Airgas sales up 3 percent
Airgas reported first quarter sales increased 3% over the prior year to $1.31 billion.
Organic sales were up 1% over the prior year, with gas and rent flat and hardgoods up 2%. In the Distribution segment, organic sales were up 2% over the prior year, in line with the company's expectations, with gas and rent up 2% and hardgoods up 2%.
Acquisitions contributed sales growth of 2% in the quarter on both a consolidated basis and in the distribution segment.
Net earnings of $88.8 million for the quarter, or $1.18 per diluted share, compared to earnings of $84.6 million, or $1.14, in the same period last year.
"There were bright spots in certain sectors, such as upstream energy, transportation, and retail, but on balance, underlying business conditions remained sluggish during the quarter, as anticipated," said Airgas president and chief executive officer Michael L. Molinini. "Strong growth in our rental welder business this quarter and increasing requests for staging of materials for energy-related construction projects indicate to us that non-residential construction activity should increase as the year progresses, providing a lift to our construction and other key end markets. In addition, sectors such as mining and heavy manufacturing that were significant headwinds in the prior year now appear to be stabilizing."
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.
