Posted May 7, 2010
Airgas reports sales decline
Airgas Inc.reported quarterly sales of $980 million, 4% higher than the third quarter but 3% below the same period last year.
Compared to the prior year, total same-store sales declined 3% in the quarter, with hardgoods down 2% and gas and rent down 3%. Acquisitions contributed 2% sales growth in the quarter.
Net earnings were $40.1 million, or 47 cents per diluted share.
"The economic recovery appears to be building momentum, as daily sales rates improved sequentially for the second consecutive quarter, and March was our first positive same-store sales month since November 2008," said Airgas chairman and CEO Peter McCausland. "Conditions continued to improve in our manufacturing customer base, and our Great Lakes region posted the strongest gains while hardgoods sales began to rebound nationwide. The signs point to a strengthening industrial economy, and we expect to achieve same-store sales growth in the mid to high single digits for fiscal 2011. We are more confident than ever in our ability to build on our track record of success in delivering strong returns and creating meaningful value for all Airgas stockholders."
For the full year, sales declined 11% from the prior year to $3.9 billion. Acquisitions contributed 3% sales growth for the year, while total same-store sales declined by 14%, with hardgoods down 20% and gas and rent down 10%. The company acquired six businesses in fiscal 2010, with aggregate annual revenue of more than $47 million.
Net earnings for the year were $2.34 per diluted share.
