Airgas 3Q sales increased 7 percent
Airgas said its third quarter sales increased 7 percent over the prior year to $1.33 billion.
Organic sales were up 6 percent over the prior year, with gas and rent up 5 percent and hardgoods up 6 percent. Acquisitions contributed sales growth of 1 percent in the quarter.
Net earnings of $93.2 million, or $1.23 per diluted share, compared to earnings of $82.7 million, or $1.10, in the same period last year.
"Organic growth in both hardgoods and gases were in line with our expectations, and earnings were in the middle of our guidance range," said Airgas president and chief executive officer Michael L. Molinini. "Although softness persists in some sectors, our welder and generator rental business and sales to transportation equipment manufacturers remained strong, and we saw an uptick in our downstream energy and non-residential construction segments."
Milinini added that the rapid and dramatic drop in oil prices, coupled with the recent strengthening of the U.S. dollar, has created uncertainty in the market. The company reduced its guidance somewhat,but still expects year-over-year organic sales growth of 6 percent to 7 percent in the fourth quarter.
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.
