Lincoln Electric Reports First Quarter 2017 Results
April 18 2017 - 7:30AM
Lincoln Electric Holdings, Inc. (the “Company”) (Nasdaq:LECO)
today reported first quarter 2017 net income of $55.8 million, or
diluted earnings per share (EPS) of $0.84 which includes
acquisition transaction costs of $3.6 million, $2.7 million
after-tax, or $0.04 EPS, related to the proposed acquisition of Air
Liquide Welding. This compares with net income of $53.6
million, or $0.76 EPS in the comparable 2016 period.
First quarter 2017 sales increased 5.5% to $580.9 million
primarily due to 2.9% higher volumes, a 2.1% increase in price and
a 0.6% benefit from acquisitions. Excluding Venezuela from
prior year results due to the deconsolidation of the operation,
sales increased 6.4%, primarily from 3.9% higher volumes and a 2.1%
increase in price.
Operating income for first quarter 2017 was $81.5 million, or
14.0% of sales. Adjusted operating income margin was 14.6% of
sales, reflecting higher volumes and favorable mix. This
compares with operating income of $75.3 million, or 13.7% of sales,
in the comparable 2016 period.
"We achieved a solid start to the year on improving demand,
favorable prior year comparisons and higher profitability across
all of our segments," stated Christopher L. Mapes, chairman,
president and chief executive officer. “As markets continue to
recover in 2017, we are advancing our '2020 Strategy' with exciting
product launches and an active M&A pipeline with the proposed
acquisition of Air Liquide Welding. We expect these investments
will enhance our portfolio of solutions and provide us with a
stronger, broader organization to serve our global customers.”
On March 2, 2017, the Company entered into exclusive
negotiations to acquire the Air Liquide Welding businesses, which
generated sales of approximately $400 million in 2016. The proposed
acquisition is subject to the execution of a definitive agreement
between the parties and customary conditions and provisions for a
transaction of this type, including the “information-consultation”
process with employee representative bodies and applicable
competition authorities’ approval.
Webcast Information
A conference call to discuss first quarter 2017 financial
results will be webcast live today, April 18, 2017, at
10:00 a.m., Eastern Time. This webcast is accessible at
http://ir.lincolnelectric.com. Listeners should go to the web
site prior to the call to register, download and install any
necessary audio software. A replay of the webcast will be
available on the Company's web site.
Investors who are unable to access the webcast may listen to the
conference call live by telephone by dialing (877) 344-3899
(domestic) or (315) 625-3087 (international) and use confirmation
code 3102743. Telephone participants are asked to dial in 10
- 15 minutes prior to the start of the conference call.
Financial results for the first quarter 2017 can also be
obtained at http://ir.lincolnelectric.com.
About Lincoln Electric
Lincoln Electric is the world leader in the design, development
and manufacture of arc welding products, robotic arc welding
systems, plasma and oxy-fuel cutting equipment and has a leading
global position in the brazing and soldering alloys market.
Headquartered in Cleveland, Ohio, Lincoln has 47 manufacturing
locations, including operations and joint ventures in 19 countries
and a worldwide network of distributors and sales offices covering
more than 160 countries. For more information about Lincoln
Electric and its products and services, visit the Company’s website
at www.lincolnelectric.com.
Non-GAAP Financial Information
Adjusted operating income, Adjusted net income, Adjusted diluted
earnings per share and Return on invested capital are non-GAAP
financial measures. Management uses non-GAAP measures to
assess the Company's operating performance by excluding certain
disclosed special items that management believes are not
representative of the Company's core business. Management
believes that excluding these special items enables them to make
better period-over-period comparisons and benchmark the Company's
operational performance against other companies in its industry
more meaningfully. Furthermore, management believes that
non-GAAP financial measures provide investors with meaningful
information that provides a more complete understanding of Company
operating results and enables investors to analyze financial and
business trends more thoroughly. Non-GAAP financial measures
should not be viewed in isolation, are not a substitute for GAAP
measures and have limitations including, but not limited to, their
usefulness as comparative measures as other companies may define
their non-GAAP measures differently.
Forward-Looking Statements
The Company’s expectations and beliefs concerning the future
contained in this news release are forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. These statements reflect management’s current
expectations and involve a number of risks and uncertainties.
Forward-looking statements generally can be identified by the use
of words such as “may,” “will,” “expect,” “intend,” “estimate,”
“anticipate,” “believe,” “forecast,” “guidance” or words of similar
meaning. Actual results may differ materially from such
statements due to a variety of factors that could adversely affect
the Company’s operating results. The factors include, but are
not limited to: general economic and market conditions; the
effectiveness of operating initiatives; completion of planned
divestitures; interest rates; disruptions, uncertainty or
volatility in the credit markets that may limit our access to
capital; currency exchange rates and devaluations; adverse outcome
of pending or potential litigation; actual costs of the Company’s
rationalization plans; possible acquisitions, including the
Company’s ability to enter into a definitive agreement for the
purchase of Air Liquide’s welding business and the ability to
successfully complete such acquisition; market risks and price
fluctuations related to the purchase of commodities and energy;
global regulatory complexity; and the possible effects of events
beyond our control, such as political unrest, acts of terror and
natural disasters, on the Company or its customers, suppliers and
the economy in general. For additional discussion, see “Item
1A. Risk Factors” in the Company’s Annual Report on Form 10-K
for the year ended December 31, 2016.
|
|
Lincoln Electric
Holdings, Inc.Financial
Highlights(In thousands, except per share
amounts)(Unaudited) |
|
Consolidated Statements of Income |
|
|
|
Three Months Ended March 31, |
|
Fav (Unfav) toPrior
Year |
|
|
2017 |
|
% ofSales |
|
2016 |
|
% ofSales |
|
$ |
|
% |
Net sales |
|
$ |
580,897 |
|
|
100.0 |
% |
|
$ |
550,722 |
|
|
100.0 |
% |
|
$ |
30,175 |
|
|
5.5 |
% |
Cost of goods sold |
|
377,041 |
|
|
64.9 |
% |
|
361,620 |
|
|
65.7 |
% |
|
(15,421 |
) |
|
(4.3 |
%) |
Gross profit |
|
203,856 |
|
|
35.1 |
% |
|
189,102 |
|
|
34.3 |
% |
|
14,754 |
|
|
7.8 |
% |
Selling,
general & administrative expenses |
|
122,370 |
|
|
21.1 |
% |
|
113,810 |
|
|
20.7 |
% |
|
(8,560 |
) |
|
(7.5 |
%) |
Operating income |
|
81,486 |
|
|
14.0 |
% |
|
75,292 |
|
|
13.7 |
% |
|
6,194 |
|
|
8.2 |
% |
Interest income |
|
777 |
|
|
0.1 |
% |
|
430 |
|
|
0.1 |
% |
|
347 |
|
|
80.7 |
% |
Equity earnings in
affiliates |
|
795 |
|
|
0.1 |
% |
|
626 |
|
|
0.1 |
% |
|
169 |
|
|
27.0 |
% |
Other income |
|
956 |
|
|
0.2 |
% |
|
661 |
|
|
0.1 |
% |
|
295 |
|
|
44.6 |
% |
Interest expense |
|
(6,114 |
) |
|
(1.1 |
%) |
|
(3,827 |
) |
|
(0.7 |
%) |
|
(2,287 |
) |
|
(59.8 |
%) |
Income before income
taxes |
|
77,900 |
|
|
13.4 |
% |
|
73,182 |
|
|
13.3 |
% |
|
4,718 |
|
|
6.4 |
% |
Income taxes |
|
22,052 |
|
|
3.8 |
% |
|
19,558 |
|
|
3.6 |
% |
|
(2,494 |
) |
|
(12.8 |
%) |
Effective tax rate |
|
28.3 |
% |
|
|
|
26.7 |
% |
|
|
|
(1.6 |
%) |
|
|
Net income including
non-controlling interests |
|
55,848 |
|
|
9.6 |
% |
|
53,624 |
|
|
9.7 |
% |
|
2,224 |
|
|
4.1 |
% |
Non-controlling
interests in subsidiaries’ income (loss) |
|
4 |
|
|
— |
|
|
(14 |
) |
|
— |
|
|
18 |
|
|
128.6 |
% |
Net income |
|
$ |
55,844 |
|
|
9.6 |
% |
|
$ |
53,638 |
|
|
9.7 |
% |
|
$ |
2,206 |
|
|
4.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share |
|
$ |
0.85 |
|
|
|
|
$ |
0.77 |
|
|
|
|
$ |
0.08 |
|
|
10.4 |
% |
Diluted earnings per
share |
|
$ |
0.84 |
|
|
|
|
$ |
0.76 |
|
|
|
|
$ |
0.08 |
|
|
10.5 |
% |
Weighted average shares
(basic) |
|
65,688 |
|
|
|
|
69,585 |
|
|
|
|
|
|
|
Weighted average shares
(diluted) |
|
66,583 |
|
|
|
|
70,246 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lincoln Electric
Holdings, Inc.Financial
Highlights(In
thousands)(Unaudited) |
|
Balance Sheet Highlights |
|
Selected Consolidated Balance Sheet Data |
|
March 31, 2017 |
|
December 31, 2016 |
Cash and cash
equivalents |
|
$ |
401,440 |
|
|
$ |
379,179 |
|
Total current
assets |
|
1,148,070 |
|
|
1,043,713 |
|
Property, plant and
equipment, net |
|
376,120 |
|
|
372,377 |
|
Total assets |
|
2,052,677 |
|
|
1,943,437 |
|
Total current
liabilities |
|
422,263 |
|
|
388,107 |
|
Short-term debt
(1) |
|
2,136 |
|
|
1,889 |
|
Long-term debt, less
current portion |
|
703,378 |
|
|
703,704 |
|
Total equity |
|
784,124 |
|
|
712,206 |
|
|
|
|
|
|
Operating
Working Capital |
|
March 31, 2017 |
|
December 31, 2016 |
Accounts receivable,
net |
|
$ |
302,599 |
|
|
$ |
273,993 |
|
Inventories |
|
281,250 |
|
|
255,406 |
|
Trade accounts
payable |
|
186,253 |
|
|
176,757 |
|
Operating working
capital |
|
$ |
397,596 |
|
|
$ |
352,642 |
|
|
|
|
|
|
Average operating
working capital to Net sales (2) |
|
17.1 |
% |
|
15.6 |
% |
|
|
|
|
|
Invested
Capital |
|
March 31, 2017 |
|
December 31, 2016 |
Short-term debt
(1) |
|
$ |
2,136 |
|
|
$ |
1,889 |
|
Long-term debt, less
current portion |
|
703,378 |
|
|
703,704 |
|
Total debt |
|
705,514 |
|
|
705,593 |
|
Total equity |
|
784,124 |
|
|
712,206 |
|
Invested capital |
|
$ |
1,489,638 |
|
|
$ |
1,417,799 |
|
|
|
|
|
|
Total debt / invested
capital |
|
47.4 |
% |
|
49.8 |
% |
(1) |
Includes current portion
of long-term debt. |
(2) |
Average operating working
capital to Net sales is defined as operating working capital as of
period end divided by annualized rolling three months of Net
sales. |
|
|
|
Lincoln Electric
Holdings, Inc.Financial
Highlights(In thousands, except per share
amounts)(Unaudited) |
|
Non-GAAP Financial Measures |
|
|
|
Three Months Ended March 31, |
|
|
2017 |
|
2016 |
Operating income as
reported |
|
$ |
81,486 |
|
|
$ |
75,292 |
|
Special
items (pre-tax): |
|
|
|
|
Acquisition transaction costs (2) |
|
3,615 |
|
|
— |
|
Adjusted operating
income (1) |
|
$ |
85,101 |
|
|
$ |
75,292 |
|
As a
percent of total sales |
|
14.6 |
% |
|
13.7 |
% |
|
|
|
|
|
Net income as
reported |
|
$ |
55,844 |
|
|
$ |
53,638 |
|
Special
items (after-tax): |
|
|
|
|
Acquisition transaction costs (2) |
|
2,734 |
|
|
— |
|
Adjusted net income
(1) |
|
$ |
58,578 |
|
|
$ |
53,638 |
|
|
|
|
|
|
Diluted earnings per
share as reported |
|
$ |
0.84 |
|
|
$ |
0.76 |
|
Special items |
|
0.04 |
|
|
— |
|
Adjusted diluted
earnings per share (1) |
|
$ |
0.88 |
|
|
$ |
0.76 |
|
|
|
|
|
|
Weighted average shares
(diluted) |
|
66,583 |
|
|
70,246 |
|
(1) |
Adjusted operating income,
Adjusted net income and Adjusted diluted earnings per share are
non-GAAP financial measures. Management uses non-GAAP
measures to assess the Company's operating performance by excluding
certain disclosed special items that management believes are not
representative of the Company's core business. Management
believes that excluding these special items enables them to make
better period-over-period comparisons and benchmark the Company's
operational performance against other companies in its industry
more meaningfully. Furthermore, management believes that
non-GAAP financial measures provide investors with meaningful
information that provides a more complete understanding of Company
operating results and enables investors to analyze financial and
business trends more thoroughly. Non-GAAP financial measures
should not be viewed in isolation, are not a substitute for GAAP
measures and have limitations including, but not limited to, their
usefulness as comparative measures as other companies may define
their non-GAAP measures differently. |
(2) |
Related to proposed
acquisition of Air Liquide Welding. |
|
|
|
Lincoln Electric
Holdings, Inc.Financial
Highlights(In thousands, except per share
amounts)(Unaudited) |
|
Non-GAAP Financial Measures |
|
|
|
|
|
Twelve Months Ended March 31, |
Return on
Invested Capital |
|
2017 |
|
2016 |
Net income as
reported |
|
$ |
200,605 |
|
|
$ |
112,762 |
|
Rationalization and asset impairment charges, net of tax of
$1,776 |
|
— |
|
|
18,181 |
|
Loss on
deconsolidation of Venezuelan subsidiary, net of tax of $1,097 |
|
33,251 |
|
|
— |
|
Income
tax valuation reversals |
|
(7,196 |
) |
|
— |
|
Pension
settlement charges, net of tax of $55,428 |
|
— |
|
|
87,310 |
|
Venezuela
currency devaluation |
|
— |
|
|
27,214 |
|
Acquisition transaction costs, net of tax of $880 (3) |
|
2,734 |
|
|
— |
|
Adjusted
net income (1) |
|
$ |
229,394 |
|
|
$ |
245,467 |
|
Plus:
Interest expense, net of tax of $8,180 and $9,114 in 2017 and 2016,
respectively |
|
13,186 |
|
|
14,693 |
|
Less:
Interest income, net of tax of $934 and $977 in 2017 and 2016,
respectively |
|
1,505 |
|
|
1,574 |
|
Adjusted
net income before tax effected interest |
|
$ |
241,075 |
|
|
$ |
258,586 |
|
|
|
|
|
|
Invested
Capital |
|
March 31, 2017 |
|
March 31, 2016 |
Short-term debt |
|
$ |
2,136 |
|
|
$ |
24,844 |
|
Long-term
debt, less current portion |
|
703,378 |
|
|
350,106 |
|
Total
debt |
|
705,514 |
|
|
374,950 |
|
Total
equity |
|
784,124 |
|
|
892,669 |
|
Invested capital |
|
$ |
1,489,638 |
|
|
$ |
1,267,619 |
|
|
|
|
|
|
Return on invested
capital (1)(2) |
|
16.2 |
% |
|
20.4 |
% |
(1) |
Adjusted net income and
Return on invested capital are non-GAAP financial measures.
Management uses non-GAAP measures to assess the Company's operating
performance by excluding certain disclosed special items that
management believes are not representative of the Company's core
business. Management believes that excluding these special
items enables them to make better period-over-period comparisons
and benchmark the Company's operational performance against other
companies in its industry more meaningfully. Furthermore,
management believes that non-GAAP financial measures provide
investors with meaningful information that provides a more complete
understanding of Company operating results and enables investors to
analyze financial and business trends more thoroughly.
Non-GAAP financial measures should not be viewed in isolation, are
not a substitute for GAAP measures and have limitations including,
but not limited to, their usefulness as comparative measures as
other companies may define their non-GAAP measures
differently. |
(2) |
Return on invested capital
is defined as rolling 12 months of Adjusted net income excluding
tax-effected interest income and expense divided by invested
capital. |
(3) |
Related to proposed
acquisition of Air Liquide Welding. |
|
|
|
Lincoln Electric
Holdings, Inc.Financial
Highlights(In thousands, except per share
amounts)(Unaudited) |
|
Condensed Consolidated Statements of Cash
Flows |
|
|
|
Three Months Ended March 31, |
|
|
2017 |
|
2016 |
OPERATING
ACTIVITIES: |
|
|
|
|
Net income |
|
$ |
55,844 |
|
|
$ |
53,638 |
|
Non-controlling
interests in subsidiaries’ income (loss) |
|
4 |
|
|
(14 |
) |
Net income including
non-controlling interests |
|
55,848 |
|
|
53,624 |
|
Adjustments to reconcile Net income including non-controlling
interests to Net cash provided by operating activities: |
|
|
|
|
Depreciation and amortization |
|
16,166 |
|
|
15,625 |
|
Equity
earnings in affiliates, net |
|
(270 |
) |
|
(2 |
) |
Pension
(income) expense |
|
(1,345 |
) |
|
4,144 |
|
Pension
contributions and payments |
|
(550 |
) |
|
(20,865 |
) |
Other
non-cash items, net |
|
6,541 |
|
|
(2,079 |
) |
Changes
in operating assets and liabilities, net of effects from
acquisitions: |
|
|
|
|
Increase in accounts receivable |
|
(24,195 |
) |
|
(16,592 |
) |
Increase in inventories |
|
(20,946 |
) |
|
(10,780 |
) |
Increase in trade accounts payable |
|
7,164 |
|
|
4,657 |
|
Net change in other current assets and liabilities |
|
35,333 |
|
|
(2,554 |
) |
Net change in other long-term assets and liabilities |
|
2,494 |
|
|
(460 |
) |
NET CASH PROVIDED BY
OPERATING ACTIVITIES |
|
76,240 |
|
|
24,718 |
|
|
|
|
|
|
INVESTING
ACTIVITIES: |
|
|
|
|
Capital
expenditures |
|
(12,037 |
) |
|
(8,885 |
) |
Proceeds
from sale of property, plant and equipment |
|
203 |
|
|
458 |
|
Purchase
of marketable securities |
|
(34,925 |
) |
|
— |
|
Proceeds
from marketable securities |
|
3,800 |
|
|
— |
|
NET CASH USED BY
INVESTING ACTIVITIES |
|
(42,959 |
) |
|
(8,427 |
) |
|
|
|
|
|
FINANCING
ACTIVITIES: |
|
|
|
|
Net
change in borrowings |
|
110 |
|
|
21,756 |
|
Proceeds
from exercise of stock options |
|
5,643 |
|
|
2,015 |
|
Purchase
of shares for treasury |
|
(403 |
) |
|
(102,488 |
) |
Cash
dividends paid to shareholders |
|
(22,986 |
) |
|
(22,625 |
) |
Other
financing activities |
|
(7 |
) |
|
(3,806 |
) |
NET CASH USED BY
FINANCING ACTIVITIES |
|
(17,643 |
) |
|
(105,148 |
) |
|
|
|
|
|
Effect of exchange rate
changes on Cash and cash equivalents |
|
6,623 |
|
|
5,670 |
|
INCREASE (DECREASE) IN
CASH AND CASH EQUIVALENTS |
|
22,261 |
|
|
(83,187 |
) |
Cash and cash
equivalents at beginning of period |
|
379,179 |
|
|
304,183 |
|
Cash and cash
equivalents at end of period |
|
$ |
401,440 |
|
|
$ |
220,996 |
|
|
|
|
|
|
Cash dividends paid per
share |
|
$ |
0.35 |
|
|
$ |
0.32 |
|
|
|
|
|
|
|
|
|
|
|
Lincoln Electric Holdings,
Inc.Segment Highlights(In
thousands)(Unaudited) |
|
|
|
AmericasWelding |
|
InternationalWelding |
|
The HarrisProductsGroup |
|
Corporate /Eliminations |
|
Consolidated |
Three months
ended March 31, 2017 |
|
|
|
|
|
|
|
|
|
|
Net sales |
|
$ |
383,324 |
|
|
$ |
128,888 |
|
|
$ |
68,685 |
|
|
$ |
— |
|
|
$ |
580,897 |
|
Inter-segment
sales |
|
22,460 |
|
|
4,285 |
|
|
2,300 |
|
|
(29,045 |
) |
|
— |
|
Total |
|
$ |
405,784 |
|
|
$ |
133,173 |
|
|
$ |
70,985 |
|
|
$ |
(29,045 |
) |
|
$ |
580,897 |
|
|
|
|
|
|
|
|
|
|
|
|
EBIT (1) |
|
$ |
68,723 |
|
|
$ |
9,605 |
|
|
$ |
8,460 |
|
|
$ |
(3,551 |
) |
|
$ |
83,237 |
|
As a
percent of total sales |
|
16.9 |
% |
|
7.2 |
% |
|
11.9 |
% |
|
|
|
14.3 |
% |
Special items charge
(3) |
|
— |
|
|
— |
|
|
— |
|
|
3,615 |
|
|
3,615 |
|
Adjusted EBIT (2) |
|
$ |
68,723 |
|
|
$ |
9,605 |
|
|
$ |
8,460 |
|
|
$ |
64 |
|
|
$ |
86,852 |
|
As a
percent of total sales |
|
16.9 |
% |
|
7.2 |
% |
|
11.9 |
% |
|
|
|
15.0 |
% |
Three months
ended March 31, 2016 |
|
|
|
|
|
|
|
|
|
|
Net sales |
|
$ |
359,008 |
|
|
$ |
124,305 |
|
|
$ |
67,409 |
|
|
$ |
— |
|
|
$ |
550,722 |
|
Inter-segment
sales |
|
23,831 |
|
|
4,426 |
|
|
2,303 |
|
|
(30,560 |
) |
|
— |
|
Total |
|
$ |
382,839 |
|
|
$ |
128,731 |
|
|
$ |
69,712 |
|
|
$ |
(30,560 |
) |
|
$ |
550,722 |
|
|
|
|
|
|
|
|
|
|
|
|
EBIT (1) |
|
$ |
61,438 |
|
|
$ |
6,233 |
|
|
$ |
7,711 |
|
|
$ |
1,197 |
|
|
$ |
76,579 |
|
As a
percent of total sales |
|
16.0 |
% |
|
4.8 |
% |
|
11.1 |
% |
|
|
|
13.9 |
% |
Special items
charge |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Adjusted EBIT (2) |
|
$ |
61,438 |
|
|
$ |
6,233 |
|
|
$ |
7,711 |
|
|
$ |
1,197 |
|
|
$ |
76,579 |
|
As a
percent of total sales |
|
16.0 |
% |
|
4.8 |
% |
|
11.1 |
% |
|
|
|
13.9 |
% |
(1) |
EBIT is defined as
Operating income plus Equity earnings in affiliates and Other
income. |
(2) |
The primary profit measure
used by management to assess segment performance is Adjusted
EBIT. EBIT for each operating segment is adjusted for special
items to derive Adjusted EBIT. |
(3) |
Special items reflect
acquisition transaction costs related to proposed acquisition of
Air Liquide Welding. |
|
|
|
Lincoln Electric
Holdings, Inc.Change in Net Sales by
Segment(In
thousands)(Unaudited) |
|
Three Months Ended March 31st Change in Net Sales by
Segment |
|
|
|
|
|
|
|
|
|
|
|
Change in Net Sales due to: |
|
|
|
|
Net Sales2016 |
|
Volume |
|
Acquisitions |
|
Price |
|
ForeignExchange |
|
Net Sales2017 |
Operating
Segments |
|
|
|
|
|
|
|
|
|
|
|
|
Americas Welding |
|
$ |
359,008 |
|
|
$ |
14,761 |
|
|
$ |
3,338 |
|
|
$ |
5,520 |
|
|
$ |
697 |
|
|
$ |
383,324 |
|
International
Welding |
|
124,305 |
|
|
3,347 |
|
|
— |
|
|
3,199 |
|
|
(1,963 |
) |
|
$ |
128,888 |
|
The Harris Products
Group |
|
67,409 |
|
|
(1,984 |
) |
|
— |
|
|
2,718 |
|
|
542 |
|
|
$ |
68,685 |
|
Consolidated |
|
$ |
550,722 |
|
|
$ |
16,124 |
|
|
$ |
3,338 |
|
|
$ |
11,437 |
|
|
$ |
(724 |
) |
|
$ |
580,897 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas
Welding(excluding Venezuela) |
|
$ |
354,028 |
|
|
$ |
19,741 |
|
|
$ |
3,338 |
|
|
$ |
5,520 |
|
|
$ |
697 |
|
|
$ |
383,324 |
|
Consolidated(excluding
Venezuela) |
|
$ |
545,742 |
|
|
$ |
21,104 |
|
|
$ |
3,338 |
|
|
$ |
11,437 |
|
|
$ |
(724 |
) |
|
$ |
580,897 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
%
Change |
|
|
|
|
|
|
|
|
|
|
|
|
Americas Welding |
|
|
|
4.1 |
% |
|
0.9 |
% |
|
1.5 |
% |
|
0.2 |
% |
|
6.8 |
% |
International
Welding |
|
|
|
2.7 |
% |
|
— |
|
|
2.6 |
% |
|
(1.6 |
%) |
|
3.7 |
% |
The Harris Products
Group |
|
|
|
(2.9 |
%) |
|
— |
|
|
4.0 |
% |
|
0.8 |
% |
|
1.9 |
% |
Consolidated |
|
|
|
2.9 |
% |
|
0.6 |
% |
|
2.1 |
% |
|
(0.1 |
%) |
|
5.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas
Welding(excluding Venezuela) |
|
|
|
5.6 |
% |
|
0.9 |
% |
|
1.6 |
% |
|
0.2 |
% |
|
8.3 |
% |
Consolidated(excluding
Venezuela) (1) |
|
|
|
3.9 |
% |
|
0.6 |
% |
|
2.1 |
% |
|
(0.1 |
%) |
|
6.4 |
% |
(1) |
First quarter 2016
Venezuelan sales were $5 million. |
|
|
Contact
Amanda Butler
Director, Investor Relations
Tel: 216.383.2534
Email: Amanda_Butler@lincolnelectric.com
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