Airgas posts record Q2 profit at $72.82m

24 October 2008 03:09  [Source: ICIS news]

SINGAPORE (ICIS news)--US-based industrial gases company Airgas posted a record net profit of $72.82m for the second quarter to September, up 44% from a year earlier on robust sales, the company said in a statement on Thursday.

 

Sales for the period rose 15% to $1.16bn, with acquisitions contributing 7% of the incremental revenue. Total same-store sales grew 8%, with gas and rent rising 12% and hard goods up 4%, the company said.

 

In the first half to September, the company’s net profit grew 38.5% to $141.70m as sales rose 18.5% to $2.28bn.

 

“We continue to generate strong free cash flow, even while funding significant plant projects that will be operational in the coming quarters,” said Peter McCausland, chairman and chief executive officer of Airgas.

 

Airgas raised its quarterly dividend by a third to $0.16 a share “because of the confidence we have in our growth outlook and cash flow,” he added.

 

 ($1 = €0.78)

 

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By: Pearl Bantillo
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