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Gases distributor Airgas Inc. (NYSE: ARG), Radnor, PA,reported sales for the fiscal full year 2014 ended March 31 of $5.1 billion, an increase of 2.3 percent from the previous year. Profit for the year increased 2.9 percent to $350.8 million.
Organic sales were flat compared to the prior year, with gas and rent up 1 percent and hardgoods down 2 percent, while acquisitions contributed sales growth of 2 percent for the year.
Fourth quarter sales were $1.3 billion, flat compared to the previous year. Profit for the quarter increased 2.6 percent to $88.4 million.
“Though there were bright spots within certain sectors, on balance, underlying business conditions remained choppy throughout the quarter, weather-related challenges notwithstanding,” said Michael Molinini, president and CEO. “We remain focused on the things we can control, including leveraging the SAP system, managing expenses, expanding our telesales business and enhancing our e-business platform, and are ready to capitalize when sustained growth in the industrial economy resumes.”
Organic sales in the quarter were down 1 percent compared to prior year, with gas and rent down 1 percent and hardgoods down 2 percent. Distribution segment organic sales in the quarter were up 1 percent.