Praxair Q4 Sales, Profit Down

Venezuela currency deflation had a large negative impact on Q4 net profit, while North American sales had a modest increase.

Danbury, CT-based industrial gases and equipment supplier Praxair reported its fourth quarter and 2014 full-year financial information on Wednesday, highlighted by a yearly decreases in sales and profit.

In Q4, sales decreased to $2.99 billion from $3.01 billion in Q4 2013. Operating profit went down 5.6 percent to $663 million, while its net profit of $302 million was considerably down from $474 million in Q4 2013. These results include charges to net income related to Venezuela currency devaluation, a bond redemption and a pension settlement. Adjusted net income was down only $2 million year-over-year.

In Europe, sales in the quarter fell 12 percent to $356 million, while sales in South America declined 2 percent to $473 million. Sales in North America, gained 3 percent, while sales in Asia climbed 6 percent. Praxair Surface Technologies sales rose to $165 million from $164 million.

For the year, sales increased 2.9 percent to $12.3 billion, while net income decreased 3.5 percent to $1.65 billion. Adjusted net income increased 4.5 percent to $1.85 billion.

For full-year 2015, Praxair expects sales in the range of $12 billion to $12.4 billion.

More in Economy