Praxair Inc. announced unaudited consolidated earnings results for the fourth quarter and year to date ended December 31, 2011. For the quarter, the company reported sales of $2,796,000 against $2,623,000 a year ago. Operating profit was $618,000 against $505,000 a year ago. Income before income taxes and equity investments was $580,000 against $477,000 a year ago. Net income - PRAXAIR, INC was $420,000 or $1.38 per basic and diluted share against $133,000 or $0.43 per basic and diluted share a year ago. Net cash provided by operating activities was $791,000 against $290,000 a year ago. Capital expenditures were $572,000 against $451,000 a year ago. Adjusted EBITDA was $875,000 against $814,000 a year ago. Return on Praxair Inc. shareholders' equity was 29.5% against 26.4% a year ago. ROE was 28.2% against 6.7% a year ago. ROE annualized was 28.2% against 26.6% a year ago. Adjusted operating profit was $619,000 against $563,000 a year ago. Adjusted net income - Praxair Inc. was $414,000 or $1.36 per diluted share against $388,000 or $1.25 per diluted share a year ago. For the year to date period, the company reported sales of $11,252,000 against $10,116,000 a year ago. Operating profit was $2,468,000 against $2,082,000 a year ago. Income before income taxes and equity investments was $2,323,000 against $1,964,000 a year ago. Net income - PRAXAIR, INC was $1,672,000 or $5.45 per basic and diluted share against $1,195,000 or $3.84 per basic and diluted share a year ago. Net cash provided by operating activities was $2,455,000 against $1,905,000 a year ago. Capital expenditures were $1,797,000 against $1,388,000 a year ago. Return on Praxair Inc. shareholders' equity was 29.5% against 26.4% a year ago. ROE was 28.2% against 6.7% a year ago. ROE annualized was 28.2% against 26.6% a year ago. Adjusted EBITDA was $3,511,000 against $3,130,000 a year ago. Adjusted operating profit was $2,469,000 against $2,167,000 a year ago. Adjusted net income was $1,666,000 or $5.43 per diluted share against $1,476,000 or $4.74 per diluted share a year ago. For the full year of 2012, Praxair expects sales in the area of $11.7 to $12 billion, up 4% to 7%. On an underlying basis, Praxair is expecting to sustain sales growth of 8% to 12%, similar to 2011, from volume, price, project start-ups and acquisitions. However, at current exchange rates sales growth is expected to be negatively impacted by about 5% due to currency translation which is reflected in the company's guidance. The company expects diluted earnings per share to be in the range of $5.70 to $5.90 which includes a negative year-over-year impact of about 25 cents at current rates from the strengthening of the U.S. dollar across a number of currencies including the real, euro, peso, won and rupee. Full-year capital expenditures are expected to be in the range of $2.1 to $2.4 billion, and the effective tax rate is forecasted to remain at about 28%. For the first quarter of 2012, Praxair expects diluted earnings per share in the range of $1.33 to $1.38 which includes a negative year-over-year currency impact of about 7 cents at current exchange rates.