Exhibit 99.1
News Release
Airgas, Inc.
259 N. Radnor-Chester Road
Suite 100
Radnor, PA 19087-5283
www.airgas.com


Investor Contact:
Joseph Marczely
610-263-8277
joseph.marczely@airgas.com
Media Contact:
Sarah Boxler
610-263-8260
sarah.boxler@airgas.com
                                                     
Airgas Reports Fiscal 2016 Third Quarter Earnings

Diluted EPS of $1.01, including $0.18 per diluted share of merger costs
Adjusted diluted EPS* of $1.19, compared to prior year diluted EPS of $1.23
Year-to-date free cash flow* of $243 million, up 12% over prior year
As previously announced, on November 17, 2015, Airgas entered into an agreement and plan of merger under which, subject to the satisfaction of certain conditions, Air Liquide will acquire Airgas, Inc. in an all-cash transaction valued at $143 per share, with a total enterprise value of approximately $13.4 billion including debt assumed. See additional information below.

RADNOR, PA – January 28, 2016Airgas, Inc. (NYSE: ARG), one of the nation’s leading suppliers of industrial, medical, and specialty gases, and related products, today reported earnings per diluted share of $1.01, including $0.18 per diluted share of merger costs for its third quarter ended December 31, 2015. Adjusted diluted EPS* of $1.19, is down 3% compared to prior year diluted EPS of $1.23 and is reflective of the challenging economic conditions.
Third quarter sales of $1.3 billion decreased 3% compared to the prior year. Organic sales were down 4% compared to the prior year, with gas and rent down 1% and hardgoods down 10%. In the Distribution segment, organic sales were down 5% compared to the prior year, with gas and rent down 1% and hardgoods down 10%. In the All Other Operations segment, organic sales were down 1%. Acquisitions contributed sales growth of 1% in the quarter on both a consolidated basis and in the Distribution segment and 10% in the All Other Operations segment.
 
Third Quarter
 
FY2016
 
FY2015
 
% Change
Earnings per diluted share (GAAP)
$
1.01

 
$
1.23

 
-18
 %
Merger costs
0.18

 

 
 
Adjusted earnings per diluted share (non-GAAP)
$
1.19

 
$
1.23

 
-3
 %
“Our results continue to reflect the challenging industrial economy with sales to customers in our energy and chemical, and manufacturing and metal fabrication end markets down year over year in the high single digits. However, our diversified customer base, continued strength in non-residential construction, and tight expense management helped to mitigate the impact of the sales declines in those end markets,” said Airgas President and Chief Executive Officer Michael L. Molinini. “The quarterly results demonstrated the resilience of our gas business during difficult economic times. In addition, cash flow remains strong, with year-to-date free cash flow* up 12% over the prior period.”
Selling, distribution, and administrative expenses increased 2% over the prior year, with operating costs associated with acquired businesses accounting for the majority of the increase.


The following information was filed by Airgas Inc (ARG) on Thursday, January 28, 2016 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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