Praxair 1Q Sales Fall 20%
Praxair, Inc., Danbury, CT, reported sales of $2.1 billion for the first quarter of 2009, 20% below first quarter 2008 sales. Profit declined 5.5% to $290 million.
Demand appears to have stabilized, but at a lower level, with overall volumes down 12% versus the prior year. However, we have not yet seen meaningful signs of recovery and we are therefore cautious regarding our outlook for the remainder of the year, said CEO Steve Angel.
Based on the current macroeconomic environment, Praxair expects sales for the full year of 2009 to be in the area of $9 billion. Full-year capital expenditures are expected to be in the area of $1.4 billion, supporting the construction of 42 on-site production plants under contract which will come on-stream in 2009 …
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