praxair inc (PX) Key Developments
Praxair Inc. Announces Unaudited Consolidated Earnings Results for First Quarter Ended March 31, 2015 ; Provides Earnings Guidance for the Second Quarter and Full Year of 2015
Apr 29 15
Praxair Inc. announced unaudited consolidated earnings results for first quarter ended March 31, 2015. For the quarter, the company reported sales of $2,757 million, operating profit of $623 million, income before income taxes and equity investments of $579 million, net income attributable to company of $416 million or $1.43 per diluted share, net cash provided by operating activities of $508 million, capital expenditures of $397 million, adjusted EBITDA of $911 million, adjusted operating profit of $623 million, adjusted net income of $416 million or $1.43 per diluted share, net debt of $9,279 million compared to the sales of $3,026 million, operating profit of $675 million, income before income taxes and equity investments of $629 million, net income attributable to company of $448 million or $1.51 per diluted share, net cash provided by operating activities of $536 million, capital expenditures of $393 million, adjusted EBITDA of $969 million, adjusted operating profit of $675 million, adjusted net income of $448 million or $1.51 per diluted share, net debt of $9,126 million for the same quarter a year ago. Return on shareholders equity was 29.6% compared to the 28.7% for the same quarter year ago.
For full-year 2015, the company expected sales in the range of $11.4 billion to $11.7 billion. This sales guidance assumes a negative currency impact of approximately 10% versus 2014. The company expected diluted earnings per share to be in the range of $5.90 to $6.15, up 4% to 8% ex-currency from 2014. Full-year capital expenditures are expected to be approximately $1.6 billion and the effective tax rate is forecasted to remain at approximately 28%.
For the second quarter of 2015, the company expected diluted earnings per share in the range of $1.40 to $1.48. This EPS guidance assumes a negative currency translation impact of approximately 11% year-over-year and 2% sequentially.
Praxair, Inc. Declares Quarterly Dividend, Payable on June 15, 2015
Apr 29 15
The board of directors of Praxair Inc. has declared a quarterly dividend of 71.5 cents per share, unchanged from the previous quarter. The dividend is payable on June 15, 2015 to shareholders of record on June 5, 2015.
Praxair, Inc. Signs Long-Term Contract to Provide Industrial Gases to the China National Offshore Oil Company
Apr 27 15
Praxair Inc. announced that it has signed a long-term contract to provide industrial gases to the China National Offshore Oil Company. The project, expected to start up in 2017, will enable the reliable and efficient supply of industrial gases for CNOOC’s refinery and downstream chemical production. Praxair will build, own and operate two 2,400 tons per day air separation plants in the Huizhou Daya Bay Chemical Industrial Park, located in Huizhou, Guangdong, China. Praxair’s product line plants will provide oxygen and nitrogen to CNOOC to support the company’s refinery expansion from 250,000 to 460,000 barrels of oil per day. Praxair currently serves other customers in the Park including the existing CNOOC refinery and the CNOOC and Shell petrochemical complex. This investment will further position the company to supply new customers in the Park via pipeline.
Praxair Inc. Announces Extension of its Pipeline to Supply Oxygen to Kumbi Corporation
Mar 31 15
Praxair Inc. announced it has completed an extension of its pipeline to supply oxygen to Kumbi Corporation. The six-mile extension supplies 100 tons per day of gaseous oxygen from Praxair’s Tangjung plant to Kumbi’s two glass-melting furnaces located in Asan, in the central region of the country. Additionally, Praxair’s pipeline extension will enable the company to meet the growing industrial gases demand from businesses across South Korea. Kumbi uses the oxygen for its production of glass bottles for beverage, cosmetic and medical customers throughout the country. Praxair has also installed its advanced Oxy-burner technology at Kumbi’s facility enabling the customer to improve productivity while reducing gas emissions. Using patented technology and energy-efficient processes, Praxair will also serve liquid-product customers in the region. The company currently operates seven plants and 56 miles of pipeline in South Korea that provide industrial gases to customers, including those in the electronics, chemical and refining, and metals segments.
Praxair's Start Up Plant Supplies Gaseous Oxygen to Owens-Illinois
Mar 25 15
Praxair Inc. announced that it has started up a 180 tonnes per day, non-cryogenic plant for Owens-Illinois (O-I) in Muskogee, Oklahoma. Further, the company said that using its oxy-fuel combustion technology, O-I has converted a conventional air-fuel glass furnace to oxy-fuel and thereby, under a long-term contract, the company will supply gaseous oxygen to O-I. Besides supplying the oxygen, the company has also provided oxy-fuel combustion flow control skids and installed its dilute oxygen combustion Wide Flame Burner technology that minimises furnace emissions and reduces furnace crown deterioration.