Praxair Inc. said its second-quarter normalized net income was $1.25 per share, compared with the S&P Capital IQ consensus estimate of $1.45 per share.
EPS fell 8.0% year over year from $1.35.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $361.5 million, a decline of 9.9% from $401.0 million in the prior-year period.
The normalized profit margin climbed to 13.2% from 12.9% in the year-earlier period.
Total revenue decreased 12.0% on an annual basis to $2.74 billion from $3.11 billion, and total operating expenses declined 12.6% on an annual basis to $2.11 billion from $2.42 billion.
Reported net income decreased 34.2% on an annual basis to $307.5 million, or $1.06 per share, from $467.6 million, or $1.58 per share.