UPDATE: Praxair Posts In-Line Q4 Earnings, Issues Weak Forecast

Praxair Inc. (NYSE: PX) reported in-line earnings for the fourth quarter. However, the company issued a downbeat forecast for the full year. The Danbury, Connecticut-based company posted quarterly net income of $302 million, or $1.03 per share, compared to $474 million, or $1.59 per share, in the year-ago quarter. Excluding non-recurring items, the company earned $1.57 per share.Its revenue fell to $2.99 billion from $3.01 billion, while organic sales gained 3%. However, analysts were expecting earnings of $1.57 per share on revenue of $3.07 billion.In Europe, sales in the quarter fell 12% to $356 million, while sales in South America declined 2% to $473 million. Sales in North America, gained 3%, while sales in Asia climbed 6%. Praxair Surface Technologies sales rose to $165 million from $164 million.During the quarter, Praxair paid $189 million of dividends and repurchased $282 million of stock, net of issuances.Chairman, President and Chief Executive Officer Steve Angel said, “Praxair's operational and capital discipline again yielded high-quality results in 2014, despite a challenging global environment. We generated strong operating cash flow of $2.9 billion that represented 23% of sales and record free cash flow of $1.2 billion. Operating and EBITDA margins grew to new highs.”For full year 2015, Praxair projects earnings of $6.15 to $6.50 per share, on revenue of $12 billion to $12.4 billion. Analysts expected earnings of $6.70 per share on revenue of $12.81 billion.For the first quarter, Praxair projects earnings of $1.39 to $1.47 per share, versus analysts' estimates of $1.57 per share.Praxair shares fell 1.06% to close at $123.20 yesterday.