Airgas sales grew by 4 percent
Airgas reported its fiscal 2014 second quarter sales were $1.28 billion, an increase of 4% over the prior year.
Organic sales in the quarter were up 2% over the prior year, with gas and rent up 4% and hardgoods down 2%. Both total and organic sales growth in the quarter included approximately 1% from the benefit of one additional selling day compared to the prior year. Acquisitions contributed sales growth of 2% in the quarter.
Earnings of $94.9 million, or $1.27 per share, compared to $81.0 million, or $1.03 per share, for the same period last year.
"Customer activity levels softened during the back half of September, which is normally a time when activity picks up meaningfully," said Airgas president and chief executive officer Michael L. Molinini. "The degree to which the federal government shutdown may have affected our customers is difficult to gauge, but it can only have had a negative impact on business confidence and spending, particularly for our smaller customers. Although we are frustrated by the current economic environment and near-term uncertainty, we will continue to focus on the growth drivers that we can control and are ready to capitalize when sustained growth in the industrial economy resumes."
Looking ahead to the third quarter, the company expects expects earnings per diluted share in the range of $1.07 to $1.12.
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.
