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Airgas Reports Fiscal Third Quarter Earnings

The Company believes its adjusted earnings per diluted share financial measure provides investors meaningful insight into its earnings performance without the impact of Business Support Center restructuring and other special charges (benefits), net, the gain on the sale of businesses, costs (benefits) related to Air Products’ unsolicited takeover attempt, multi-employer pension plan withdrawal charges, and income tax benefits related to the LLC reorganization and foreign tax liability true-up. Non-GAAP financial measures should be read in conjunction with GAAP financial measures, as non-GAAP financial measures are merely a supplement to, and not a replacement for, GAAP financial measures. It should also be noted that the Company’s adjusted earnings per diluted share financial measure may be different from adjusted earnings per diluted share financial measures provided by other companies.

Adjusted Operating Income and Adjusted Operating Margin

Reconciliations of adjusted operating income and adjusted operating margin:
 
Three Months Ended
December 31,

(In thousands)
2012   2011
 
Net sales $ 1,207,708   $ 1,153,751  
 
Operating income $ 147,279 $ 131,019
 
Operating margin 12.2 % 11.4 %
 
Adjustments to operating income:
Restructuring and other special charges (benefits), net (1,729 ) 2,431
Costs (benefits) related to unsolicited takeover attempt - (1,170 )
Multi-employer pension plan withdrawal charges   -     3,404  
Adjusted operating income $ 145,550   $ 135,684  
 
Adjusted operating margin   12.1 %   11.8 %
 

The Company believes its adjusted operating income and adjusted operating margin financial measures help investors assess its operating performance without the impact of Business Support Center restructuring and other special charges (benefits), net, costs (benefits) related to Air Products’ unsolicited takeover attempt, and multi-employer pension plan withdrawal charges. Non-GAAP financial measures should be read in conjunction with GAAP financial measures, as non-GAAP financial measures are merely a supplement to, and not a replacement for, GAAP financial measures. It should also be noted that the Company’s adjusted operating income and adjusted operating margin financial measures may be different from the adjusted operating income and adjusted operating margin financial measures provided by other companies.

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