praxair inc (PX) Key Developments
Praxair Inc. Reports Un-Audited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2015; Provides Earnings Guidance for the Third Quarter and Year of 2015
Jul 29 15
Praxair Inc. reported un-audited consolidated earnings results for the second quarter and six months ended June 30, 2015. For the quarter, the company reported net income of $308 million, or $1.06 per diluted share compared to $467 million, or $1.58 per diluted share, sales of $2,738 million compared to $3,113 million, operating profit of $480 million compared to $697 million, income before income taxes and equity investments of $440 million compared to $654 million, net cash provided by operating activities of $707 million compared to $847 million, capital expenditures of $352 million compared to $384 for the last year. The company reported adjusted operating profit of $626 million compared to $697 million, adjusted net income of $420 million or $1.45 per diluted share compared to $467 million or $1.58 per diluted share, adjusted EBITDA of $914 million compared to $1,000 and free cash flow of $355 million compared to $463 million for the last year. Net debt as at June 30, 2015 was $9,211 million compared to $8,992 million as at June 30, 2014. After-tax return on equity for the quarter was 30.5%.
For the six months, the company reported net income of $724 million, or $2.49 per diluted share compared to $915 million, or $3.08 per diluted share, sales of $5,495 million compared to $6,139 million, operating profit of $1,103 million compared to $1,372 million, income before income taxes and equity investments of $1,019 million compared to $1,283 million, net cash provided by operating activities of $1,215 million compared to $1,383 million, capital expenditures of $749 million compared to $777 for the last year. Adjusted operating profit was $1,249 million, adjusted net income of $836 million or $2.88 per share.
The company provided earnings guidance for the third quarter and year of 2015. For the quarter, the company expected adjusted diluted EPS in the range of $1.42 to $1.49.
For the year, the company expected adjusted diluted EPS in the range of $5.80 to $5.95.
Praxair Inc. Declares Quarterly Dividend in Third Quarter 2015, Payable on September 15, 2015
Jul 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 September 15, 2015 to shareholders of record on September 8, 2015.
Praxair Inc. Announces the Introduction of its Patented OPTIMELTTM thermochemical Regenerator System
Jul 22 15
Praxair Inc. announced the introduction of its patented OPTIMELTTM thermochemical regenerator system. The company’s technology productively recovers waste energy from furnace flue gases, reducing emissions and improving the energy efficiency of glass production. Through the process, incoming natural gas is heated and reacted with a portion of waste flue gas to produce a hot syngas fuel that captures both the heat and chemical potential of the waste stream. This process can result in a reduction in fuel consumption of up to 20% compared to oxy-fuel glass furnaces and as high as 30% when compared to air-fuel furnaces. In addition to increased productivity, reduced emissions and fuel savings, the OPTIMELT system delivers operational benefits that help ensure production of high-quality glass. The OPTIMELT system equipment is custom designed by Praxair and can be installed with new furnaces or retrofitted to existing facilities. Praxair’s OPTIMELT system is being made available market-wide for glass melting furnaces and has been proven on a commercial scale in a glass-melting furnace at Grupo Pavisa in Mexico.
Praxair and Delaware City Refining Sign Long-Term Supply Agreement for Refinery’s Carbon Dioxide
Jul 15 15
Praxair Inc. has signed a long-term agreement with Delaware City Refining Company in which Praxair will purchase crude carbon dioxide from the refinery. Praxair will build, own and operate a 450-ton-per-day carbon dioxide purification and liquefaction plant at the refinery, producing beverage-quality liquid carbon dioxide for distribution into the Northeastern U.S. merchant market. Praxair already supplies Delaware City Refining with nitrogen for its operational needs. This new carbon dioxide source, which will begin serving customers in 2016, further strengthens Praxair’s supply position in the Northeast. Praxair previously started up a 450-ton-per-day carbon dioxide purification facility in Hopewell, Virginia, and also operates carbon dioxide facilities in Southeastern Canada.
Praxair Inc. Will Build New Air Separation Unit Supporting its Detroit, Michigan, Area Pipeline System
Jun 9 15
Praxair Inc. announced it will build a new air separation unit (ASU) supporting its Detroit, Michigan, area pipeline system to meet the growing demand for industrial gases from customers in the region as well as rare gas customers worldwide. This expansion coincides with renewals of multiple existing pipeline customer agreements. The project will include the installation of operating equipment and systems. The new 1,650 tons per day plant will begin operations in 2017 and will supply existing pipeline customers with improved efficiency and continued reliability. The plant will also produce liquid oxygen, nitrogen, argon and rare gases for use by hospitals, food processors, and industrial companies supplying the automobile industry.