Airgas sales gained 2%
Airgas reported fiscal 2014 first quarter sales were $1.28 billion, an increase of 2% over the prior year.
Organic sales were flat compared to the prior year, with gas and rent up 2% and hardgoods down 3%. Acquisitions contributed sales growth of 2% in the quarter.
Net earnings were $84.7 million, or $1.14 per share, compared to $90.8 million, or $1.15, for the same period last year.
The company said the results reflected the impact of continued economic uncertainty and sluggish business conditions on its diversified customer base, as well as a greater than expected negative impact on its refrigerants business from the recent Environmental Protection Agency (EPA) ruling on R-22 production allowances.
"The EPA's unexpected ruling in late March to allow for an increase in the production of R-22 this year challenged our refrigerants business to a greater extent than we had estimated, with the unusually cool spring weather across much of the country exacerbating its impact on our results," 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.
