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Praxair reports sales growth, earnings drop on foreign currency translation

12:23 PM MDT | April 24, 2013 | Lindsay Frost

Praxair reports first-quarter sales growth despite weakness in Europe, but foreign currency translation negatively impacted the company’s earnings. Net income fell 7% year-on-year (YOY), to $391 million, and includes a $23 million pretax charge related to currency devaluation in Venezuela, the company says. Earnings per share of $1.30/share fell below analyst estimates of $1.38/share, as reported by Thomson Reuters (New York). Sales increased 2%, to $2.9 billion, driven by Asia and South America, while growth moderated in North America and weakened in...

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