Praxair Inc. said its normalized net income for the first quarter was $1.22 per share, compared with the S&P Capital IQ consensus estimate of $1.44 per share.
EPS declined 5.5% year over year from $1.29.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $356.8 million, a decrease of 7.3% from $384.8 million in the prior-year period.
The normalized profit margin increased to 12.9% from 12.7% in the year-earlier period.
Total revenue declined 8.9% on an annual basis to $2.76 billion from $3.03 billion, and total operating expenses decreased 9.6% on an annual basis to $2.13 billion from $2.35 billion.
Reported net income declined 7.1% year over year to $417.1 million, or $1.43 per share, from $448.9 million, or $1.51 per share.
