UPDATE: Praxair Posts Upbeat Q1 Earnings, Lifts Guidance

Praxair Inc PX reported upbeat results for the first quarter and raised its 2011 projections. PX's Q1 net income surged 27% to $398 million, or $1.29 per share, from $314 million, or $1.01 per share, in the year-ago quarter. However, analysts were expecting earnings of $1.26 per share. The company's sales increased 11% to $2.7 billion. PX also raised its 2011 earnings forecast to between $5.35 and $5.45 per share. The company projects its Q2 earnings in the range of $1.33 to $1.38 per share. PX shares gained 1.23% to close at $108.12 yesterday. Read more from Benzinga's Company news.