Airgas 3Q sales up 3 percent
Airgas reported third-quarter sales were $1.24 billion, an increase of 3 percent over the prior year.
Organic sales were up 1 percent over prior year, with gas and rent up 1 percent and hardgoods up 1 percent. Acquisitions contributed sales growth of 2 percent in the quarter. Distribution segment organic sales in the quarter were up 2 percent over prior year, with gas and rent up 3 percent and hardgoods up 1 percent.
Net earnings of $82.75 million compared to $82.91 million in the same period last year.
The company said sluggish business conditions and a loss on the early extinguishment of debt impacted earnings.
"Consistent with our expectation for continued sluggish business conditions during the quarter, our earnings results were at the midpoint of our guidance range," said Airgas president and chief executive officer Michael L. Molinini.
He added, "There are bright spots within certain sectors, but overall choppiness in the industrial economy continues to frustrate us. As uncertainty persists, we will remain focused on the things that we can control, including leveraging the SAP system, managing expenses, expanding our telesales business, and enhancing our e-Business platform, and are ready to capitalize when sustained growth in the industrial economy resumes."
INDUSTRIAL SUPPLY MAGAZINE
The March/April issue of Industrial Supply magazine features an in-depth cover story about Joyce Lansdale and Vallen. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and David Kahle, as well as interviews with numerous product and distribution industry experts.
