Praxair (PX) Beats on Q3 Earnings & Revenues
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 $33.8 billion market capitalization.
However, weak industrial activities in the U.S. as well as soft global economy in the third-quarter 2016 might have adversely impacted the demand for PX’s products. Also, the company face headwinds from unfavourable foreign currency movements, geopolitical issues and a competitive business environment.
PX delivered better-than-expected results in three of last four trailing quarters and in-line results in the rest, with a positive average earnings surprise of 1.49%.
Currently, PX has a Zacks Rank #4 (Sell), but that could definitely change after the release of its upcoming earnings report. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
We have highlighted some of the key stats from this just-revealed announcement below:
Earnings: Earnings beat. PX’s adjusted earnings came in at $1.41 per share in third-quarter 2016. The bottom-line exceeded the Zacks Consensus Estimate by a penny.
Revenue: Revenues surpassed. PX generated revenues of $2,716 million, above the Zacks Consensus Estimate of $2,692 million.
Key Stats to Note: PX anticipates to accrue adjusted earnings within the range of $1.36-$1.43 per share in fourth-quarter 2016. While, full year adjusted earnings are expected to lie within the range of $5.44-$5.51 per share. The guidance estimates roughly 3% year over year impact of negative currency translation.
Stock Price: As of Oct 26, 2016, PX closed the trading session at $118.57 per share.
PRAXAIR INC Price
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Check back our full write up on this PX earnings report later!
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