Praxair Beats Estimates (PX)

Danbury, Connecticut-based Praxair, Inc. PX announced on Wednesday morning that it beat consensus Wall Street estimates. Praxair, Inc reported that its 4th quarter net income fell to $133 million, or 43 cents per share, down from $340 million, or $1.09 per share, a year earlier. Excluding special items, the company's earnings came in at $1.25 per share. Praxair, Inc reported revenue of $2.62 billion, up from $2.41 billion a year earlier. According to a survey of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of $1.23 per share, on revenue of $2.58 billion. Chairman and Chief Executive Officer Steve Angel said, “Our global business turned in a strong performance in 2010. We achieved record operating profit by leveraging the strong recovery in volumes and new plant start-ups along with ongoing productivity and cost reduction. We continued to invest in capital projects for future growth and established a presence in two growing geographies, Russia and the Middle East." Praxair, Inc. (PX) closed the previous trading day at $91.24 per share. Analysts covering the company's stock give it a consensus price target of $102.00 per share. Praxair, Inc is the largest industrial gases company in North and South America, and one of the largest worldwide. The company produces, sells and distributes atmospheric, process and specialty gases, and high-performance surface coatings. Read more from Benzinga's Company news.