UPDATE: Praxair Posts 0.9% Rise In Q2 Profit, Cuts Full-Year Forecast

Praxair PX reported a 0.9% rise in its second-quarter profit. Praxair lowered its full-year earnings forecast to $5.60 to $5.70 per share, from $5.75 to $5.90 per share. It also cut its revenue forecast to $11.2 billion to $11.5 billion, versus $11.6 billion to $11.9 billion. Praxair's quarterly profit rose to $429 million, or $1.42 per share, versus $425 million, or $1.38 per share, in the year-ago period. Its revenue dropped 1.6% to $2.81 billion, versus analysts' estimates of $2.93 billion. Praxair's gross margin rose to 43% from 42.6%. Praxair shares closed at $104.81 yesterday.