Airgas today reported results for its fourth quarter and full year ended March 31, 2014, which reflected the favourable impacts of the realisation of SAP-related benefits as planned and share repurchases completed in the second half of fiscal 2013.
But results also reflected sluggish business conditions and the negative impact on the company’s refrigerants business from the EPA’s March 2013 ruling. Results for the fourth quarter also reflected the negative impact of severe weather across much of the US on both sales and expenses.
“We delivered record free cash flow* of $441m and 9% growth in adjusted EPS for fiscal 2014 in a sluggish economic environment,” said Airgas President and Chief Executive Officer Michael L. Molinini.
“We remained focused on outstanding customer service, expense management, and execution of strategic initiatives, which included the achievement of our long-standing target of reaching a run-rate of more than $75m in SAP-enabled operating income benefits by the end of calendar year 2013.”
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