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Airgas, Inc. (NYSE: ARG), Radnor, PA, distributor of industrial, medical, and specialty gases, and related supplies and No. 4 on MDM’s list of the top 40 industrial distributors, reported third-quarter fiscal 2012 sales of $1.15 billion, an increase of 12 percent from the prior-year period. Same-store sales grew 9 percent in the quarter, which ended Dec. 31, 2011.
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Hardgoods sales were up 14 percent and gas and rent up 7 percent. Acquisitions contributed sales growth of 3 percent in the quarter. Sequentially, total sales declined 3 percent from the second quarter, driven by normal seasonality in the All Other Operations business segment, the impact of holidays, and two fewer selling days in the third quarter.
Profit for the third quarter was $72 million.
For the first nine months of fiscal 2012, sales were $3.5 billion, up from $3.1 billion in the prior-year period. Profit for the first nine months was $224.8 million.
Business trends reflect continued volume growth across the Company's customer base with particular strength in large manufacturing, petrochemical, and energy customers.
"We continue to see evidence of steady economic growth in U.S. manufacturing, as well as in our petrochemical and energy customers," said Airgas CEO Peter McCausland. "Strong growth in welding and automation equipment revenue is outpacing the remainder of our hardgoods portfolio, which is an encouraging indicator of future activity in our industrial customer base."
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