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praxair inc (PX) Key Developments

Praxair Inc. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2014; Provides Earnings Guidance for the Third Quarter and Full Year of 2014

Praxair Inc. announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2014. For the quarter, the company reported sales of $3,113 million against $3,014 million for the same period a year ago. Operating profit was $697 million compared to $665 million last year. Income before income taxes and equity investments was $654 million against $624 million last year. Net income (including non-controlling interests) was $481 million compared to $461 million last year. Net income attributable to the company was $467 million or $1.58 per diluted share against $445 million or $1.49 per diluted share last year. Net cash provided by operating activities of $847 million against $577 million last year. Capital expenditures were $384 million against $522 million last year. Adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA) were $1,000 million against $951 million a year ago. Adjusted net operating profit after-tax (NOPAT) was $512 million against $491 million a year ago. Excluding negative currency translation impacts, operating profit rose 7% primarily driven by higher pricing and productivity gains. Return on shareholder’s equity was 28.3% against 28.4% a year ago. After-tax return on capital (ROC) was 12.6% compared to 13.0% last year. Net debt was $8,992 million as on June 30, 2014 against $9,004 million as on June 30, 2013. Adjusted operating profit was $697 million compared to $665 million last year. Adjusted net income to the company was $467 million compared to $445 million last year. For the six months, the company reported sales of $6,139 million against $5,902 million for the same period a year ago. Operating profit was $1,372 million compared to $1,265 million last year. Income before income taxes and equity investments was $1,283 million against $1,184 million last year. Net income (including non-controlling interests) was $943 million compared to $867 million last year. Net income attributable to the company $915 million or $3.08 per diluted share against $836 million or $2.79 per diluted share last year. Net cash provided by operating activities was $1,383 million against $1,049 million last year. Capital expenditures were $777 million against $988 million last year. For the third-quarter, the company expects diluted EPS to be in the range of $1.58 to $1.65. For the full year of 2014, the company expects sales in the range of $12.4 billion to $12.7 billion. The company expects diluted earnings per share to be in the range of $6.30 to $6.45, 6% to 9% above the prior year. Full-year capital expenditures are expected to be about $1.8 billion, and the effective tax rate is forecasted to remain at about 28%.

Praxair, Inc. Declares Quarterly Dividend, Payable on September 15, 2014

The board of directors of Praxair Inc. has declared a quarterly dividend of 65 cents per share, unchanged from the previous quarter. The dividend is payable on September 15, 2014, to shareholders of record on September 8, 2014.

Praxair, Inc. to Construct New Air Separation Unit in Phase II Area of Nanjing Chemical Industrial Park in China; Signs Long-Term Supply Agreement with Nanjing Jinling Huntsman New Materials Co., Ltd

Praxair Inc. announced that it will construct its new air separation unit (ASU), with a capacity of 900 tons per day of oxygen, in the Phase II area of Nanjing Chemical Industrial Park (NCIP) in China, an interconnected chemical production facility. Praxair will also build a pipeline in the park to help meet the industrial gas requirements of Jinling Huntsman and other customers throughout NCIP. The ASU is expected to start up in 2016. The company signed a long-term contract to supply industrial gases to Nanjing Jinling Huntsman New Materials Co. Ltd. Jinling Huntsman will use the gases to help build a propylene oxide (PO) and methyl tertiary butyl ether (MTBE) plant located in Nanjing, East China. PO is a high-quality intermediate compound used to make polyurethane materials, and MTBE is a clean fuel additive. Praxair will construct its new air separation unit (ASU), with a capacity of 900 tons per day of oxygen, in the Phase II area of Nanjing Chemical Industrial Park (NCIP).

Praxair Expands New Mexico Facility

Praxair Inc. announced it will further expand its industrial gases facilities located in Kirtland, New Mexico. The expansion will include a new nitrogen plant that will increase production capacity in 2014.

Praxair Inc. to Report Q2, 2014 Results on Jul 23, 2014

Praxair Inc. announced that they will report Q2, 2014 results at 9:00 AM, Eastern Standard Time on Jul 23, 2014

 

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