Zacks
0
All posts from Zacks
Zacks in Our Research. Your Success.,

Praxair (PX) Beats on Q1 Earnings, Revenues Miss

Praxair Inc. (PX) engages in the production and distribution of industrial gases, primarily in North America, South America, Europe and Asia. Increased applications of industrial gases in industries like healthcare, petroleum refining, computer-chip manufacturing, beverage carbonation, fiber-optics, steel making, aerospace, chemicals and water treatment is a boon for the company. This Danbury, CT-based company has a $33.7 billion market capitalization.

However, weak industrial activities in the U.S. as well as damper global economy in the first-quarter 2016 might have adversely impacted the demand for Praxair’s products. Also, the company face headwinds from unfavorable foreign currency movements, geopolitical issues and a competitive business environment.
 
Praxair delivered better-than-expected results in one of last four trailing quarters and in-line results in the rest, with a positive average earnings surprise of 0.35%. Also, earnings estimate on the company has increased over the last few days.

Currently, PX has a Zacks Rank #2 (Buy), but that could definitely change after the release of its upcoming earnings report. We have highlighted some of the key stats from this just-revealed announcement below:
 
Earnings:  Praxair’s adjusted earnings came in at $1.28 per share in first-quarter 2016. The bottom line result was above with the Zacks Consensus Estimate of $1.26 per share.

Revenue: Revenues missed. Praxair generated revenues of $2,509 million, below the Zacks Consensus Estimate of $2,537 million.
 
Key Stats to Note: Praxair distributed approximately $214 million to shareholders in the form of dividends while repurchased shares worth $32 million. Also, the company’s board of directors approved payment of a quarterly cash dividend of 75 cents per share, on Jun 15, to shareholders of record as on Jun 7.

Stock Price: Praxair shares were down 0.16% ahead of the report while no movement was recorded in the pre-market trading session.

Check back our full write up on this PX earnings report later!

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days.  Click to get this free report >>


Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
 
To read this article on Zacks.com click here.
 
Zacks Investment Research