The 2020 Mid-Year Economic Update_long

Airgas Sales Up 3% in Fiscal 1Q

Profit decreased 0.7 percent year-over-year.

Airgas, Inc. (NYSE: ARG), Radnor, PA, reported sales for the first quarter ended June 30 of $1.3 billion, a 3 percent increase over the same period a year ago. Profit decreased 0.7 percent to $88.2 million for the quarter. 

Organic sales increased 2 percent. In the distribution segment, organic sales were flat compared to the prior year, with gas and rent up 2 percent and hardgoods down 3 percent.

"As anticipated, sales to our customers engaged in the energy and chemical and the manufacturing and metal fabrication sectors remained challenged through the quarter," said Michael L. Molinini, president & CEO. "One bright spot is the continued strength we are seeing in non-residential construction. After a relatively slow calendar 2014, our March 2015 quarter saw year-over-year growth in non-residential construction of 5 percent and this quarter year-over-year growth reached 6 percent."

From the beginning of its fiscal year through July 27, Airgas has acquired nine businesses with aggregate annual sales of $74 million, including industrial gas and welding supply distributor Weldinghouse Inc., and the nitrogen services business of Priority Energy Services LLC.

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