Airgas Inc. Earnings: Fifth Straight Quarters of Double-Digit Growth
S&P 500 (NYSE:SPY) component Airgas Inc. (NYSE:ARG) reported its results for the fourth quarter. Airgas, through its subsidiaries, distributes industrial, medical, and specialty gases and hardgoods in the United States. It offers a range of gases, including nitrogen and helium, as well as welding and fuel gases.
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Airgas Earnings Cheat Sheet for the Fourth Quarter
Results: Net income for Airgas Inc. rose to $88 million ($1.12 per share) vs. $62.8 million (74 cents per share) in the same quarter a year earlier. This marks a rise of 40.2% from the year-earlier quarter.
Revenue: Rose 12.6% to $1.24 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Airgas Inc. reported adjusted net income of $1.11 per share. By that measure, the company beat the mean estimate of $1.07 per share. Analysts were expecting revenue of $1.22 billion.
Quoting Management: “Our performance was very strong this quarter across most of our core business, with particular strength in manufacturing, petrochemical and energy customers, and noticeable improvement in our construction customer base, despite a weak new project market,” said Airgas Chief Executive Officer Peter McCausland.
The company has enjoyed double-digit year-over-year percentage revenue growth for the past five quarters. Over that span, the company has averaged growth of 11.8%, with the biggest boost coming in the most recent quarter when revenue rose 12.6% from the year earlier quarter.
The company beat estimates last quarter after meeting expectations in the third quarter with net income of 97 cents per share.
Looking Forward: Next quarter’s results are expected to be more favorable for the company. Over the past sixty days, the average estimate for the first quarter of the next fiscal year has reached $1.17 per share, up from $1.14. The average estimate for the fiscal year has remained at $4.05 per share.
(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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