Praxair Reports Higher Net Income, EPS

Praxair, Inc. reported fourth-quarter net income and diluted earnings per share of $420 million and $1.38, respectively. These results include a gain on an acquisition and charges relating to severance and business restructuring actions, primarily in Europe. Excluding these items, adjusted net income and diluted earnings per share were $414 million and $1.36, 7% and 9% above the prior-year quarter, respectively.

Sales in the fourth quarter were $2,796 million, up 7% from the prior-year quarter due to higher volumes and prices, partially offset by negative currency translation. Reported operating profit in the fourth quarter was $618 million. Adjusted operating profit of $619 million was 10% above the prior-year quarter due to higher volumes and prices combined with productivity improvements.*

For the full year of 2011, reported net income was $1,672 million and reported diluted earnings per share was $5.45. Full-year adjusted net income was $1,666 million, up 13% from 2010. Adjusted diluted earnings per share was $5.43, 15% above the prior year.*