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Praxair Q3 profit falls YOY

Praxair Inc. said its normalized net income for the third quarter came to $1.24 per share, compared with the S&P Capital IQ consensus estimate of $1.45 per share.

EPS declined 10.9% year over year from $1.39.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $355.5 million, a decrease of 13.3% from $410.1 million in the prior-year period.

The normalized profit margin rose to 13.4% from 13.0% in the year-earlier period.

Total revenue fell 14.6% year over year to $2.69 billion from $3.14 billion, and total operating expenses fell 14.9% year over year to $2.07 billion from $2.43 billion.

Reported net income decreased 15.9% from the prior-year period to $402.2 million, or $1.40 per share, from $478.3 million, or $1.62 per share.