Airgas Q3 EPS Rises, Cuts Full Year Earnings View

(RTTNews) - Industrial gases supplier Airgas, Inc. (ARG) said third-quarter net earnings were $82.76 million, compared to $82.92 million last year. Earnings per share rose to $1.10 from $1.05.

Adjusted earnings per share totaled $1.18, while it amounted to $1.04 last year. On average, 18 analysts polled by Thomson Reuters expected earnings of $1.18 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales rose to $1.24 billion from $1.207 billion in the prior year. Wall Street expected revenues of $1.25 billion.

Organic sales in the quarter were up 1 percent, with gas and rent up 1 percent and hardgoods up 1 percent. Acquisitions contributed sales growth of 2 percent in the quarter.

The company said its sales outlook has softened due to weaker-than-expected activity levels in January, partly because of the extremely cold weather in large parts of the country.

For the fourth quarter, the company expects earnings per share in the range of $1.18 to $1.23, reflecting an increase of 4 to 9 percent over prior year earnings per share of $1.13 and an increase of 4 to 8 percent over last year's adjusted earnings per share of $1.14. Analysts expect earnings of $1.35 per share.

For the full year, the company expects earnings per share, including an $0.08 loss on the early extinguishment of debt and a $0.02 benefit from a change in a state income tax law, in the range of $4.69 to $4.74.

The company expects adjusted earnings per diluted share of $4.75 to $4.80. Both earnings per share and adjusted earnings per share were $4.35 in the prior year. Analysts anticipate earnings per share of $4.92 for the year.

The previous full year outlook was earnings per share of $4.79 to $4.94 and for adjusted earnings per share of $4.85 to $5.00.