Airgas Hikes Dividend As Earnings Surge

Airgas [[ARG]] announced today that the company is increasing their quarterly dividend by 14% to $.25 per share.

 

Following the $.03 per share dividend increase, Airgas shares will offer a 1.5% dividend yield based on yesterday’s closing price.

 

Airgas Chairman and Chief Executive Officer Peter McCausland said. “We are pleased to raise our dividend on the strength of our outstanding financial performance, including robust earnings growth and cash flow. The steady improvement we are seeing in our business as the economy recovers gives us further confidence in our growth prospects, financial strength, and operating performance goals.”

 

The dividend announcement comes as ARG delivered better-than-expected second quarter earnings results. The company reported EPS that were $.11 above Wall Street’s consensus estimates.  

 

Airgas shares have surged 37% since the beginning of the year as the stock price has risen due to a hostile takeover bid by Air Products & Chemicals [[APD]].

 

The dividend will be payable on September 30, 2010 to shareholders of record as of September 15, 2010.

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