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Praxair Reports Record Full-Year 2012 Earnings And Cash Flow

Praxair, Inc. (NYSE: PX) announced full-year 2012 reported net income of $1,692 million and reported diluted earnings per share of $5.61. On an adjusted basis, full-year net income was $1,681 million and diluted earnings per share was $5.57, 3% above the prior year.*

Full-year sales were $11,224, 5% above 2011 excluding negative foreign currency translation and cost pass-through effects.

Reported operating profit was $2,437 million. Adjusted operating profit was $2,502 million, compared to $2,469 million in the prior year.* The increase was driven by higher volumes, higher pricing and productivity, partially offset by currency translation effects. Operating profit in North America grew by 10%, but was largely offset by lower operating profit in Europe and South America.

For the full year, cash flow from operations was a record $2,752 million, up 12% from 2011. Capital expenditures, primarily for new production plants under long-term contracts with customers, were $2,180 million. The company invested $280 million in acquisitions, for seventeen North American packaged gas distributors and an industrial gas business in Russia. The company paid $655 million of dividends and repurchased $459 million of stock, net of issuances.

For the fourth quarter, net income and diluted earnings per share were $414 million and $1.38, as compared to adjusted amounts of $414 million and $1.36 in the prior-year quarter, respectively.*

Sales in the fourth quarter were $2,799 million, comparable to the prior-year, as higher price and acquisitions were offset by negative currency effects. Operating profit in the fourth quarter was $616 million versus $619 million in the prior-year quarter.*

Commenting on the financial results and business outlook, chairman and chief executive officer Steve Angel said, “In 2012, Praxair delivered record operating cash flow of $2.8 billion, which represented 25% of sales. We also achieved a record operating margin of 22.3%, which we achieved through global productivity gains as well as price attainment in most operating segments. Our industry-leading North American business achieved double-digit operating profit growth with strength across most end markets. These strong results were mitigated by recessions in Brazil and Europe, moderating growth in China, and significant currency translation headwinds.

Stock quotes in this article: PX 

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