UPDATE: Praxair Reports Surge In Q4 Net Income, Lifts Dividend

Praxair Inc (NYSE: PX) reported a strong rise in its fourth-quarter net income and raised the quarterly dividend by 10%.

Praxair's quarterly earnings surged to $420 million, or $1.38 per share, from $133 million, or $0.43 per share, in the year-ago quarter. Shares outstanding dropped 2.3% to 303.7 million. Its sales rose to $2.8 billion from $2.62 billion. However, analysts were expecting a profit of $1.37 per share on sales of $2.84 billion.

Praxair's board declared a quarterly of $0.55 per share.

Praxair shares fell 0.47% to close at $109.10 yesterday.