Airgas sales up 2 percent
Airgas reported sales of $5.07 billion for its fiscal year that ended March 31, an increase of 2% over the prior year.
Organic sales were flat compared to the prior year, with gas and rent up 1% and hardgoods down 2%, while acquisitions contributed sales growth of 2% for the year.
For the full year, earnings were $350.8 million, or $4.68 per diluted share, compared to $340.9 million, or $4.35, the previous year.
Fourth quarter sales were $1.27 billion, flat compared to prior year. Organic sales in the quarter were down 1% compared to prior year, with gas and rent down 1% and hardgoods down 2%. Distribution segment organic sales in the quarter were up 1% compared to prior year, with gas and rent up 2% and hardgoods down 2%. Acquisitions contributed sales growth of 1% in the quarter on a consolidated basis and in the Distribution segment.
Results for the fourth quarter also reflected the negative impact of severe weather across much of the U.S. on both sales and expenses.
Fourth quarter earnings were $88.3 million, or $1.17 per share, compared to $86.1 million, or $1.13, for the same period last year.
"Though there were bright spots within certain sectors, on balance, underlying business conditions remained choppy throughout the quarter, weather-related challenges notwithstanding," said Airgas president and chief executive officer Michael L. Molinini.
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.
