Airgas fiscal Q2 net income rises 22% to $66.6m, sales rise 10%

26 October 2010 14:13  [Source: ICIS news]

TORONTO (ICIS)--Airgas reported fiscal 2011 second-quarter net earnings up 22% to $66.6m (€47.9m) as sales rose 10% to $1.06bn, the US-based industrial gases firm said on Tuesday.

“Our business continued to strengthen in our second quarter, reflecting broad-based improvement in most of our geographies and customer segments, and with the greatest strength in manufacturing,” said CEO Peter McCausland.

“While revenues have not yet recovered to pre-recession levels, we are experiencing favourable leverage on sales growth and are achieving near record results for earnings and margins,” he added.

Total same-store sales increased 9%, compared with the year-earlier quarter. Acquisitions contributed 1% sales growth over the prior year, Airgas said.

Operating income for the three months ended 30 September rose 11% to $121.8m.

Results included $4.7m in legal costs Airgas incurred in defending itself against Air Products’ unsolicited takeover attempt, the company said.

($1 = €0.72)

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By: Stefan Baumgarten
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