UPDATE 2-Praxair guides 2010 above Street; Q2 profit beats

* Q2 EPS $1.19 vs. Street view $1.14

* Revenue up 18.2 pct to $2.53 bln

* Board authorizes $1.5 bln share repurchase

* Sees Q3 EPS of $1.15 to $1.20

* Forecasts 2010 adj EPS of $4.60 to $4.70, above Street (Rewrites, adds CEO comment, analyst, outlook, unit data, stock, byline)

By Ernest Scheyder

NEW YORK, July 28 (Reuters) - Praxair Inc (PX.N) posted a 24 percent jump in quarterly profit on Wednesday as sales increased around the world, and the industrial gas supplier forecast 2010 earnings in a range above Wall Street's expectations.

Net income rose to $371 million, or $1.19 per share, from $299 million, or 96 cents per share, a year earlier.

Analysts on average expected earnings of $1.14 per share, according to Thomson Reuters I/B/E/S.

Revenue at the Danbury, Connecticut-based company rose 18.2 percent to $2.53 billion. Analysts expected $2.46 billion.

Praxair, whose products are used in a wide range of areas, including the food service, healthcare and chemicals sectors, forecast third-quarter profit of $1.15 to $1.20 per share. Analysts expect $1.19 per share.

For the year, the company increased its adjusted earnings expectation to $4.60 to $4.70 per share, up from a previous estimate of $4.50 to $4.65 per share. The new forecast is above Wall Street's $4.59 per share estimate.

"The global economic environment continued to improve this quarter, with South America and Asia showing the strongest recovery," Chief Executive Officer Steve Angel said in a statement. "Our sales growth reflects strengthening global demand and new project start-ups."

Jefferies & Co analyst Laurence Alexander said Praxair's moves to boost productivity, coupled with its ability to increase prices in the United States, Europe and Brazil, should help its cash flow "in a volatile environment."

Alexander kept a "buy" rating on the stock.

Praxair's board also announced a share repurchase program worth $1.5 billion, to be financed by available cash and debt. A previously authorized $1 billion repurchase program has been nearly exhausted, the company said.

Praxair has been rumored to be a possible "white knight" for Airgas (ARG.N) as it looks to defend itself against a hostile takeover by rival Air Products (APD.N). [ID:nLDE6681AX]

Shares of Praxair, which closed Tuesday at $85.83, have traded between $70.04 and $89 in the past 52 weeks. (Reporting by Ernest Scheyder; Editing by Lisa Von Ahn, Dave Zimmerman)