Praxair’s Adjusted Income Beats Estimates

Praxair reported fourth-quarter net income of $200 million, down 37% compared to the same period last year, on sales down 5%, to $2.4 billion. Excluding a charge of $177 million related mostly to cost-cutting measures taken late last year, earnings were $1.01/share, beating the consensus of analysts’ estimates of 96 cts/share. Operating profit, excluding the charge, rose 1%, to $491 million, as higher pricing and cost reductions offset the sharp drop in base-business volumes, Praxair says. “As we anticipated, volumes dropped dramatically in November...

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