Airgas Inc. (ARG) reported that its fourth-quarter net earnings declined to $86.14 million from $87.97 million in the year ago quarter. However, Fourth quarter earnings per share were $1.13, up 1% over prior year earnings per share of $1.12.
Excluding a $0.01 restructuring charge, adjusted earnings per share were $1.14, an increase of 3% over prior year adjusted earnings per share of $1.11. Results included SAP-related benefits, net of implementation costs and depreciation expense, of $0.04 per share in the current year quarter compared to $0.09 of expense in the prior year quarter. Analysts polled by Thomson Reuters expected the company to report earnings of $1.13 per share for the quarter. Analysts' estimates typically exclude special items.
Fourth quarter sales were $1.26 billion, an increase of 2% over the prior year. Organic sales in the quarter were flat compared to prior year, with gas and rent up 4% and hardgoods down 5%. Acquisitions contributed sales growth of 2% in the quarter. Eleven analysts estimated revenues of $1.26 billion for the quarter.
Airgas also announced that the Board of Directors increased the quarterly cash dividend on the company's common stock by 20%, from $0.40 per share to $0.48 per share. The dividend will be payable on June 28, 2013 to shareholders of record as of June 14, 2013.
For the first quarter of fiscal year 2014, the Company expects earnings per share to increase 1% to 6% from adjusted earnings per share of $1.13 in the prior year to a range of $1.14 to $1.20, which includes an estimated year-over-year increase of approximately $0.16 related to the SAP initiative, reflecting an estimated $0.06 of net benefit in the fiscal 2014 first quarter compared to $0.10 of expense in the fiscal 2013 first quarter. Analysts expect the company to report earnings of $1.30 per share for the first-quarter.
For the full fiscal year 2014, the Company expects earnings per share to increase 15% to 23% from $4.35 in the fiscal 2013 to a range of $5.00 to $5.35, which includes an estimated year-over-year increase of approximately $0.63 related to the SAP initiative, reflecting an estimated $0.45 of net benefit in fiscal 2014 compared to $0.18 of net expense in fiscal 2013.
Analysts expect the company to report earnings of $5.35 per share for fiscal 2014.
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