Praxair Reaffirms Q4 EPs Guidance of $1.18 to $1.23

Praxair, Inc. PX announced that it will take a charge to its earnings in the fourth quarter. The charge is expected to reduce fourth-quarter and full-year 2010 net income and earnings per share by approximately $290 million and 93 cents, respectively. Excluding the charge, the company reaffirms its previous fourth-quarter diluted earnings per share guidance of $1.18 to $1.23 on an adjusted basis*, and its ongoing effective tax rate of about 28%. The charge is primarily the result of a decision to settle various income tax disputes with the Spanish Government which is expected to result in a charge to earnings of approximately $250 million and cash payments of approximately $500 million.