Tier One player Praxair announced that net income in its 2016 second-quarter results reached $399m, with the completion of Yara’s European carbon dioxide (CO2) business keeping the corporation on track in a “mixed macro-economic environment.”
Overall sales stood at $2.7bn, 3% below the prior-year quarter which the company attributes to negative currency translation impact and lower cost pass-through. Excluding these impacts, sales were actually 2% higher comparatively due to growth from acquisitions and higher pricing.
Operating profit soared by 23%, totalling $558m compared to the prior-year quarter of $480m. As a percentage of sales, Praxair’s operating profit margin was 22.1% and its EBITDA margin was 33%.
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