Airgas Reports Fiscal 2014 Third Quarter Earnings

Airgas, Inc. (NYSE: ARG), one of the nation’s leading suppliers of industrial, medical, and specialty gases, and related products, today reported sales and earnings results for its third quarter ended December 31, 2013, which reflected sluggish business conditions and the realization of SAP-related benefits as planned. Results for the quarter also reflected a previously announced loss on the early extinguishment of debt.

“Consistent with our expectation for continued sluggish business conditions during the quarter, our earnings results were at the midpoint of our guidance range,” said Airgas President and Chief Executive Officer Michael L. Molinini. “We are pleased to have achieved our long-standing target of reaching a run-rate of more than $75 million in SAP-enabled operating income benefits by the end of calendar year 2013. Delivering on that commitment made to shareholders more than three years ago is a remarkable achievement for which all Airgas associates are to be commended. We look forward to continuing to leverage SAP’s capabilities and the benefits of having a unified platform across our distribution operations to improve the way we manage our business on both the top and bottom lines for many years to come.”
   
Third Quarter
FY2014   FY2013 % Change
Earnings per diluted share (GAAP) $ 1.10 $ 1.05 5 %
Loss on the extinguishment of debt 0.08 -
Restructuring and other special charges (benefits), net   -   (0.01 )
Adjusted earnings per diluted share (non-GAAP) $ 1.18 $ 1.04   13 %
 

Third quarter earnings per diluted share were $1.10, up 5% over prior year, and adjusted earnings per diluted share* were $1.18, up 13% over prior year. Results included SAP-related benefits, net of implementation costs and depreciation expense, of $0.14 per diluted share in the current year quarter compared to $0.03 of net expense in the prior year quarter. Results also included a previously announced loss of $0.08 per diluted share on the early extinguishment of the Company’s 7.125% senior subordinated notes with an original maturity in October 2018, which were redeemed in full on October 2, 2013.

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