Airgas, Inc. has provided an update on organic sales growth and issued revised earnings guidance for its fourth quarter ending 31st March 2015, describing organic sales growth for the quarter as ‘disappointing’.
The company’s previous fiscal 2015 fourth quarter earnings per diluted share guidance was $1.25 to $1.30. Now, however, the company has revised this down to $1.13 to $1.16.
Airgas noted greater than expected declines in growth rates in its Energy & Chemicals ad Manufacturing customer segments, in addition to expected challenges due to the uncertainty in oil pricing.
“Organic sales growth has been disappointing this quarter,” said President and CEO Michael Molinini. “Organic sales year-over-year growth rates, which were 6% in the December quarter, have moved lower this quarter. Based on sales to date and current trends, we now expect year-over-year organic growth for our fourth quarter to be in the range of 1% to 2%, compared to growth of 6% to 7% which was assumed in our guidance.”
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