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Airgas Reports Fiscal Fourth Quarter and Full Year 2010 Earnings
Fourth quarter adjusted diluted EPS* of $0.69, which excludes $0.22 of special items, up 6% sequentially and up 1% over prior year
Fourth quarter sales per day up 2% over third quarter, the second consecutive quarter of sequential daily sales growth
Record full year free cash flow* of $411 million, up 25% from prior year; $268 million adjusted debt* reduction in fiscal 2010
RADNOR, PA May 6, 2010 Airgas, Inc. (NYSE: ARG), the largest U.S. distributor of industrial, medical, and specialty gases, and related supplies, today reported net earnings of $40.1 million, or $0.47 per diluted share, for its fourth quarter ended March 31, 2010. Excluding legal and professional fees of $0.18 per diluted share** related to an unsolicited takeover attempt, debt extinguishment charges of $0.07 per diluted share, and a $0.03 per diluted share income tax benefit, adjusted earnings per diluted share* were $0.69, up 6% sequentially and up 1% from the prior year.
Fourth quarter sales were $980 million, a sequential increase of 2% in sales per day and 4% in total sales compared to the third quarter. Compared to the prior year, total same-store sales declined 3% in the quarter, with hardgoods down 2% and gas and rent down 3%. Acquisitions contributed 2% sales growth in the quarter.
The economic recovery appears to be building momentum, as daily sales rates improved sequentially for the second consecutive quarter, and March was our first positive same-store sales month since November 2008, said Airgas Chairman and Chief Executive Officer Peter McCausland. Conditions continued to improve in our manufacturing customer base, and our Great Lakes region posted the strongest gains while hardgoods sales began to rebound nationwide. The signs point to a strengthening industrial economy, and
The following information was filed by Airgas Inc (ARG) on Thursday, May 6, 2010 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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