Capital expenditures were $1,504 million against $1,594 million a year ago period. Adjusted operating profit was $1,967 million against $2,502 million a year ago period. Adjusted income before income taxes and equity investments was $1,845 million against $2,361 million a year ago period. Adjusted net income was $1,310 million or $4.38 per diluted share against $1,681 million or $5.57 per diluted share a year ago period.
For the fourth quarter of 2013, the company expects diluted earnings per share in the range of $1.52 to $1.57.
For the full year of 2013, the company expects diluted earnings per share to be in the range of $5.80 to $5.85 and adjusted diluted earnings per share to be in the range of $5.90 to $5.95. The company expects full-year sales in the area of $12 billion. Full-year capital expenditures are expected to be about $1.9 billion, and the adjusted effective tax rate is forecasted to remain at about 28%.
Praxair Inc. Announces Management Changes Effective January 1, 2014
Oct 30 13
Praxair Inc. has announced that Executive Vice President and Chief Financial Officer (CFO), Jim Sawyer, will retire on December 31, 2013, after twenty-eight years of service with Praxair and its predecessor company, Union Carbide. Sawyer has served as Praxair's CFO for thirteen years. Matt White currently president, Praxair Canada, will succeed Sawyer as senior vice president and CFO, effective January 1, 2014. Sawyer will serve in an advisory capacity to the company until March 1, 2014. White was appointed president of Praxair Canada in 2011. He joined Praxair in 2004 as finance director of Praxair's largest business unit, North American Industrial Gases.
Praxair Inc. Declares Quarter Dividend, Payable on December 16, 2013
Oct 30 13
The board of directors of Praxair Inc. declared a quarterly dividend of 60 cents per share, unchanged from the previous quarter. The dividend is payable on December 16, 2013 to shareholders of record on December 6, 2013.