Airgas, Inc., Radnor, PA, reported its fiscal 2006 earnings were up 20% to $2.8 billion. For the full fiscal year 2006, net income was $124 million.
In fiscal 2006, Airgas acquired 13 companies for a total of $128 million those companies had combined annual sales of $141 million.
The company also reported fourth quarter sales were up 16% to $747 million reflecting same-store sales growth as well as growth through acquisition. The distributor of industrial, medical and specialty gases, welding, safety and related products reported same-store sales growth was up 12%, gas and rent up 10% and hardgoods up 13%. Sales results reflect broad demand from industrial, energy, and non-residential construction market segments.
Fourth quarter net income grew 39% to $33 million.
“Our business momentum continues to be very strong. Our emphasis on profitable growth is showing results, as evidenced by a 180 basis point improvement in operating margins, to 9.9% in the fourth quarter,” said Airgas Chairman and CEO Peter McCausland. “This quarter, we saw particularly strong performance from our Gas Operations units and from our Distribution companies along the Gulf Coast and in the Western half of the U.S.”
For more details on Airgas’ annual results, click here.
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