US Airgas Q1 net profit rises 33% year-on-year

23 July 2008 21:57  [Source: ICIS news]

HOUSTON (ICIS news)--US industrial gas supplier Airgas reported on Wednesday a first-quarter net profit of $68.9m (€43.4m), up 33% from $51.7m it reported for the same time last year.

Net sales were $1.12bn, up from $915m reported for the first quarter of 2007.

Airgas attributed much of the growth to products sold to markets in healthcare, life sciences, research, environmental and food and beverages. Those markets make up 40% of the company's sales, and they grew by 10%, said CEO Peter McCausland.

Acquisitions also boosted growth, and the company has announced more than $130m of acquired annual revenue since April, McCausland said.

Total costs and expenses were $982m, up from $804m for the same time last year, Airgas said.

Airgas increased its full-year earnings expectations to $3.30-$3.40/share, up from an earlier target of $3.24-$3.40/share.

Airgas shares traded at $59.33 on the New York Stock Exchange, down 0.64%.

($1 = €0.63)

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By: Al Greenwood
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