Praxair Misses Q1 Estimates, Lowers Full-Year Forecast

reported weaker-than-expected results for the first quarter and lowered its forecast for the full year. Praxair now expects full-year earnings of $5.90 to $6.15 per share, versus its prior forecast of $6.15 to $6.50 per share. It now projects revenue of $11.4 billion to $11.7 billion, versus its earlier outlook of $12 billion to $12.4 billion. For the current quarter, Praxair projects to post earnings of $1.40 to $1.48 per share, versus analysts' estimates of $1.56 per share. The Danbury, Connecticut-based company posted a quarterly profit of $416 million, or $1.43 per share, versus a year-ago profit of $448 million, or $1.51 per share. Its revenue slipped 8.9 percent to $2.8 billion. However, analysts were expecting a profit of $1.44 per share on revenue of $2.96 billion. The average estimate among 4 Estimize users was for earnings of $1.46 per share and revenue of $2.97 billion. Operating profit slipped 8 percent year-over-year to $623 million. The company's sales in North America gained 2 percent to $1.5 billion on a currency-adjusted basis. Its sales dropped 18 percent to $326 million in Europe, while sales in Asia declined 1 percent to $371 million. In South America, sales tumbled 18 percent to $401 million in the latest quarter. Praxair shares fell 0.24 percent to $122.49 in pre-market trading.