Airgas Inc. has reported record earnings and strong growth in sales and operating income for its second quarter, ended 30th September 2008.
Quarterly net earnings grew 44% to reach $72.8m, or $0.86 per diluted share, compared to $50.6m or $0.60 per diluted share in the prior year.
The prior year quarter included $0.04 per diluted share of integration expense primarily associated with the 30th June 2007 acquisition of Linde’s US packaged gas business, and a one-time non-cash charge of $0.03 per diluted share related to the conversion of National Welders Supply Company from a joint venture to a wholly owned subsidiary.
Second quarter sales increased 15% from the prior year to $1.2bn, while acquisitions contributed 7% to the increase and total same-store sales grew 8% in the quarter. Gas and rent rose 12% and hardgoods increased by 4%.
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