Praxair beats by $0.06, beats on revs; guides FY17 EPS above consensus (143.62 +0.67)
- Reports Q3 (Sep) earnings of $1.50 per share, excluding non-recurring items, $0.06 better than the Capital IQ Consensus of $1.44; revenues rose 7.6% year/year to $2.92 bln vs the $2.84 bln Capital IQ Consensus.
- Co issues upside guidance for FY17, sees EPS of $5.78-2.83, excluding transaction costs related to the proposed merger and a pension settlement charge, vs. $5.73 Capital IQ Consensus Estimate.
- Co generated 3Q cash flow from operations of $794 million, 27% of sales. After capital expenditures of $320 million, free cash flow was $474 million, up 15% q/q. The company paid $225 million in dividends and net debt decreased by $202 million.
- "The third quarter extended prior trends with growing demand in North America, Europe and Asia, but continued weakness in South America. Furthermore, our backlog grew to $1.5 billion with the addition of four new long-term on-site supply agreements in the U.S. and Asia. Most of this backlog supports the significant energy and petrochemical expansions in the U.S. Gulf Coast although we continue to see more opportunities in Asia, especially in the electronics end-market.