Airgas Inc. is another of the big industrial gas companies to have posted strong growth in sales, operating income and earnings, recording a second-quarter net earnings increase of 28% to $51m or 60 cents per diluted share.
The current quarter includes a one-time non-cash charge of $0.03 per share related to the previously announced conversion of National Welders Supply Company from a joint venture to a wholly-owned subsidiary, and $0.04 per diluted share of integration expense primarily associated with the acquisition of Linde’s US packaged gas business.
These charges reduced the year-over-year quarterly net earnings growth by $5m or 12%.
Second-quarter sales grew 27% over the previous year, to reach $1bn and acquisitions are considered to have contributed 21% to this growth with a full quarter of the Linde packaged gas acquisition accounting for approximately half of this increase.
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