Airgas, Inc., Radnor, PA, a U.S. distributor of industrial, medical, and specialty gases, and welding, safety, and related products, reported sales for the first quarter ended June 30, 2009, were $1.0 billion, down 12% from the prior year. Profit declined 20.4% to $54.8 million.
Same-store sales declined 17%, with hardgoods down 27% and gas and rent down 10%. Acquisitions contributed 5% sales growth in the quarter.
"Sales were consistently at the low end of our expectations throughout the quarter, and demand continues to be weak across most customer segments," CEO Peter McCausland said. "Manufacturing has shown the deepest declines, analytical and utilities have shown some resilience, and our medical sales posted positive growth."
