Industrial gas producer Praxair, Inc. (PX) posted first-quarter net income of $391 million or $1.30 a share, compared with $419 million, or $1.38 a share a year before. The company said the recent quarter's results included the impact of a $23 million pre-tax charge, or 8 cents of earnings per share, pertaining to currency devaluation in Venezuela.
Excluding this charge, adjusted net income stood at $414 million, or $1.38 a share in the latest period. On average, 13 analysts polled by Thomson Reuters expected earnings per share of $1.38 for the quarter. Analysts' estimates typically exclude one-time items.
Sales in the first quarter were $2.89 billion, up 2% from the prior-year quarter's $2.84 billion. Analysts estimated revenues of $2.89 billion for the quarter. On a comparable basis, sales grew 4%, excluding foreign currency, cost pass-through and fewer working days. Sales growth was driven by Asia and South America, while growth moderated in North America and weakened further in Europe.
Looking forward to the second quarter of 2013, Praxair sees earnings per share in the range of $1.45 to $1.50, while 13 analysts project second-quarter earnings of $1.51 per share.
For the full year 2013, Praxair expects sales in the area of $12 billion, and adjusted earnings per share in the range of $5.90 to $6.05. Analysts project annual earnings of $6.02 per share.
Additionally, the board has declared a quarterly dividend of 60 cents per share, unchanged from the prior quarter. The dividend is payable on June 17, 2013 to shareholders of record on June 7, 2013.
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