Praxair Reports Record Full-Year 2012 Earnings and Cash Flow

Wed Jan 23, 2013 6:08am EST

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* Full-year sales of $11.2 billion; adjusted diluted EPS of $5.57*
* Record full-year operating cash flow of $2.8 billion
* Fourth-quarter sales of $2.8 billion; diluted EPS of $1.38
* $2.6 billion project backlog at year-end; project development activity remains
solid
* 9% dividend increase; 20th consecutive annual increase
* Full-year 2013 EPS guidance of $5.85 to $6.10; up 5% - 10%*; 
First-quarter 2013 EPS guidance of $1.35 to $1.40

DANBURY, Conn.--(Business Wire)--
Praxair, Inc. (NYSE: PX) announced full-year 2012 reported net income of $1,692
million and reported diluted earnings per share of $5.61. On an adjusted basis,
full-year net income was $1,681 million and diluted earnings per share was
$5.57, 3% above the prior year.* 

Full-year sales were $11,224, 5% above 2011 excluding negative foreign currency
translation and cost pass-through effects. 

Reported operating profit was $2,437 million. Adjusted operating profit was
$2,502 million, compared to $2,469 million in the prior year.* The increase was
driven by higher volumes, higher pricing and productivity, partially offset by
currency translation effects. Operating profit in North America grew by 10%, but
was largely offset by lower operating profit in Europe and South America. 

For the full year, cash flow from operations was a record $2,752 million, up 12%
from 2011. Capital expenditures, primarily for new production plants under
long-term contracts with customers, were $2,180 million. The company invested
$280 million in acquisitions, for seventeen North American packaged gas
distributors and an industrial gas business in Russia. The company paid $655
million of dividends and repurchased $459 million of stock, net of issuances. 

For the fourth quarter, net income and diluted earnings per share were $414
million and $1.38, as compared to adjusted amounts of $414 million and $1.36 in
the prior-year quarter, respectively.* 

Sales in the fourth quarter were $2,799 million, comparable to the prior-year,
as higher price and acquisitions were offset by negative currency effects.
Operating profit in the fourth quarter was $616 million versus $619 million in
the prior-year quarter.* 

Commenting on the financial results and business outlook, chairman and chief
executive officer Steve Angel said, "In 2012, Praxair delivered record operating
cash flow of $2.8 billion, which represented 25% of sales. We also achieved a
record operating margin of 22.3%, which we achieved through global productivity
gains as well as price attainment in most operating segments. Our
industry-leading North American business achieved double-digit operating profit
growth with strength across most end markets. These strong results were
mitigated by recessions in Brazil and Europe, moderating growth in China, and
significant currency translation headwinds. 

"As we enter 2013, Praxair remains committed to driving performance in an
uncertain economic environment. In addition, our backlog of large projects
remains strong at $2.6 billion and new proposal activity remains solid. This
backlog will contribute 4% to 6% growth in 2013, as the plants start up to
supply on-site customers under long-term contracts." 

For the full year of 2013, Praxair expects sales in the area of $12 billion. The
company expects diluted earnings per share to be in the range of $5.85 to $6.10,
up 5% to 10%.* Full-year capital expenditures are expected to be in the range of
$1.8 to $2.0 billion, and the effective tax rate is forecasted to remain at
about 28%. 

For the first quarter of 2013, Praxair expects diluted earnings per share in the
range of $1.35 to $1.40. 

Following is additional detail on fourth-quarter 2012 results by segment. 

In North America, fourth-quarter sales were $1,416 million, up 2% from the
prior-year quarter. Sales grew to manufacturing, energy, and metals markets,
partially offset by declines in electronics. Operating profit of $367 million
grew 4% from the prior year due to price and productivity. 

In Europe, fourth-quarter sales were $363 million, 5% below the prior-year
quarter primarily due to the negative impact of currency translation. Operating
profit was $60 million in the quarter, as compared to $64 million in the
prior-year quarter primarily due to negative currency effects. 

In South America, fourth-quarter sales were $484 million, 9% below the
prior-year quarter. Operating profit was $92 million as compared to $118 million
in the prior-year period. The lower sales and operating profit as compared to
the prior year were due primarily to negative currency effects. 

Sales in Asia were $374 million in the quarter, up 12% from the prior year,
driven by strong volume growth in India, China, and Korea, including new plant
start-ups. Sales growth came primarily from metals and chemicals customers.
Operating profit was $69 million as compared to $60 million in the prior year,
due primarily to higher volumes. 

Praxair Surface Technologies had fourth-quarter sales of $162 million, compared
to $160 million in the prior-year quarter. Sales grew 3%, excluding negative
currency effects, primarily from higher jet-engine and energy coatings.
Operating profit increased to $28 million from $24 million in the quarter due
primarily to price and productivity. 

Praxair is the largest industrial gases company in North and South America, and
one of the largest worldwide. The company produces, sells and distributes
atmospheric and process gases, and high-performance surface coatings. Praxair
products, services and technologies are making the planet more productive by
bringing efficiency and environmental benefits to a wide variety of industries,
including aerospace, chemicals, food and beverage, electronics, energy,
healthcare, manufacturing, metals and others. More information on Praxair is
available on the Internet at www.praxair.com. 

*See the attachments for calculations of non-GAAP measures. Full-year 2012
results are adjusted to exclude cost reduction charges, a pension settlement
charge and an income tax benefit. Fourth-quarter and full-year 2011 results are
adjusted to exclude the Yara acquisition net gain and restructuring charges. 

Attachments: Non-GAAP Reconciliations, Statements of Income, Balance Sheets,
Statements of Cash Flows, Segment Information, Quarterly Financial Summary, and
Appendix: Non-GAAP Measures. 

A teleconference on Praxair`s fourth-quarter results is being held this morning,
January 23, at 11:00 am Eastern Time. The number is (617) 597-5346 -- Passcode:
52650064. The call also is available as a web cast at www.praxair.com/investors.
Materials to be used in the teleconference are also available. 

This document contains "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. These statements are based on
management`s reasonable expectations and assumptions as of the date the
statements are made but involve risks and uncertainties. These risks and
uncertainties include, without limitation: the performance of stock markets
generally; developments in worldwide and national economies and other
international events and circumstances; changes in foreign currencies and in
interest rates; the cost and availability of electric power, natural gas and
other raw materials; the ability to achieve price increases to offset cost
increases; catastrophic events including natural disasters, epidemics and acts
of war and terrorism; the ability to attract, hire, and retain qualified
personnel; the impact of changes in financial accounting standards; the impact
of changes in pension plan liabilities; the impact of tax, environmental,
healthcare and other legislation and government regulation in jurisdictions in
which the company operates; the cost and outcomes of investigations, litigation
and regulatory proceedings; continued timely development and market acceptance
of new products and applications; the impact of competitive products and
pricing; future financial and operating performance of major customers and
industries served; the impact of information technology system failures, network
disruptions and breaches in data security; and the effectiveness and speed of
integrating new acquisitions into the business. These risks and uncertainties
may cause actual future results or circumstances to differ materially from the
projections or estimates contained in the forward-looking statements.
Additionally, financial projections or estimates exclude the impact of special
items which the company believes are not indicative of ongoing business
performance. The company assumes no obligation to update or provide revisions to
any forward-looking statement in response to changing circumstances. The above
listed risks and uncertainties are further described in Item 1A (Risk Factors)
in the company`s Form 10-K and 10-Q reports filed with the SEC which should be
reviewed carefully. Please consider the company`s forward-looking statements in
light of those risks.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
 PRAXAIR, INC. AND SUBSIDIARIES                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
 NON-GAAP RECONCILIATIONS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
 (UNAUDITED)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
 The following Non-GAAP measures are intended to supplement an understanding of the company's financial statements by providing measures which investors, financial analysts and management use to help evaluate the company's operating performance. Items which the company does not believe to be indicative of on-going business trends are excluded from these calculations so that investors can better evaluate and analyze historical and future business trends on a consistent basis. Definitions of these non-GAAP    
 measures may not be comparable to similar definitions used by other companies and are not a substitute for similar GAAP measures.                                                                                                                                                                                                                                                                                                                                                                                               
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 


 (Millions of dollars, except per share amounts)                                                                                                                                                                    
                                                                                                                                                                                                                    
                                            Operating Profit                          Income Taxes                          Net Income - Praxair, Inc.                          Diluted EPS                         
                                            2012             2011                     2012           2011                   2012                     2011                       2012               2011             
                                                                                                                                                                                                                    
 Quarter Ended December 31,                                                                                                                                                                                         
 Reported GAAP amounts                      $    616         $    618                 $    162       $    156               $     414                $     420                  $   1.38           $   1.38         
 Non-GAAP adjustments:                                                                                                                                                                                              
 Gain on acquisition (a)                         -                (39    )                 -              (3   )                  -                        (37    )                 -                  (0.12  )     
 Cost reduction program (b)                      -                40                       -              9                       -                        31                       -                  0.10         
 Total adjustments                               -                1                        -              6                       -                        (6     )                 -                  (0.02  )     
 Adjusted amounts                           $    616         $    619                 $    162       $    162               $     414                $     414                  $   1.38           $   1.36         
                                                                                                                                                                                                                    
 Year Ended December 31,                                                                                                                                                                                            
 Reported GAAP amounts                      $    2,437       $    2,468               $    586       $    641               $     1,692              $     1,672                $   5.61           $   5.45         
 Non-GAAP adjustments:                                                                                                                                                                                              
 Gain on acquisition (a)                         -                (39    )                 -              (3   )                  -                        (37    )                 -                  (0.12  )     
 Cost reduction programs (b)                     56               40                       16             9                       38                       31                       0.12               0.10         
 Pension settlement charge (c)                   9                -                        3              -                       6                        -                        0.02               -            
 Income tax benefit (d)                          -                -                        55             -                       (55    )                 -                        (0.18  )           -            
 Total adjustments                               65               1                        74             6                       (11    )                 (6     )                 (0.04  )           (0.02  )     
 Adjusted amounts                           $    2,502       $    2,469               $    660       $    647               $     1,681              $     1,666                $   5.57           $   5.43         


                                                                                                                                                                                                             
 (a) Net gain on Praxair's acquisition of an additional 16% of Yara Praxair AS and consolidation effective October 2011. Accounting rules require Praxair to fair value its prior 50% ownership interest.    
                                                                                                                                                                                                             
 (b) Charges in the third quarter 2012 and fourth quarter 2011 related to severance and business restructuring actions primarily in Europe within the industrial gases and surface technologies businesses.  
                                                                                                                                                                                                             
 (c) A pension settlement charge was recorded in the 2012 third quarter related to lump sum benefit payments made from the U.S. supplemental pension plan to a number of recently retired senior managers.   
                                                                                                                                                                                                             
 (d) Income tax benefit related to a loss on a liquidated subsidiary as a result of the divestiture of the U.S. Homecare business.                                                                           


                                                                                                                                                                      
                                                                                                                                                                      
 PRAXAIR, INC. AND SUBSIDIARIES                                                                                                                                       
 CONSOLIDATED STATEMENTS OF INCOME                                                                                                                                    
 (Millions of dollars, except per share data)                                                                                                                         
 (UNAUDITED)                                                                                                                                                          
                                                                                                                                                                      
                                                                    Quarter Ended                                         Year to Date                                
                                                                    December 31,                                          December 31,                                
                                                                    2012                     2011                         2012                     2011               
                                                                                                                                                                      
 SALES                                                              $   2,799                $   2,796                    $   11,224               $   11,252         
 Cost of sales                                                          1,583                    1,598                        6,396                    6,458          
 Selling, general and administrative                                    319                      315                          1,270                    1,239          
 Depreciation and amortization                                          254                      249                          1,001                    1,003          
 Research and development                                               25                       23                           98                       90             
 Cost reduction programs and other charges                              -                        1                            65                       1              
 Other income (expense) - net                                           (2       )               8                            43                       7              
 OPERATING PROFIT                                                       616                      618                          2,437                    2,468          
 Interest expense - net                                                 35                       38                           141                      145            
 INCOME BEFORE INCOME TAXES AND EQUITY INVESTMENTS                      581                      580                          2,296                    2,323          
 Income taxes                                                           162                      156                          586                      641            
 INCOME BEFORE EQUITY INVESTMENTS                                       419                      424                          1,710                    1,682          
 Income from equity investments                                         9                        7                            34                       40             
 NET INCOME (INCLUDING NONCONTROLLING INTERESTS)                        428                      431                          1,744                    1,722          
 Less: noncontrolling interests                                         (14      )               (11      )                   (52      )               (50      )     
 NET INCOME - PRAXAIR, INC.                                         $   414                  $   420                      $   1,692                $   1,672          
                                                                                                                                                                      
 PER SHARE DATA - PRAXAIR, INC. SHAREHOLDERS                                                                                                                          
                                                                                                                                                                      
 Basic earnings per share                                           $   1.40                 $   1.40                     $   5.67                 $   5.53           
                                                                                                                                                                      
 Diluted earnings per share                                         $   1.38                 $   1.38                     $   5.61                 $   5.45           
                                                                                                                                                                      
 Cash dividends                                                     $   0.55                 $   0.50                     $   2.20                 $   2.00           
                                                                                                                                                                      
 WEIGHTED AVERAGE SHARES OUTSTANDING                                                                                                                                  
 Basic shares outstanding (000's)                                       296,887                  299,575                      298,316                  302,237        
 Diluted shares outstanding (000's)                                     300,224                  303,700                      301,845                  306,722        


                                                                                                                        
                                                                                                                        
 PRAXAIR, INC. AND SUBSIDIARIES                                                                                         
 CONDENSED CONSOLIDATED BALANCE SHEETS                                                                                  
 (Millions of dollars)                                                                                                  
 (UNAUDITED)                                                                                                            
                                                                                                                        
                                                               December 31,                     December 31,            
                                                               2012                             2011                    
 ASSETS                                                                                                                 
 Cash and cash equivalents                                     $        157                     $        90             
 Accounts receivable - net                                              1,834                            1,795          
 Inventories                                                            476                              456            
 Prepaid and other current assets                                       325                              266            
 TOTAL CURRENT ASSETS                                                   2,792                            2,607          
                                                                                                                        
 Property, plant and equipment - net                                    11,453                           10,131         
 Goodwill                                                               2,507                            2,372          
 Other intangibles - net                                                173                              167            
 Other long-term assets                                                 1,165                            1,079          
 TOTAL ASSETS                                                  $        18,090                  $        16,356         
                                                                                                                        
 LIABILITIES AND EQUITY                                                                                                 
 Accounts payable                                              $        928                     $        896            
 Short-term debt                                                        638                              337            
 Current portion of long-term debt                                      39                               387            
 Other current liabilities                                              874                              915            
 TOTAL CURRENT LIABILITIES                                              2,479                            2,535          
                                                                                                                        
 Long-term debt                                                         6,685                            5,838          
 Other long-term liabilities                                            2,253                            1,966          
 TOTAL LIABILITIES                                                      11,417                           10,339         
                                                                                                                        
 REDEEMABLE NONCONTROLLING INTERESTS                                    252                              220            
                                                                                                                        
 EQUITY                                                                                                                 
 Praxair, Inc. shareholders' equity                                     6,064                            5,488          
 Noncontrolling interests                                               357                              309            
 TOTAL EQUITY                                                           6,421                            5,797          
                                                                                                                        
 TOTAL LIABILITIES AND EQUITY                                  $        18,090                  $        16,356         


                                                                                                                                                                                                           
                                                                                                                                                                                                           
 PRAXAIR, INC. AND SUBSIDIARIES                                                                                                                                                                            
 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS                                                                                                                                                           
 (Millions of dollars)                                                                                                                                                                                     
 (UNAUDITED)                                                                                                                                                                                               
                                                                                                                                                                                                           
                                                                                              Quarter Ended                                            Year to Date                                        
                                                                                              December 31,                                             December 31,                                        
                                                                                              2012                      2011                           2012                        2011                    
 OPERATIONS                                                                                                                                                                                                
 Net income - Praxair, Inc.                                                                   $    414                  $    420                       $    1,692                  $    1,672              
 Noncontrolling interests                                                                          14                        11                             52                          50                 
 Net income (including noncontrolling interests)                                                   428                       431                            1,744                       1,722              
 Adjustments to reconcile net income to net cash provided by operating activities:                                                                                                                         
 Cost reduction programs and other charges, net of payments                                        (9    )                   (5    )                        43                          (5      )          
 Deferred income taxes                                                                             56                        (36   )                        258                         (3      )          
 Depreciation and amortization                                                                     254                       249                            1,001                       1,003              
 Accounts receivable                                                                               71                        94                             (36     )                   (108    )          
 Inventory                                                                                         12                        12                             (18     )                   (31     )          
 Payables and accruals                                                                             41                        92                             (34     )                   44                 
 Pension contributions                                                                             (72   )                   (7    )                        (184    )                   (94     )          
 Other                                                                                             98                        (39   )                        (22     )                   (73     )          
 Net cash provided by operating activities                                                         879                       791                            2,752                       2,455              
                                                                                                                                                                                                           
 INVESTING                                                                                                                                                                                                 
 Capital expenditures                                                                              (586  )                   (572  )                        (2,180  )                   (1,797  )          
 Acquisitions, net of cash acquired                                                                (171  )                   (195  )                        (280    )                   (294    )          
 Divestitures and asset sales                                                                      5                         46                             82                          86                 
 Net cash used for investing activities                                                            (752  )                   (721  )                        (2,378  )                   (2,005  )          
                                                                                                                                                                                                           
 FINANCING                                                                                                                                                                                                 
 Debt increase (decrease) - net                                                                    224                       189                            807                         914                
 Issuances of common stock                                                                         38                        31                             164                         195                
 Purchases of common stock                                                                         (185  )                   (179  )                        (623    )                   (937    )          
 Cash dividends - Praxair, Inc. shareholders                                                       (163  )                   (149  )                        (655    )                   (602    )          
 Excess tax benefit on stock option exercises                                                      10                        6                              60                          53                 
 Noncontrolling interest transactions and other                                                    (1    )                   1                              (56     )                   (3      )          
 Net cash provided by (used for) financing activities                                              (77   )                   (101  )                        (303    )                   (380    )          
                                                                                                                                                                                                           
 Effect of exchange rate changes on cash and cash equivalents                                      (1    )                   (4    )                        (4      )                   (19     )          
                                                                                                                                                                                                           
 Change in cash and cash equivalents                                                               49                        (35   )                        67                          51                 
 Cash and cash equivalents, beginning-of-period                                                    108                       125                            90                          39                 
                                                                                                                                                                                                           
 Cash and cash equivalents, end-of-period                                                     $    157                  $    90                        $    157                    $    90                 


                                                                                                                                                             
                                                                                                                                                             
     PRAXAIR, INC. AND SUBSIDIARIES                                                                                                                          
     SEGMENT INFORMATION                                                                                                                                     
     (Millions of dollars)                                                                                                                                   
     (UNAUDITED)                                                                                                                                             
                                                                                                                                                             
                                                                Quarter Ended                                    Year to Date                                
                                                                December 31,                                     December 31,                                
                                                                2012                2011 (a)                     2012                    2011 (a)            
     SALES                                                                                                                                                   
     North America                                              $    1,416          $    1,388                   $   5,598               $    5,490          
     Europe                                                          363                 382                         1,474                    1,458          
     South America                                                   484                 532                         2,082                    2,308          
     Asia                                                            374                 334                         1,414                    1,348          
     Surface Technologies                                            162                 160                         656                      648            
     Total sales                                                $    2,799          $    2,796                   $   11,224              $    11,252         
                                                                                                                                                             
     OPERATING PROFIT                                                                                                                                        
     North America                                              $    367            $    353                     $   1,465               $    1,331          
     Europe                                                          60                  64                          256                      272            
     South America                                                   92                  118                         429                      530            
     Asia                                                            69                  60                          246                      234            
     Surface Technologies                                            28                  24                          106                      102            
     Segment operating profit                                        616                 619                         2,502                    2,469          
                                                                                                                                                             
     Cost reduction programs and other charges                       -                   (1     )                    (65     )                (1      )      
     Total operating profit                                     $    616            $    618                     $   2,437               $    2,468          


                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
 (a)    Effective with the 2012 first quarter, Praxair changed the measurement of its segment sales and operating profit. These changes primarily relate to helium and specialty gas sales and result in slightly higher sales and operating profit in the Europe and Asia segments with offsetting declines in the North America segment. Prior-period amounts have been reclassified to conform to the current presentation. See the Investors section of Praxair's website for a summary of the remeasurement adjustments for 2011 
        and 2010.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     


                                                                                                                                                                                                                                                                                      
                                                                                                                                                                                                                                                                                      
 PRAXAIR, INC. AND SUBSIDIARIES                                                                                                                                                                                                                                                       
 QUARTERLY FINANCIAL SUMMARY                                                                                                                                                                                                                                                          
 (Millions of dollars, except per share data)                                                                                                                                                                                                                                         
 (UNAUDITED)                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                      
                                                                                                        2012                                                                                      2011                                                                                
                                                                                                        Q4                   Q3 (b)                 Q2                   Q1                       Q4 (b)                 Q3                   Q2                   Q1                 
 FROM THE INCOME STATEMENT                                                                                                                                                                                                                                                            
 Sales                                                                                                  $   2,799            $    2,774             $   2,811            $   2,840                $    2,796             $   2,896            $   2,858            $   2,702          
 Cost of sales                                                                                              1,583                 1,595                 1,602                1,616                     1,598                 1,684                1,640                1,536          
 Selling, general and administrative                                                                        319                   306                   310                  335                       315                   307                  309                  308            
 Depreciation and amortization                                                                              254                   248                   247                  252                       249                   256                  254                  244            
 Research and development                                                                                   25                    24                    25                   24                        23                    22                   23                   22             
 Cost reduction programs and other charges - net                                                            -                     65                    -                    -                         1                     -                    -                    -              
 Other income (expenses) - net                                                                              (2       )            22                    9                    14                        8                     5                    (5       )           (1       )     
 Operating profit                                                                                           616                   558                   636                  627                       618                   632                  627                  591            
 Interest expense - net                                                                                     35                    36                    33                   37                        38                    36                   36                   35             
 Income taxes                                                                                               162                   90                    169                  165                       156                   166                  163                  156            
 Income from equity investments                                                                             9                     8                     10                   7                         7                     13                   11                   9              
 Net income (including noncontrolling interests)                                                            428                   440                   444                  432                       431                   443                  439                  409            
 Less: noncontrolling interests                                                                             (14      )            (10      )            (15      )           (13      )                (11      )            (14      )           (14      )           (11      )     
 Net income - Praxair, Inc.                                                                             $   414              $    430               $   429              $   419                  $    420               $   429              $   425              $   398            
                                                                                                                                                                                                                                                                                      
 PER SHARE DATA - PRAXAIR, INC. SHAREHOLDERS                                                                                                                                                                                                                                          
 Diluted earnings per share                                                                             $   1.38             $    1.43              $   1.42             $   1.38                 $    1.38              $   1.40             $   1.38             $   1.29           
 Cash dividends per share                                                                               $   0.55             $    0.55              $   0.55             $   0.55                 $    0.50              $   0.50             $   0.50             $   0.50           
 Diluted weighted average shares outstanding (000's)                                                        300,224               301,731               302,492              302,876                   303,700               305,623              308,253              308,595        
                                                                                                                                                                                                                                                                                      
 FROM THE BALANCE SHEET                                                                                                                                                                                                                                                               
 Net debt (a)                                                                                           $   7,205            $    7,028             $   6,891            $   6,749                $    6,472             $   6,185            $   6,039            $   5,752          
 Capital (a)                                                                                            $   13,878           $    13,617            $   13,017           $   13,248               $    12,489            $   12,306           $   12,809           $   12,289         
 Debt-to-capital ratio (a)                                                                                  51.9     %            51.6     %            52.9     %           50.9     %                51.8     %            50.3     %           47.1     %           46.8     %     
                                                                                                                                                                                                                                                                                      
 FROM THE STATEMENT OF CASH FLOWS                                                                                                                                                                                                                                                     
 Cash flow from operations                                                                              $   879              $    746               $   725              $   402                  $    791               $   732              $   573              $   359            
 Capital expenditures                                                                                       586                   547                   564                  483                       572                   458                  433                  334            
 Acquisitions                                                                                               171                   58                    39                   12                        195                   19                   80                   -              
 Cash dividends                                                                                             163                   164                   164                  164                       149                   150                  151                  152            
                                                                                                                                                                                                                                                                                      
 OTHER INFORMATION                                                                                                                                                                                                                                                                    
 After-tax return on capital (ROC) (a)                                                                      13.9     %            14.2     %            14.5     %           14.6     %                14.8     %            14.8     %           14.7     %           14.6     %     
 Return on Praxair, Inc. shareholders' equity (ROE) (a)                                                     28.9     %            29.2     %            29.0     %           28.4     %                28.1     %            27.2     %           26.6     %           26.6     %     
 Adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA) (a)          $   879              $    879               $   893              $   886                  $    875               $   901              $   892              $   844            
 Debt-to-adjusted EBITDA ratio (a)                                                                          1.9                   1.9                   1.8                  1.8                       1.7                   1.7                  1.6                  1.6            
 Number of employees                                                                                        26,539                26,215                26,353               26,259                    26,184                25,793               25,678               25,482         
                                                                                                                                                                                                                                                                                      
 SEGMENT DATA (c)                                                                                                                                                                                                                                                                     
 SALES                                                                                                                                                                                                                                                                                
 North America                                                                                          $   1,416            $    1,391             $   1,393            $   1,398                $    1,388             $   1,416            $   1,361            $   1,325          
 Europe                                                                                                     363                   352                   382                  377                       382                   361                  370                  345            
 South America                                                                                              484                   516                   520                  562                       532                   607                  611                  558            
 Asia                                                                                                       374                   358                   348                  334                       334                   349                  348                  317            
 Surface Technologies                                                                                       162                   157                   168                  169                       160                   163                  168                  157            
 Total sales                                                                                            $   2,799            $    2,774             $   2,811            $   2,840                $    2,796             $   2,896            $   2,858            $   2,702          
 OPERATING PROFIT                                                                                                                                                                                                                                                                     
 North America                                                                                          $   367              $    374               $   363              $   361                  $    353               $   340              $   326              $   312            
 Europe                                                                                                     60                    60                    68                   68                        64                    68                   72                   68             
 South America                                                                                              92                    112                   110                  115                       118                   140                  139                  133            
 Asia                                                                                                       69                    52                    68                   57                        60                    58                   63                   53             
 Surface Technologies                                                                                       28                    25                    27                   26                        24                    26                   27                   25             
 Segment operating profit                                                                                   616                   623                   636                  627                       619                   632                  627                  591            
 Cost reduction programs and other charges - net                                                            -                     (65      )            -                    -                         (1       )            -                    -                    -              
 Total operating profit                                                                                 $   616              $    558               $   636              $   627                  $    618               $   632              $   627              $   591            
                                                                                                                                                                                                                                                                                      


 (a)    Non-GAAP measure, see Appendix.                                                                                                                                           
                                                                                                                                                                                  
 (b)    The third quarter 2012 includes: (i)a pre-tax charge of $56 million ($38 million after-tax and non-controlling interests, or $0.12 per diluted share) related to the 2012 
        cost reduction program; (ii) a pre-tax charge of $9 million ($6 million after-tax, or $0.02 per diluted share) related to pension settlement; and (iii) an income tax     
        benefit of $55 million, or $0.18 per diluted share, related to a loss on a liquidated subsidiary as a result of the divestiture of the U.S. Homecare business. The fourth 
        quarter 2011 includes: (i) a pre-tax gain of $39 million ($37 million after-tax and noncontrolling interests, or $0.12 per diluted share) related to a gain on            
        acquisition; and (ii) a pre-tax charge of $40 million ($31 million after-tax, or $0.10 per diluted share) related to the 2011 cost reduction program. Also, see the       
        Appendix - Non-GAAP Measures which provides Non-GAAP amounts that exclude the impact of these items.                                                                      
                                                                                                                                                                                  
 (c)    Effective with the 2012 first quarter, Praxair changed the measurement of its segment sales and operating profit. Prior period amounts have been reclassified to conform  
        to the current presentation. See segment information.                                                                                                                     


     
     
 PRAXAIR, INC. AND SUBSIDIARIES 
 APPENDIX 
 NON-GAAP MEASURES 
 (Millions of dollars, except per share data) 
     
 The following non-GAAP measures are intended to supplement an understanding of the company`s financial information by providing measures which investors, financial analysts and management use to help evaluate the company`s financing leverage, return on net assets employed and operating performance. Items which the company does not believe to be indicative of on-going business trends are excluded from these calculations so that investors can better evaluate and analyze historical and future business trends 
 on a consistent basis. Definitions of these non-GAAP measures may not be comparable to similar definitions used by other companies and are not a substitute for similar GAAP measures. Adjusted amounts exclude the impact of the 2012 third-quarter cost reduction program, pension settlement charge, and an income tax benefit; the 2011 fourth-quarter gain on acquisition and cost reduction program; and the 2010 first-quarter loss on Venezuela currency devaluation and the 2010 fourth-quarter loss on the U.S. 
 Homecare divestiture, Spanish income tax settlement and repatriation tax benefit. 
     
 To be more consistent with the methodology used for annual reporting and to improve comparability, effective in the third quarter 2012 the company changed the methodology that it uses for calculating the following non-GAAP measures: Debt to capital, After-tax ROC, ROE, Debt-to-Adjusted EBITDA. These calculations are now based on a rolling four quarters approach for the earnings component of the calculations (NOPAT, Net income- Praxair, Inc., Adjusted EBITDA) and a five quarter average for the balance sheet 
 component of the calculation (capital, equity, debt). In addition, the company decided to use net debt instead of debt in the new calculations. Net debt is defined as debt less cash and cash equivalents. Prior-period amounts have been adjusted to conform to the current methodology. 


                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
                                                                                                                       2012                                                                                                                                                                                         2011                                                                                                                                                                                         2010                                                                                                                                       
                                                                                                                       Year                                Q4                                  Q3                                  Q2                                  Q1                                           Year                                Q4                                  Q3                                  Q2                                  Q1                                           Q4                                  Q3                                  Q2                                  Q1                             
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
 Debt to Capital Ratio - The debt-to-capital ratio is a measure used by investors, financial analysts and management to provide a measure of financial leverage and insights into how the company is financing its operations.                                                                                                                                                                                                                                                                                                                                                                                                                              
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
 Debt                                                                                                                                                      $        7,362                      $        7,136                      $        6,995                      $        6,856                                                                   $        6,562                      $        6,310                      $        6,119                      $        5,838                               $        5,557                      $        5,077                      $        5,026                      $        5,404                 
 Less: cash and cash equivalents                                                                                                                                    (157     )                          (108     )                          (104     )                          (107     )                                                                       (90      )                          (125     )                          (80      )                          (86      )                                   (39      )                          (71      )                          (48      )                          (376     )            
 Net debt                                                                                                                                                           7,205                               7,028                               6,891                               6,749                                                                            6,472                               6,185                               6,039                               5,752                                        5,518                               5,006                               4,978                               5,028                 
 Equity and redeemable noncontrolling interests:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
 Redeemable noncontrolling interests                                                                                                                                252                                 243                                 232                                 232                                                                              220                                 -                                   -                                   -                                            -                                   -                                   -                                   -                     
 Praxair, Inc. shareholders' equity                                                                                                                                 6,064                               6,015                               5,615                               5,940                                                                            5,488                               5,753                               6,400                               6,165                                        5,792                               5,991                               5,452                               5,398                 
 Noncontrolling interests                                                                                                                                           357                                 331                                 279                                 327                                                                              309                                 368                                 370                                 372                                          353                                 339                                 315                                 332                   
 Total equity and redeemable noncontrolling interests                                                                                                               6,673                               6,589                               6,126                               6,499                                                                            6,017                               6,121                               6,770                               6,537                                        6,145                               6,330                               5,767                               5,730                 
 Capital                                                                                                                                                   $        13,878                     $        13,617                     $        13,017                     $        13,248                                                                  $        12,489                     $        12,306                     $        12,809                     $        12,289                              $        11,663                     $        11,336                     $        10,745                     $        10,758                
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
 Debt-to-capital                                                                                                                                                    51.9     %                          51.6     %                          52.9     %                          50.9     %                                                                       51.8     %                          50.3     %                          47.1     %                          46.8     %                                   47.3     %                          44.2     %                          46.3     %                          46.7     %            
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
 After -tax return on Capital (ROC) - After-tax return on capital is a measure used by investors, financial analysts and management to evaluate the return on net assets employed in the business. ROC measures the after-tax operating profit that the company was able to generate with the investments made by all parties in the business (debt, noncontrolling interests and Praxair, Inc. shareholders` equity).                                                                                                                                                                                                                                      
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
 Adjusted operating profit (a)                                                                                         $        2,502                      $        616                        $        623                        $        636                        $        627                                 $        2,469                      $        619                        $        632                        $        627                        $        591                                 $        563                        $        551                        $        547                        $        506                   
 Less: adjusted income taxes (a)                                                                                                (660     )                          (162     )                          (164     )                          (169     )                          (165     )                                   (647     )                          (162     )                          (166     )                          (163     )                          (156     )                                   (149     )                          (146     )                          (145     )                          (132     )            
 Less: tax benefit on interest expense                                                                                          (39      )                          (10      )                          (10      )                          (9       )                          (10      )                                   (41      )                          (11      )                          (10      )                          (10      )                          (10      )                                   (8       )                          (8       )                          (8       )                          (9       )            
 Add: income from equity investments                                                                                            34                                  9                                   8                                   10                                  7                                            40                                  7                                   13                                  11                                  9                                            11                                  12                                  8                                   7                     
 Adjusted net operating profit after-tax (NOPAT)                                                                       $        1,837                      $        453                        $        457                        $        468                        $        459                                 $        1,821                      $        453                        $        469                        $        465                        $        434                                 $        417                        $        409                        $        402                        $        372                   
 4-quarter trailing adjusted NOPAT                                                                                                                         $        1,837                      $        1,837                      $        1,849                      $        1,846                                                                   $        1,821                      $        1,785                      $        1,725                      $        1,662                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
 Ending capital (see above)                                                                                            $        13,878                     $        13,878                     $        13,617                     $        13,017                     $        13,248                              $        12,489                     $        12,489                     $        12,306                     $        12,809                     $        12,289                              $        11,663                     $        11,336                     $        10,745                     $        10,758                
 5-quarter average ending capital                                                                                      $        13,250                     $        13,250                     $        12,935                     $        12,774                     $        12,628                              $        12,311                     $        12,311                     $        12,081                     $        11,768                     $        11,358                                                                                                                                                                         
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
 After-tax ROC (4-quarter trailing NOPAT /                                                                                      13.9     %                          13.9     %                          14.2     %                          14.5     %                          14.6     %                                   14.8     %                          14.8     %                          14.8     %                          14.7     %                          14.6     %                                                                                                                                                                     
 5-quarter average capital)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
 Return on Praxair, Inc. Shareholder's equity (ROE) - Return on Praxair, Inc. shareholders' equity is a measure used by investors, financial analysts and management to evaluate operating performance from a Praxair shareholder perspective. ROE measures the net income attributable to Praxair, Inc. that the company was able to generate with the money shareholders have invested.                                                                                                                                                                                                                                                                   
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
 Adjusted net income - Praxair, Inc. (a)                                                                               $        1,681                      $        414                        $        419                        $        429                        $        419                                 $        1,666                      $        414                        $        429                        $        425                        $        398                                 $        388                        $        377                        $        371                        $        340                   
 4-quarter trailing adjusted net income - Praxair, Inc. (a)                                                                                                $        1,681                      $        1,681                      $        1,691                      $        1,687                                                                   $        1,666                      $        1,640                      $        1,588                      $        1,534                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
 Ending Praxair, Inc. shareholders' equity                                                                             $        6,064                      $        6,064                      $        6,015                      $        5,615                      $        5,940                               $        5,488                      $        5,488                      $        5,753                      $        6,400                      $        6,165                               $        5,792                      $        5,991                      $        5,452                      $        5,398                 
 5-quarter average Praxair shareholders' equity                                                                        $        5,824                      $        5,824                      $        5,762                      $        5,839                      $        5,949                               $        5,920                      $        5,920                      $        6,020                      $        5,960                      $        5,760                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
 ROE (4-quarter trailing adjusted net income - Praxair, Inc. / 5-quarter average Praxair                                        28.9     %                          28.9     %                          29.2     %                          29.0     %                          28.4     %                                   28.1     %                          28.1     %                          27.2     %                          26.6     %                          26.6     %                                                                                                                                                                     
 shareholders' equity)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
 Adjusted EBITDA and Debt-to-Adjusted EBITDA Ratio- These measures are used by investors, financial analysts and management to assess a company's ability to meet it's financial obligations.                                                                                                                                                                                                                                                                                                                                                                                                                                                               
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
 Adjusted net income - Praxair, Inc. (a)                                                                               $        1,681                      $        414                        $        419                        $        429                        $        419                                 $        1,666                      $        414                        $        429                        $        425                        $        398                                 $        388                        $        377                        $        371                        $        340                   
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
 Add: adjusted noncontrolling interests (a)                                                                                     54                                  14                                  12                                  15                                  13                                           51                                  12                                  14                                  14                                  11                                           9                                   11                                  10                                  9                     
 Add: interest expense - net                                                                                                    141                                 35                                  36                                  33                                  37                                           145                                 38                                  36                                  36                                  35                                           28                                  29                                  29                                  32                    
 Add: adjusted income taxes (a)                                                                                                 660                                 162                                 164                                 169                                 165                                          647                                 162                                 166                                 163                                 156                                          149                                 146                                 145                                 132                   
 Add: depreciation and amortization                                                                                             1,001                               254                                 248                                 247                                 252                                          1,003                               249                                 256                                 254                                 244                                          240                                 227                                 230                                 228                   
 Adjusted EBITDA                                                                                                       $        3,537                      $        879                        $        879                        $        893                        $        886                                 $        3,512                      $        875                        $        901                        $        892                        $        844                                 $        814                        $        790                        $        785                        $        741                   
 4-quarter trailing adjusted EBITDA                                                                                                                        $        3,537                      $        3,533                      $        3,555                      $        3,554                                                                   $        3,512                      $        3,451                      $        3,340                      $        3,233                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
 Ending net debt (see above)                                                                                           $        7,205                      $        7,205                      $        7,028                      $        6,891                      $        6,749                               $        6,472                      $        6,472                      $        6,185                      $        6,039                      $        5,752                               $        5,518                      $        5,006                      $        4,978                      $        5,028                 
 5-quarter average net debt                                                                                            $        6,869                      $        6,869                      $        6,665                      $        6,467                      $        6,239                               $        5,993                      $        5,993                      $        5,700                      $        5,459                      $        5,256                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
 Debt-to-adjusted EBITDA ratio (5-quarter average net debt / 4-quarter trailing adjusted EBITDA)                                1.9                                 1.9                                 1.9                                 1.8                                 1.8                                          1.7                                 1.7                                 1.7                                 1.6                                 1.6                                                                                                                                                                            


                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
 APPENDIX - Cont'd                                                                                                                                                                                                                                                                                                                                                                                                                                                 
                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
 (a)    The following table presents adjusted amounts for Operating Profit and Operating Profit Margin, Income Taxes, Effective Tax Rate, Noncontrolling Interests, Net income - Praxair, Inc., and Diluted EPS for the Third Quarter and full year 2012, the Fourth Quarter and full year 2011 and the First Quarter, Fourth Quarter and full year 2010. Additionally, this table presents the percentage change in Diluted EPS Guidance for the full year 2012.  


                                                                                                                                                                                                                                           
                                                                            Year                   Third                 Year                   Fourth                     Year                   Fourth                First              
                                                                                                   Quarter                                      Quarter                                           Quarter               Quarter            
                                                                            2012                   2012                  2011                   2011                       2010                   2010                  2010               
 Adjusted Operating Profit and Operating Profit Margin                                                                                                                                                                                     
 Reported operating profit                                                  $    2,437             $    558              $    2,468             $    618                   $    2,082             $    505              $    479           
 Add: Pension settlement charge                                                  9                      9                     -                      -                          -                      -                     -             
 Add: Cost reduction programs                                                    56                     56                    40                     40                         -                      -                     -             
 Less: Gain on acquisition                                                       -                      -                     (39     )              (39    )                   -                      -                     -             
 Add: U.S. Homecare divestiture                                                  -                      -                     -                      -                          58                     58                    -             
 Add: Venezuela currency devaluation                                             -                      -                     -                      -                          27                     -                     27            
 Total adjustments                                                               65                     65                    1                      1                          85                     58                    27            
 Adjusted operating profit                                                  $    2,502             $    623              $    2,469             $    619                   $    2,167             $    563              $    506           
                                                                                                                                                                                                                                           
 Reported sales                                                             $    11,224            $    2,774            $    11,252            $    2,796                 $    10,116            $    2,623            $    2,428         
 Adjusted operating profit margin                                                22.3    %              22.5   %              21.9    %              22.1   %                   21.4    %              21.5   %              20.8   %      
                                                                                                                                                                                                                                           
 Adjusted Income Taxes                                                                                                                                                                                                                     
 Reported income taxes                                                      $    586               $    90               $    641               $    156                   $    768               $    346              $    131           
 Add: Pension settlement charge                                                  3                      3                     -                      -                          -                      -                     -             
 Add: Income tax benefit                                                         55                     55                    -                      -                          -                      -                     -             
 Add: Cost reduction programs                                                    16                     16                    9                      9                          -                      -                     -             
 Less: Gain on acquisition                                                       -                      -                     (3      )              (3     )                   -                      -                     -             
 Less: Spanish income tax settlement                                             -                      -                     -                      -                          (250    )              (250   )              -             
 Add: U.S. Homecare divestiture                                                  -                      -                     -                      -                          18                     18                    -             
 Add: Repatriation tax benefit                                                   -                      -                     -                      -                          35                     35                    -             
 Add: Venezuela currency devaluation                                             -                      -                     -                      -                          1                      -                     1             
 Total adjustments                                                               74                     74                    6                      6                          (196    )              (197   )              1             
 Adjusted income taxes                                                      $    660               $    164              $    647               $    162                   $    572               $    149              $    132           
                                                                                                                                                                                                                                           
 Adjusted Effective Tax Rate                                                                                                                                                                                                               
 Reported income before income taxes and equity investments                 $    2,296             $    522              $    2,323             $    580                   $    1,964             $    477              $    447           
 Add: Pension settlement charge                                                  9                      9                     -                      -                          -                      -                     -             
 Add: Cost reduction programs                                                    56                     56                    40                     40                         -                      -                     -             
 Less: Gain on acquisition                                                       -                      -                     (39     )              (39    )                   -                      -                     -             
 Add: U.S. Homecare divestiture                                                  -                      -                     -                      -                          58                     58                    -             
 Add: Venezuela currency devaluation                                             -                      -                     -                      -                          27                     -                     27            
 Total adjustments                                                               65                     65                    1                      1                          85                     58                    27            
 Adjusted income before income taxes and equity investments                 $    2,361             $    587              $    2,324             $    581                   $    2,049             $    535              $    474           
                                                                                                                                                                                                                                           
 Adjusted income taxes (above)                                              $    660               $    164              $    647               $    162                   $    572               $    149              $    132           
 Adjusted effective tax rate                                                     28      %              28     %              28      %              28     %                   28      %              28     %              28     %      
                                                                                                                                                                                                                                           
 Adjusted Noncontrolling interest                                                                                                                                                                                                          
 Reported noncontrolling interest                                           $    52                $    10               $    50                $    11                                                                                    
 Add: Cost reduction programs                                                    2                      2                     -                      -                                                                                     
 Add: Gain on acquisition                                                        -                      -                     1                      1                                                                                     
 Total adjustments                                                               2                      2                     51                     12                                                                                    
 Adjusted noncontrolling interest                                           $    54                $    12               $    51                $    12                                                                                    
                                                                                                                                                                                                                                           
 Adjusted Net Income - Praxair, Inc.                                                                                                                                                                                                       
 Reported net income - Praxair, Inc.                                        $    1,692             $    430              $    1,672             $    42                    $    1,195             $    133              $    314           
 Add: Pension settlement charge                                                  6                      6                     -                      -                          -                      -                     -             
 Less: Income tax benefit                                                        (55     )              (55    )              -                      -                          -                      -                     -             
 Add: Cost reduction programs                                                    38                     38                    31                     31                         -                      -                     -             
 Less: Gain on acquisition                                                       -                      -                     (37     )              (37    )                   -                      -                     -             
 Add: Spanish income tax settlement                                              -                      -                     -                      -                          250                    250                   -             
 Add: U.S. Homecare divestiture                                                  -                      -                     -                      -                          40                     40                    -             
 Less: Repatriation tax benefit                                                  -                      -                     -                      -                          (35     )              (35    )              -             
 Add: Venezuela currency devaluation                                             -                      -                     -                      -                          26                     -                     26            
 Total adjustments                                                               (11     )              (11    )              (6      )              (6     )                   281                    255                   26            
 Adjusted net income - Praxair, Inc.                                        $    1,681             $    419              $    1,666             $    414                   $    1,476             $    388              $    340           
                                                                                                                                                                                                                                           
 Adjusted Diluted EPS                                                                                                                                                                                                                      
 Reported diluted EPS                                                       $    5.61              $    1.43             $    5.45              $    1.38                  $    3.84              $    0.43             $    1.01          
 Add: Pension settlement charge                                                  0.02                   0.02                  -                      -                          -                      -                     -             
 Less: Income tax benefit                                                        (0.18   )              (0.18  )              -                      -                          -                      -                     -             
 Add: Cost reduction programs                                                    0.12                   0.12                  0.10                   0.10                       -                      -                     -             
 Less: Gain on acquisition                                                       -                      -                     (0.12   )              (0.12  )                   -                      -                     -             
 Add: Spanish income tax settlement                                              -                      -                     -                      -                          0.80                   0.80                  -             
 Add: U.S. Homecare divestiture                                                  -                      -                     -                      -                          0.13                   0.13                  -             
 Less: Repatriation tax benefit                                                  -                      -                     -                      -                          (0.11   )              (0.11  )              -             
 Add: Venezuela currency devaluation                                             -                      -                     -                      -                          0.08                   -                     0.08          
 Total adjustments                                                               (0.04   )              (0.04  )              (0.02   )              (0.02  )                   0.90                   0.82                  0.08          
 Adjusted diluted EPS                                                       $    5.57              $    1.39             $    5.43              $    1.36                  $    4.74              $    1.25             $    1.09          
                                                                                                                                                                                                                                           
 Percentage Change in Adjusted Full Year 2013 Diluted EPS Guidance                                                                                                                                                                         
                                                                                                                                                                                                                                           
                                                                            Full Year 2013                                                                                                                                                 
                                                                            Low End                High End                                                                                                                                
                                                                                                                                                                                                                                           
 Diluted EPS guidance                                                       $    5.85              $    6.10                                                                                                                               
 2012 adjusted diluted EPS (see above)                                      $    5.57              $    5.57                                                                                                                               
                                                                                                                                                                                                                                           
 Percentage change from 2012 adjusted amounts                                    5       %              10     %                                                                                                                           
                                                                                                                                                                                                                                           


Praxair, Inc.
Investors:
Kelcey Hoyt, 203-837-2118
kelcey_hoyt@praxair.com
or
Media:
Jacqueline Hunt, 203-837-2663
jacqueline_hunt@praxair.com

Copyright Business Wire 2013

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