Airgas Organic Sales Flat in Fiscal 1Q - Modern Distribution Management

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Airgas Organic Sales Flat in Fiscal 1Q

Inorganic sales were up 2 percent from the prior year.
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Airgas Inc. (NYSE: ARG), Radnor, PA, reported sales for the first quarter of fiscal 2014 ended June 30, 2013, of $1.3 billion, an increase of 2 percent over the prior-year period. Organic sales were flat, with gas and rent up 2 percent and hardgoods down 3 percent; acquisitions contributed 2 percent. Profit decreased 6.7 percent to $84.7 million.

Distribution segment sales were up 1 percent organically. This growth was offset by the impact of lower refrigerant sales in the “all other operations” segment, according to Peter McCausland, executive chairman.

“Airgas is well-positioned for growth. We continue to be optimistic about the long-term prospects for the U.S. manufacturing and energy industries, as well as non-residential construction, and our ability to leverage our unique value proposition and unrivaled platform to capitalize on the opportunities that lie ahead,” McCausland said. “Near-term uncertainty persists for our customers, however, and accordingly the mid-point of our fiscal 2014 guidance assumes only slight sequential improvement in daily sales volumes as the year progresses and low to mid single digit year-over-year organic sales growth rates for the remainder of the year, in part due to easing year-over-year comparisons.”

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