Gases Firms Report Strong Quarter

Industrial gases producers had a strong fourth quarter and beat analysts’ earnings estimates. Praxair reported net income up 17%, to $316 million (98 cts/share), on sales up 19%, to $2.5 billion. Energy and manufacturing markets drove sales growth, Praxair says. “Operating margin expanded 0.7 percentage points to 19.2% due to higher sales of onsite atmospheric gases and good cost control,” says Jeffrey Zekauskas, analyst with J.P. Morgan (New York). Praxair says it expects full-year 2008 earnings of $4.00-$4.20/share. First Call’s (Boston)...

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