Praxair beats by $0.03, beats on revs; guides Q3 EPS below consensus; narrows FY16 EPS outlook
- Reports Q2 (Jun) earnings of $1.39 per share, $0.03 better than the Capital IQ Consensus of $1.36; revenues fell 2.7% year/year to $2.67 bln vs the $2.61 bln Capital IQ Consensus.
- Volume growth from new on-site projects, largely in Asia, Europe and South America, was offset by lower base business volumes in the Americas, due primarily to weaker industrial manufacturing activity in the United States and Brazil, and weaker demand in the upstream energy end-market in North America.
- Co issues downside guidance for Q3, sees EPS of $1.35-1.42 vs. $1.44 Capital IQ Consensus Estimate.
- Co updates guidance for FY16, sees EPS of $5.45-5.60 (Prior $5.35-5.70) vs. $5.56 Capital IQ Consensus Estimate.