Praxair (PX) Reports Q3 Results

Praxair, Inc. (NYSE: PX) reported third-quarter net income and diluted earnings per share of $325M and $1.04, respectively. These results include a net after-tax benefit of $7M, or 2 cents of diluted earnings per share, resulting from a $306M pre-tax charge, and $313M of income tax benefits, related primarily to a Brazilian government tax amnesty program.
Excluding these items, net income was $318M and diluted earnings per share were $1.02, as compared to $355M and $1.11 in the prior-year quarter.
Sales in the third quarter were $2,288M, 20% below $2,852M in the third quarter of 2008. Excluding the negative effects of foreign currency and cost pass-through, underlying sales were 9% lower due to 11% lower volumes partially offset by 2% higher overall pricing. Sequentially, sales rose 7% from the 2009 second quarter.