lundi 11 novembre 2013

Praxair Q3 Earnings Rise but Lags Est.

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 Praxair Q3 Earnings Rise but Lags Est.

by Zacks Equity Research   Published on October 30, 2013 | No Comments
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Industrial gas producer and supplier, Praxair Inc. (PX - Analyst Report) reported adjusted earnings per share of $1.51 for the third quarter of 2013, up 8.6% year over year and one cent below the Zacks Consensus Estimate of $1.52.

The adjusted earnings result for the quarter excludes $0.02 per share of pension settlement related charge. Including this, GAAP earnings per share in the quarter were $1.49.

Revenue: Praxair’s total sales in the third quarter increased 8.6% year over year to $3,013 million. Results were below the Zacks Consensus Estimate of $3,021 million. The revenue increase can be attributed to 5% contribution from volume growth, 2% from favorable prices and 3% contributions from acquisitions. These were partially offset by 1% negative impact from foreign currency translation risks.

Backlog at the end of the third quarter 2013 was roughly $2 billion.

In the quarter, revenues generated from North America were up 14.2% year over year while that from Europe increased 9.7%. Revenue from South America decreased 4.3% and Asia went up 7.5%. Surface Technologies revenue was at $160 million in the quarter, up 1.9% from the year-ago quarter.

Margins: Cost of sales in the quarter increased 6.4% year over year and represented 56.3% of the total revenue. Adjusted operating profit for Praxair in the quarter was $679 million, up 9% year over year while adjusted margin stood at 22.5%.
  
Balance Sheet: Exiting the third quarter 2013, Praxair had cash and cash equivalent balance of $134 million, up 31.4% from $102 million reported in the previous quarter. Long-term debt balance increased 0.25% sequentially to $7,883 million.

Cash Flow: Praxair generated net cash of $904 million from operating activities in the third quarter, up from $746 million in the year-ago quarter. Capital spending went down 5.7% to $516 million, with a major portion being invested for a new production plant setting.

Share Repurchases/Dividends: Praxair pursues a consistent strategy of returning cash to shareholders through dividend payments and share repurchases. During the third quarter 2013, the company paid $176 million in dividends and repurchased shares worth $113 million.

Alongside the quarterly results, Board of Directors of Praxair declared a quarterly dividend of 60 cents to be paid on Dec 16, 2013 to its shareholders of record as on Dec 6, 2013.


Outlook: For the fourth quarter of 2013, management projects earnings per share to be within the $1.52-$1.57 per share range.

For 2013, adjusted earnings per share are expected to be within $5.90-$5.95 range as against $5.90-$6.00 range expected earlier while GAAP earnings are expected to be within $5.80-$5.85 versus prior expectation of $5.82-$5.92. The revised guidance includes the impact of Praxair’s cautious approach towards volume growth in the fourth quarter.

Sales are expected to be roughly $12 billion for the full year. Capital spending is expected to be $1.9 billion and adjusted effective tax rate guidance is projected to be 28%.

Praxair Inc. is the largest industrial gas producer and supplier in the Americas and one of the leading gas producing companies worldwide.
The stock currently carries a Zacks Rank #2 (Buy).

Praxair T3 gains augmentent mais Lags Est

by Zacks Equity Research Published on October 30, 2013 | No Comments par Zacks Equity Research Publié sur Octobre 30, 2013 | No Comments

Industrial gas producer and supplier, Praxair Inc. ( PX - Analyst Report ) reported adjusted earnings per share of $1.51 for the third quarter of 2013, up 8.6% year over year and one cent below the Zacks Consensus Estimate of $1.52. Producteur de gaz industriels et fournisseur, Praxair Inc. ( PX - Rapport d'analystes ) a annoncé un bénéfice par action ajusté de 1,51 $ pour le troisième trimestre de 2013, en hausse de 8,6% sur l'année et d'un cent en dessous du consensus Zacks estimation de 1,52 $.

The adjusted earnings result for the quarter excludes $0.02 per share of pension settlement related charge.
Le résultat des gains rajustés pour le trimestre exclut 0,02 $ par action de la charge liée au règlement de pension. Including this, GAAP earnings per share in Y compris le présent, GAAP, le bénéfice par action the quarter were $1.49. le trimestre a été de 1,49 $.

Revenue: Praxair's total sales in the third quarter increased 8.6% year over year to $3,013 million.
Chiffre d'affaires: ventes totales de Praxair au troisième trimestre a augmenté de 8,6% sur un an à 3,013 millions de dollars. Results were below the Zacks Consensus Estimate of $3,021 million. Les résultats étaient en dessous du consensus Zacks estimation de 3,021 millions de dollars. The revenue increase can be attributed to 5% contribution from volume growth, 2% from favorable prices and 3% contributions from acquisitions. L'augmentation des revenus est attribuable à la contribution de 5% de croissance des volumes, 2% des prix favorables et  3% provenant des acquisitions. These were partially offset by 1% negative impact from foreign currency translation risks. Ceux-ci ont été partiellement compensés par 1% de l'effet négatif de risques pour la conversion des devises.

Backlog at the end of the third quarter 2013 was roughly $2 billion.
Le carnet de commandes à la fin du troisième trimestre 2013 était d'environ 2 milliards de dollars.

In the quarter, revenues generated from North America were up 14.2% year over year while that from Europe increased 9.7%.
Au cours du trimestre, les revenus générés à partir de l'Amérique du Nord ont augmenté de 14,2% l'an sur l'année tandis que celle de l'Europe ont augmenté de 9,7%. Revenue from South America decreased 4.3% and Asia went up 7.5%. Revenu d'Amérique du Sud a diminué de 4,3% et l'Asie a augmenté de 7,5%.Le chiffre d'afffaires de Surface Technologies revenue was at $160 million in the quarter, up 1.9% from the year-ago quarter. Surface Technologies était à 160 millions de dollars pour le trimestre, en hausse de 1,9% par rapport au trimestre de l'exercice précédent.

Margins: Cost of sales in the quarter increased 6.4% year over year and represented 56.3% of the total revenue.
Marges: Coût des ventes au cours du trimestre ont augmenté de 6,4% sur un an et représente 56,3% du chiffre d'affaires total. Adjusted operating profit for Praxair in the quarter was $679 million, up 9% year over year while adjusted margin stood at 22.5%. Le résultat opérationnel ajusté de Praxair dans le trimestre a été de 679 millions de dollars, en hausse de 9% sur un an tandis que la marge ajustée s'établit à 22,5%.

Balance Sheet: Exiting the third quarter 2013, Praxair had cash and cash equivalent balance of $134 million, up 31.4% from $102 million reported in the previous quarter.
Bilan: Sortie du troisième trimestre 2013, Praxair avait un solde de trésorerie équivalent de 134 millions de dollars, en hausse de 31,4% par rapport à 102 millions de dollars enregistrés au trimestre précédent. Long-term debt balance increased 0.25% sequentially to $7,883 million. Solde de la dette à long terme a augmenté de 0,25% en séquentiel à 7,883 millions de dollars.

Cash Flow: Praxair generated net cash of $904 million from operating activities in the third quarter, up from $746 million in the year-ago quarter.
Flux de trésorerie: Praxair a généré une trésorerie nette de 904 millions de dollars provenant des activités d'exploitation au troisième trimestre, en hausse de 746 millions de dollars au cours du trimestre de l'exercice précédent. Capital spending went down 5.7% to $516 million, with a major portion being invested for a new production plant setting. Les dépenses en immobilisations ont baissé de 5,7% à 516 millions de dollars, avec une majeure partie étant investi pour un nouveau réglage de l'usine de production.

Share Repurchases/Dividends: Praxair pursues a consistent strategy of returning cash to shareholders through dividend payments and share repurchases.
Rachats d'actions / Dividendes: Praxair poursuit une stratégie cohérente de retourner l'argent aux actionnaires par le biais de dividendes et de rachats d'actions. During the third quarter 2013, the company paid $176 million in dividends and repurchased shares worth $113 million. Au cours du troisième trimestre 2013, la société a versé 176 millions de dollars en dividendes et des rachats d'actions vaut 113 millions de dollars.

Alongside the quarterly results, Board of Directors of Praxair declared a quarterly dividend of 60 cents to be paid on Dec 16, 2013 to its shareholders of record as on Dec 6, 2013.
A côté des résultats trimestriels, le Conseil d'administration de Praxair a déclaré un dividende trimestriel de 60 cents à payer sur le 16 décembre 2013 aux actionnaires inscrits aux registres le 6 déc 2013.

Outlook: For the fourth quarter of 2013, management projects earnings per share to be within the $1.52-$1.57 per share range. Perspectives: Pour le quatrième trimestre de 2013, le managment prévoit un bénéfice par action entre $ 1,57 et 1,52 $.

For 2013, adjusted earnings per share are expected to be within $5.90-$5.95 range as against $5.90-$6.00 range expected earlier while GAAP earnings are expected to be within $5.80-$5.85 versus prior expectation of $5.82-$5.92.
Pour 2013, le bénéfice ajusté par action devrait se situer dans $ 5,95 5,90-gamme $ contre $ 6,00 5,90-$ fourchette prévue plus tôt tandis que le bénéfice selon les PCGR devraient être dans $ 5,85 5,80-$ par rapport à l'attente avant de $ 5,92 5,82-$. The revised guidance includes the impact of Praxair's cautious approach towards volume growth in the fourth quarter. L'estimé révisé inclut l'impact de l'approche prudente de Praxair à la croissance des volumes au quatrième trimestre.

Sales are expected to be roughly $12 billion for the full year.
Les ventes devraient être à peu près 12 milliards de dollars pour l'exercice complet. Capital spending is expected to be $1.9 billion and adjusted effective tax rate guidance is projected to be 28%. Les dépenses en capital de 1,9 milliards de dollars et ajusté orientation des taux d'imposition effectif devrait être de 28%.

Praxair Inc. is the largest industrial gas producer and supplier in the Americas and one of the leading gas producing companies worldwide.
Praxair Inc. est le plus grand producteur industriel de fournisseur de gazt dans les Amériques et l'un des gaz leader dans la production des entreprises dans le monde entier. The stock currently carries a Zacks Rank #2 (Buy). Le stock réalise actuellement un Rang Zacks # 2 (Acheter).