Airgas today reported earnings per diluted share of $1.23 for its third quarter ended 31st December 2014, up 12% over prior year diluted EPS of $1.10 and up 4% over prior year adjusted diluted EPS of $1.18.
Third quarter sales increased 7% over the prior year to $1.33bn. Organic sales were up 6% over the prior year, with gas and rent up 5% and hardgoods up 6%. Acquisitions contributed sales growth of 1% in the quarter.
“Organic growth in both hardgoods and gases were in line with our expectations, and earnings were in the middle of our guidance range,” said Airgas President and Chief Executive Officer Michael L. Molinini. “Although softness persists in some sectors, our welder and generator rental business and sales to transportation equipment manufacturers remained strong, and we saw an uptick in our downstream energy and non-residential construction segments.”
Selling, distribution, and administrative expenses increased 5% over the prior year, with operating costs associated with acquired businesses representing approximately 1% of the increase. The balance of the increase reflects normal expense inflation, as well as expenses associated with the company’s investments in long-term strategic growth initiatives, including its e-Business platform and continued expansion of its telesales business through Airgas Total Access.
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