ACE Limited & Praxair Beat Estimates, Raises Outlook (NYSE:ACE, PX)

ACE Limited & Praxair Beat Estimates, Raises Outlook (NYSE:ACE, PX)

ACE Limited (NYSE:ACE) reported that its net income almost quadruples in the first-quarter, promoting the company to boost its full-year operating profit as the company booked lower catastrophe losses during the latest quarter.

The company earned $973 million, or $2.84 per share, up from $250 million, or 73 cents per share year ago. On an adjusted basis, the company would have earned $2.05 a share.

The company now expects an operating profit of $7.03 to $7.43 per share, up from its previous estimate of $6.65 to $7.05 per share.

The company saw its catastrophe losses decline to $19 million in the first quarter from $489 million a year earlier.

The insurer projects catastrophe losses of $325 million, after tax, for the remainder of the year.

Praxair, Inc. (NYSE:PX) also reported a better-than-anticipated first quarter profit on increased sales to customers in the chemical, energy and manufacturing industries in North America.

The company earned $419 million or $1.38 per share, from $398 million or $1.29 per share a year ago quarter, topping analysts’ estimates by 2 cents.

Revenue during the latest quarter grew 5% year-over-year to $2.840 billion, in line with analysts’ estimates.

For the second quarter of 2012, Praxair expects earnings per share in the range of $1.40 to $1.45. Analysts expect the company to report earnings of $1.45 per share for the second-quarter.

Praxair said that its board has declared a quarterly dividend of $0.55 per share, unchanged from the previous quarter.

For the full year of 2012, the company projects to earn of $5.75 to $5.90 on revenue of $11.6 to $11.9 billion, up from its earlier forecast of $5.70 to $5.90 on revenue of $11.7 billion to $12 billion.

Shares of PX closed 0.21% to $112.43 On Tuesday.