Sales rise 25 percent for Airgas in 2008
Industrial Distribution staff -- Industrial Distribution, 5/5/2008 12:05:00 PM
Airgas Inc. posted sales of $4.02 billion during fiscal 2008, up 25.3 percent compared with $3.21 billion during the prior year.Net earnings for the Radnor, Pa.-based industrial gases distributor topped $223.3 million, up 44.6 percent compared with $154.4 million during fiscal 2007.
Fourth-quarter sales of $1.1 billion were 27.3 percent higher than the $853.9 million posted during the same period the prior year. Quarterly net earnings rose 46.8 percent to $64.2 million, compared with $43.7 million during the fourth quarter of fiscal 2007.
“Despite a slowing economy, our strategic product categories, which focus on the healthcare, research, environmental and food and beverage markets, posted 11 percent organic growth in the quarter,” chairman and CEO Peter McCausland said. “Our energy and infrastructure construction customers remain strong. Rising export activity and strength in U.S. infrastructure projects are also helping many of our core industrial customers, offsetting the economic slowdown. We continue to grow profitably, as the operating margin in the quarter expanded to 12.1 percent, an improvement of 120 basis points.”
Airgas, which ranked fifth on INDUSTRIAL DISTRIBUTION’s 2007 Big 50 list of distributors, said it made 18 acquisitions in fiscal 2008, adding more than $500 million in annual sales.
“These transactions helped us enhance our core business and extend our product lines, with acquisitions in packaged gases and welding products, safety products, ammonia and refrigerants,” McCausland said. “We have taken time to integrate them in a manner that effectively creates long-term value for our customers and our shareholders.
“We are mindful of the state of the U.S. economy, but we believe Airgas is well-positioned to deliver strong earnings growth this year.”
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