Results for the fourth quarter for Airgas reflect challenges associated with the significant and rapid decline in oil prices, the impact of the strong dollar and poor weather conditions throughout much of the U.S.
“For the year, we delivered strong free cash flow of $309m on adjusted cash from operations of $752m while continuing to grow earnings in a challenging environment,” said Airgas President and Chief Executive Officer Michael L. Molinini.
“During the quarter, we experienced greater than anticipated declines in year-over-year sales growth rates in our Energy & Chemicals and Manufacturing customer segments reflecting the impact of the significant and rapid decline in oil prices and the impact of the strong dollar on manufacturers that export, as well as challenging weather conditions throughout much of the country.”
“As we announced on March 20, we expected these sales challenges to slow year-over-year organic growth for our fourth quarter to a range of 1% to 2% resulting in diluted EPS in a range of $1.13 to $1.16, and that is where we landed,” Molinini added. “We remain committed to delivering long-term growth and value through leveraging our industry leading platform as well as our broad product and service offering. In addition, we will continue to look hard at our operating costs and more tightly manage capital expenditures until sustained growth levels return.”
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