Radnor based Airgas, the largest U.S. distributor of industrial, medical and specialty gases, welding, safety and related products, reported strong growth in sales, operating income and earnings for its second quarter ended 30 September 2005.
Net earnings for the quarter grew 30 per cent to $29.6 million, or $0.38 per diluted share, compared to $22.8 million, or $0.30 per diluted share, in the same period a year ago. The current quarter includes pre-tax charges from asset losses related to hurricanes Katrina and Rita of $2.8 million, or $0.02 per share. The prior year includes integration expenses of $0.02 per diluted share related to the BOC acquisition.
Second quarter sales increased 19 per cent to $714 million reflecting continued same-store sales growth and acquisitions. Total same-store sales were up ten per cent compared to the same quarter a year ago, with gas and rent up eight per cent and hard goods up 11 per cent, reflecting strength across customer segments and a supportive pricing environment.
Airgas chairman and chief executive officer, Peter McCausland, commented: We delivered another strong performance, earning $0.40 per diluted share excluding the hurricane impact.
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