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, 2016 – Airgas, 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.
Earnings per diluted share (GAAP)
Adjusted earnings per diluted share (non-GAAP)
“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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Ticker: ARG CIK: 804212 Form Type:10-Q Quarterly Report Accession Number: 0000804212-16-000040 Submitted to the SEC: Fri Feb 05 2016 5:05:29 PM EST Accepted by the SEC: Fri Feb 05 2016 Period: Thursday, December 31, 2015 Industry: Wholesale Industrial Machinery And Equipment