Danbury industrial gas supply Praxair, Inc. reported four-quarter net income up 215 percent from the fourth quarter 2010, the company announced Wednesday.
The company’s fourth-quarter income was $420 million, or $1.40 per share, compared to $133 million, or 43 cents per share, in the fourth-quarter 2010.
The largest difference between the two years came on a $173 million increase in sales to $2.8 billion, and a $190 million reduction in the taxes the company had to pay.
Praxair signed a record number of contracts in 2011 and finished the year with a $2.7 billion backlog of projects coming online 2012-2014.
Also on Wednesday, the Praxair board of directors authorized a $1.5 billion repurchase program of its common stock because of the company’s strong balance sheet and free-cash-flow generation.
Praxair on Wednesday announced the promotions of Eduardo Menezes to executive vice president for U.S. industrial gases, Praxair Mexico and Praxair Canada; and the promotion of Scott Telesz to executive vice president for Praxair Asia, Praxair Europe/Russia, Praxair Surface Technologies, Middle East, strategic planning, global procurement and materials management.
