* Sees Q4 EPS of 95 cents to $1.00, excluding charge
* Shares fall 1 percent in after-hours trading
SAN FRANCISCO, Dec 9 (Reuters) - Industrial gases supplier
Praxair Inc cut its fourth-quarter profit outlook due to a
substantial slowdown in demand and said on Tuesday it expects
more customers to close plants this month, further reducing
volumes.
Praxair is the largest industrial gases supplier in the
Americas.
Praxair said it had already started cutting costs, reducing
its workforce by 1,600 positions and closing underperforming
and non-core product lines and businesses. This would result in
a fourth-quarter charge of $120 million, but the moves will
save $80 million next year and $100 million after that, it
said.
The company also expects to take a $55 million charge
related to a settlement in Brazil and increases in accruals
reelecting recent developments for other cases.
Excluding the charges, the company now expects a
fourth-quarter profit of 95 cents to $1.00 per share, which
compares with 98 cents last year and a current average analyst
estimate of $1.04, according to Reuters Estimates.
"New projects and new business applications are expected to
offset this demand slowdown and a significant foreign-currency
headwind," Praxair said in a statement.
Shares of Praxair fell 1 percent in extended trade to
$56.36, after falling nearly 4 percent in regular trade.
(Reporting by Braden Reddall; editing by Carol Bishopric)
Content Provided by
Reuters Reuters is the largest international news agency -- providing professionals around the world with stories that move the markets.
- 
- 
- 
Welcome,
Guest!
News
