The 2020 Mid-Year Economic Update_long

Airgas Sales Up 4.6% in Fiscal 2015

Fourth-quarter sales increase 2.7 percent year-over-year.

Airgas, Inc. (NYSE: ARG), Radnor, PA, reported sales for the fiscal full year 2015 ended March 31 of $5.3 billion, an increase of 4.6 percent from the previous year. Profit for the year increased 4.9 percent to $368.1 million.

Organic sales increased 3 percent compared to the prior year, with gas and rent up 3 percent and hardgoods up 4 percent, while acquisitions contributed sales growth of 2 percent for the year.

Fourth quarter sales were $1.3 billion, an increase of 2.7 percent compared to the previous year. Profit for the quarter decreased 0.7 percent to $87.7 million.

Organic sales in the quarter were up 2 percent compared to the prior year, with gas and rent up 2 percent and hardgoods also up 2 percent. Distribution segment organic sales in the quarter were up 1 percent.

"During the quarter, we experienced greater than anticipated declines in year-over-year sales growth rates in our Energy & Chemicals and Manufacturing customer segments reflecting the impact of the significant and rapid decline in oil prices and the impact of the strong dollar on manufacturers that export, as well as challenging weather conditions throughout much of the country," said Michael Molinini, president and CEO. "We remain committed to delivering long-term growth and value through leveraging our industry leading platform as well as our broad product and service offering. In addition, we will continue to look hard at our operating costs and more tightly manage capital expenditures until sustained growth levels return."

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