Airgas, Inc. has today reported net earnings of $63m, or $0.74 per diluted share, for the fourth fiscal quarter of 2011.
Over the fourth quarter ended 31st March 2011 sales increased 12% on the prior year to $1.1bn, total same-store sales increased 11% in the quarter, with hardgoods up 14% and both gas and rent up 9%. Sequentially total sales increased 7% from the third quarter, while sales per day appreciated 3%.
Peter McCausland, Airgas CEO, attributed the incline to a regional recovery across central North America. In an official statement released today by the firm, he commented, “The manufacturing recovery that began in the central regions of the U.S. among larger customers is now evident more broadly throughout the country and in smaller manufacturers. Our medical business began to accelerate this quarter, and utilities and petrochemical customers, as well as customers using our products and services for repair and maintenance operations, continued to show strength.”
McCausland reflected, “We continue to leverage our national footprint and industry-leading platform as sales volumes recover, improving our adjusted operating margin for the quarter by 140 basis points year-over-year to 12.1% and posting record earnings in sales that are still below pre-recession levels.”
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