Airgas Fiscal 4th-quarter Profit Falls 12 Percent

RADNOR, Pa. (AP) — Airgas Inc., a distributor of industrial and specialty gases and welding and safety-related products, said its fiscal fourth-quarter profit fell 12 percent as its customers suffered in a slow economy.

The company said it earned $56.5 million, or 68 cents per share, for the quarter ended March 31, down from $64.2 million, or 76 cents per share, during the year-earlier period. Sales fell 8.7 percent to $992.1 million from $1.09 billion a year earlier.

Analysts surveyed by Thomson Reuters were expecting a profit of 65 cents per share on revenue of $1.02 billion.

Chairman and CEO Peter McCausland said the company's operating margin "held up relatively well," falling to 11.5 percent from 12.1 percent last year.

He said the low sales volumes of the fourth quarter have continued into April, "and with few signs of recovery in the near term, we are cautious in our outlook for fiscal 2010." He said the company's flexible cost structure and ability to generate cash "should prove beneficial even if conditions deteriorate further."