NEW YORK (MarketWatch) --
Praxair Inc., the Danbury, Conn., producer of industrial gases and surface coatings, reported on Wednesday that fourth-quarter
net income tripled on 6.6% higher sales, plans to buy back as much as $1.5 billion of stock and lifted the quarterly dividend 10%. Earnings reached $420 million, or $1.38 a share, from $133 million, or 43 cents, in the year-earlier quarter. Shares outstanding fell 2.3% to 303.7 million. Sales were $2.8 billion against $2.62 billion. A survey of analysts by FactSet Research produced consensus estimates of $1.37 a share of profit on $2.84 billion of sales. Praxair said it about completed its current $1.5 billion buyback program -- which started in July 2010 -- and would finance the new one through available cash and debt. And the board declared a new quarterly of 55 cents a share, payable March 15 to holders of record March 7.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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