Posted July 28, 2011
Airgas sales up 11%
Airgas reported net earnings of $74.8 million, or 93 cents per diluted share, for its fiscal 2012 first quarter.
Sales were $1.2 billion, an increase of 11% over the prior year. Total same-store sales grew 9% in the quarter, with hardgoods up 13% and gas and rent up 7%. Acquisitions contributed sales growth of 2% in the quarter. Sequentially, sales increased 6% from the fourth quarter both in total and on a sales-per-day basis.
"Although more than a year old, the economic recovery has been slow, and the strength displayed in manufacturing-intensive regions of the U.S. and in our hardgoods business is indicative of the early stages of a recovery," said Airgas chief executive officer Peter McCausland. "Since the beginning of our fiscal year in April, we have acquired four businesses with nearly $70 million in aggregate annual revenues, including industrial gas and welding distributor ABCO in New England, as well as carbon dioxide and dry ice producer and distributor Pain Enterprises in the Midwestern U.S."
