02 May 2013 14:14 [Source: ICIS news]
LONDON (ICIS)--Airgas’ fiscal 2013 fourth-quarter net income fell to $86m (€65m) from $88m in the same period a year ago, while sales rose by 2% year on year to $1.26bn, the US-based industrial gases firm said on Thursday.
Airgas’ organic sales in the quarter were flat year on year, while acquisitions contributed a sales growth of 2%, the company said.
Airgas’ operating income for the three months ended 31 March was $152m, compared with $146m in the same period a year ago. The operating margin was 12.1%, compared with 11.7% in the year-ago period.
“As we announced on 21 March, organic sales growth in our distribution segment was flat through February, and absent a strong finish in March, we were likely to miss the low end of our fourth quarter adjusted EPS [earnings per share] guidance of $1.18 by approximately 4%, and that is essentially what happened,” executive chairman Peter McCausland said.
As for its outlook, Airgas said it assumes the continuation of current slow business conditions for at least the first half of fiscal 2014, followed by slight improvement, resulting in low-to-mid single-digit organic sales growth for the full year.
($1 = €0.76)
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