Praxair Inc.’s third-quarter profit fell on lower sales for the Danbury industrial gas maker.
For three months ended Sept. 30, Praxair’s net fell to $419 million, or $1.39 a share, from $429 million, or $1.40 a share, the year-ago period.
Third-quarter sales dropped to $2.77 billion vs. $2.9 billion.
Sales fell in North and South America and Europe, but rose in Asia, particularly China, where Praxair has been active of late opening new air-separation plants for steel- and chemical-makers there.
Chairman and CEO Steve Angel said Praxair expects overall macro-economic conditions to weaken further near-term, but vowed to continue its “relentless focus on operational excellence, project execution and financial discipline” to keep cash and earnings flowing to stockholders.
Still, the company revised its fourth-quarter outlook for earnings in the range of $1.35 to $1.40 a share with full-year net in the range of $5.54 to $5.59 a share.
The company also declared payment of its quarterly dividend of 55 cents a share to be paid Dec. 17 to stockholders on record by Dec. 7.
