Airgas sales and earnings rise
Airgas reported that its third quarter sales were $1.21 billion, an increase of 5% over the prior year.
Organic sales in the quarter were up 4% over the prior year, with gas and rent up 6% and hardgoods down 1%. Organic sales in the distribution business segment were up 2% over the prior year, with gas and rent up 5% and hardgoods down 1%.
Net earnings were $82.9 million for the quarter, or $1.05 per share, compared to $72.5 million, or 93 cents per share, for the same period last year.
"Moderating activity levels in our industrial customer base throughout the quarter were further exacerbated in late December by uncertainty around the fiscal cliff and by the timing of the holidays during the work week," said Airgas executive chairman Peter McCausland."Though we remain appropriately cautious about near-term business conditions, we're very optimistic about the long-term prospects for the U.S. manufacturing and energy industries, as well as non-residential construction, and our ability to leverage our unique value proposition and unrivaled platform to drive growth."
INDUSTRIAL SUPPLY MAGAZINE
The May/June issue of Industrial Supply magazine features an in-depth cover story about GHX Industrial. Plus, we're featuring articles by contributing writers Dr. Bharani Nagarathnam and Frank Hurtte, as well as interviews with numerous product and distribution industry experts.
