Major Industrial Gas Company Performance in 2011

Esprit Associates will publish a quarterly overview of the revenue performance of the major industrial gas companies each quarter. We can provide a more in depth analysis on a bespoke quarterly or annual basis, if required, for an appropriate fee or guide you to other detailed published information.

Quarter 3 2011

The results for Q3 of 2011 show a headline increase for the Tier 1 companies of 15%. Natural Gas and Power pass-through accounts for 1.1% and acquisitions 0.4%.

The major distortion is currency effects at 6.2% mainly caused by the strengthening of the euro and the Japanese yen against the US dollar. Underlying growth was 5.5% in volume terms with prices firming by 1.8%.

The growth was strongest, at around 8%-9%, in Air Products and Praxair reflecting US recovery and weakest, at around 1%, in TNSC reflecting the continuing market depression in Japan following the Tsunami.

Quarter 3 2011 on Quarter 2 2011 growth was a real 2% (headline 0.8%) which is in line with expectations. 

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Quarter 2 2011

The results for Quarter 2 of Calander 2011 show a headline increase of 10.1%. The Headline increase includes 1.2% of pass-through natural gas and energy effects, slightly offset by 0.5% negative currency effects. M&A activity contributed only only 0.5% to the headline figure but this masks significant acquisitons by Air Liquide and Airgas and disposals by Praxair.

The underlying Growth was 8.5% made up of 6.4% volume growth and 2.1% price increases. Growth was fairly uniform across the companies although Airgas achieved the most in price increases at nearly double the average.

The headline growth from Q1 11 was 3% which is ahead of overall projections.
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Quarter 1 2011

Results for the quarterly performance come out about 1 month after the end of the quarter. In Q1 11 the growth shown in 2010 has continued, for the Tier 1 companies at a significant rate. Headline rates increased 13.2% of which 2.5% was due to currency and 0.8% due to acquisitions giving an underlying rate of 9.9%. Volumes increased by 8.5% and pricing firmed by 1.4%. The headline growth from Q4 2010 was 2.7% and thus in line with overall projections.