- Praxair (NYSE:PX) issues downside guidance for Q3 and FY 2015 along with Q2 results that showed below consensus earnings and revenues.
- PX now sees full-year EPS of $5.80-$5.95 vs. a previous outlook for $5.90-$6.15 and analyst consensus estimate of $5.99, which assumes a negative currency impact of 11% for the current year compared to the previous 12 months.
- For the current quarter, PX expects EPS of $1.42-$1.49, vs. analyst consensus of $1.57, with a negative currency impact of 12%.
- In Q2, PX was unable to shake the currency headwinds and lower commodity prices that have weighed on sales all year, as revenue fell 12% Y/Y to $2.74B; slowing economic growth in Brazil and China, and weaker metals, energy and manufacturing in the U.S., also led to its customers tightening their belts.
- PX also authorizes a new share repurchase program for up to $1.5B of common stock.