In a refreshing set of financial results given the current climate, Airgas reports growth in sales, operating income and earnings, as well as strong free cash flow for its third quarter.
It seems the largest distributor of industrial, medical and specialty gases, and welding, safety and related products, has escaped a battering from the economic downturn by reacting quickly.
Quarterly net earnings grew to $62.9 million, or $0.76 per diluted share, compared to $56.8 million, or $0.67 per diluted share, in the previous year, representing a 13% increase in earnings per share.
The previous year quarter included $0.01 per diluted share of integration expense primarily associated with the acquisition of Linde’s U.S. packaged gas business, and a one-time $0.01 per diluted share tax benefit related to a change in state tax law.
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