Airgas Inc., the largest U.S. distributor of industrial, medical and specialty gases, and parent company of welding equipment rental company Red-D-Arc Welderentals, reported net earnings of $46.9 million for its fiscal third quarter ended Dec. 31. Sales dropped 13 percent and same-store sales declined 14 percent compared to the same period in 2008.

“Conditions were particularly challenging in our Distribution segment’s highly profitable rental welder business, as activity related to major plant turnarounds and contractor maintenance was unexpectedly slow,” said Airgas chairman and CEO Peter McCausland.

Red-D-Arc Welderentals, based in Austell, Ga., is No. 25 on the RER 100.