Praxair, Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company reported sales of $2,953 million compared to $2,644 million a year ago. Operating profit was $636 million compared to $599 million a year ago. Income before income taxes and equity investments was $595 million compared to $561 million a year ago. Net income to the company was $33 million or $0.11 per basic and diluted share compared to $406 million or $1.41 per diluted share a year ago. Net cash provided by operating activities was $836 million compared to $726 million a year ago. Capital expenditures were $339 million compared to $409 million a year ago. Adjusted operating profit was $653 million compared to $599 million a year ago. Adjusted net income was $441 million or $1.52 per diluted share compared to $406 million or $1.41 per diluted share a year ago. As at December 31, 2017, the company's net debt was $8,383 million compared to $8,991 million a year ago. Cash flow from operations was $836 million compared to $726 million a year ago. EBITDA was $955 million compared to $894 million a year ago. Adjusted EBITDA was $972 million compared to $894 million a year ago. Free cash flow was $497 million compared to $317 million a year ago. Net operating profit after-tax was $79 million compared to $447 million a year ago. Adjusted NOPAT was $487 million compared to $447 million a year ago.

For the year, the company reported sales of $11,437 million compared to $10,534 million a year ago. Operating profit was $2,448 million compared to $2,238 million a year ago. Income before income taxes and equity investments was $2,287 million compared to $2,048 million a year ago. Net income to the company was $1,247 million or $4.32 per diluted share compared to $1,500 million or $5.21 per diluted share a year ago. Net cash provided by operating activities was $3,041 million compared to $2,773 million a year ago. Capital expenditures were $1,311 million compared to $1,465 million a year ago. Adjusted operating profit was $2,502 million compared to $2,338 million a year ago. Adjusted income before income taxes and equity investments was $2,341 million compared to $2,164 million a year ago. Adjusted net income was $1,690 million or $5.85 per diluted share compared to $1,576 million or $5.48 per diluted share a year ago.

The company provided earnings guidance for the first quarter of 2018. For first-quarter 2018, the company expects diluted earnings per share in the range of $1.53 to $1.58, excluding transaction costs related to the proposed merger. The company's effective tax rate is estimated to be in the range of 23% to 25%.