CLEVELAND, April 26, 2011 /PRNewswire/ --
First Quarter 2011 Highlights
- Sales were $599.2 million, an
increase of 27.2% from the First Quarter 2010
- Operating income increased 71.1% to $59.5 million from $34.8
million in the First Quarter 2010
- Net income increased 97.7% to $46.9
million, or $1.11 per diluted
share, from $23.7 million, or
$0.55 per diluted share, in the First
Quarter 2010
- Excluding special items, adjusted net income increased 71.0% to
$42.3 million, or $1.00 per diluted share, from $24.8 million, or $0.58 per diluted share, in the First Quarter
2010
Lincoln Electric Holdings, Inc. (the "Company") (Nasdaq: LECO)
today reported first quarter 2011 net income of $46.9 million, or $1.11 per diluted share. Sales were
$599.2 million in the first quarter
2011 versus $471.0 million in the
comparable 2010 period, an increase of 27.2%. Operating
income for the first quarter increased $24.7
million to $59.5 million, or 9.9% of sales, from
$34.8 million, or 7.4% of sales, in
the comparable 2010 period. Adjusted operating income in the
quarter was $59.8 million, or 10.0%
of sales.
Net income for the first quarter 2011 was $46.9 million, or $1.11 per diluted share, compared with net income
of $23.7 million, or $0.55 per diluted share, in the first quarter
2010. Adjusted net income was $42.3
million, or $1.00 per diluted
share, compared with $24.8 million,
or $0.58 per diluted share, in the
first quarter 2010. The effective tax rate for the first
quarter 2011 was 22.5%, or 30.4% as adjusted, compared with 31.6%
in 2010. In the first quarter 2011, the Company recorded a
$4.8 million favorable adjustment for
tax audit settlements.
"We are very pleased with our operating results for the first
quarter 2011," said John M. Stropki,
Chairman and Chief Executive Officer. "The significant increase in
sales and operating profits in the quarter provide a strong start
and encouraging outlook for 2011.
"Current demand levels remain positive and we are seeing
improvement in most market segments and geographic regions. Our
focus on new products, which provide growth through market share
gains, played an important role on the sales increase during the
quarter. Our continued attention to productivity improvements and
related operating leverage will continue to provide us the
flexibility to execute our long-term strategic objectives to the
benefit of our customers, shareholders and employees."
Net cash provided by operating activities was $16.7 million in the first quarter compared with
$15.6 million for the comparable
period in 2010. The Company returned $13.0 million to shareholders through the payment
of dividends during 2011.
The Company's Board of Directors declared a quarterly cash
dividend of $0.31 per share, which
was paid on April 15, 2011 to holders
of record as of March 31, 2011.
Financial results for the first quarter 2011 can also be
obtained at http://www.lincolnelectric.com/InvestorNews.
A conference call to discuss the first quarter 2011 financial
results is scheduled for today, Tuesday,
April 26, 2011, at 11:00 a.m.,
Eastern Time. An audio webcast of the call is
accessible through the Company's website at
http://www.lincolnelectric.com/InvestorWebcasts/.
The 2011 Annual Meeting of Shareholders of Lincoln Electric
Holdings, Inc. will be held at 11:30 a.m.,
Eastern Time, on Friday, April 29,
2011, at the Marriott Cleveland East, 26300 Harvard Road,
Warrensville Heights, Ohio.
Adjusted operating income, adjusted net income and adjusted
diluted earnings per share are non-GAAP financial measures that
management believes are important to investors to evaluate and
compare the Company's financial performance from period to period.
Management uses this information in assessing and evaluating the
Company's underlying operating performance. Non-GAAP financial
measures should be read in conjunction with the GAAP financial
measures, as non-GAAP measures are a supplement to, and not a
replacement for, GAAP financial measures. Please refer to the
attached schedule for a reconciliation of non-GAAP financial
measures to the related GAAP financial measures.
Lincoln Electric is the world leader in the design, development
and manufacture of arc welding products, robotic arc welding
systems, plasma and oxyfuel cutting equipment and has a leading
global position in the brazing and soldering alloys market.
Headquartered in Cleveland,
Ohio, Lincoln has 41 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, its
products and services, visit the Company's website at
http://www.lincolnelectric.com.
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.
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; currency exchange and interest rates;
adverse outcome of pending or potential litigation; possible
acquisitions; 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.
|
Lincoln
Electric Holdings, Inc.
Financial
Highlights
(In
thousands, except per share amounts)
(Unaudited)
|
|
|
Consolidated Statements of
Income
|
|
|
Three Months
Ended March 31,
|
|
Fav (Unfav)
to Prior Year
|
|
|
2011
|
|
% of
Sales
|
|
2010
|
|
% of
Sales
|
|
$
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
$ 599,179
|
|
100.0%
|
|
$ 470,958
|
|
100.0%
|
|
$ 128,221
|
|
27.2%
|
|
|
Cost of goods sold
|
437,741
|
|
73.1%
|
|
347,625
|
|
73.8%
|
|
(90,116)
|
|
(25.9%)
|
|
|
Gross profit
|
161,438
|
|
26.9%
|
|
123,333
|
|
26.2%
|
|
38,105
|
|
30.9%
|
|
|
Selling, general &
administrative expenses
|
101,619
|
|
17.0%
|
|
87,775
|
|
18.6%
|
|
(13,844)
|
|
(15.8%)
|
|
|
Rationalization and asset
impairment charges
|
357
|
|
0.1%
|
|
801
|
|
0.2%
|
|
444
|
|
55.4%
|
|
|
Operating income
|
59,462
|
|
9.9%
|
|
34,757
|
|
7.4%
|
|
24,705
|
|
71.1%
|
|
|
Interest income
|
608
|
|
0.1%
|
|
635
|
|
0.1%
|
|
(27)
|
|
(4.3%)
|
|
|
Equity earnings in
affiliates
|
830
|
|
0.1%
|
|
430
|
|
0.1%
|
|
400
|
|
93.0%
|
|
|
Other income
|
1,295
|
|
0.2%
|
|
433
|
|
0.1%
|
|
862
|
|
199.1%
|
|
|
Interest expense
|
(1,658)
|
|
(0.3%)
|
|
(1,514)
|
|
(0.3%)
|
|
(144)
|
|
(9.5%)
|
|
|
Income before income
taxes
|
60,537
|
|
10.1%
|
|
34,741
|
|
7.4%
|
|
25,796
|
|
74.3%
|
|
|
Income taxes
|
13,595
|
|
2.3%
|
|
10,975
|
|
2.3%
|
|
(2,620)
|
|
(23.9%)
|
|
|
Effective tax rate
|
22.5%
|
|
|
|
31.6%
|
|
|
|
9.1%
|
|
|
|
|
Net income including
noncontrolling interests
|
46,942
|
|
7.8%
|
|
23,766
|
|
5.0%
|
|
23,176
|
|
97.5%
|
|
|
Noncontrolling interests in
subsidiaries' earnings
|
32
|
|
-
|
|
38
|
|
-
|
|
6
|
|
15.8%
|
|
|
Net income
|
$ 46,910
|
|
7.8%
|
|
$ 23,728
|
|
5.0%
|
|
$ 23,182
|
|
97.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share
|
$
1.12
|
|
|
|
$
0.56
|
|
|
|
$
0.56
|
|
100.0%
|
|
|
Diluted earnings per
share
|
$
1.11
|
|
|
|
$
0.55
|
|
|
|
$
0.56
|
|
101.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
(basic)
|
41,895
|
|
|
|
42,404
|
|
|
|
|
|
|
|
|
Weighted average shares
(diluted)
|
42,439
|
|
|
|
42,764
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lincoln
Electric Holdings, Inc.
Financial
Highlights
(In
thousands, except per share amounts)
(Unaudited)
|
|
|
Non-GAAP Financial
Measures
|
|
|
Three Months
Ended March 31,
|
|
|
2011
|
|
2010
|
|
|
|
|
|
|
|
Operating income as
reported
|
$ 59,462
|
|
$ 34,757
|
|
|
Special items
(pre-tax):
|
|
|
|
|
|
Rationalization and asset impairment charges
(1)
|
357
|
|
801
|
|
|
Venezuela -
functional currency change and devaluation (2)
|
-
|
|
(11)
|
|
|
Adjusted operating income
(4)
|
$ 59,819
|
|
$ 35,547
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income as
reported
|
$ 46,910
|
|
$ 23,728
|
|
|
Special items
(after-tax):
|
|
|
|
|
|
Rationalization and asset impairment charges
(1)
|
281
|
|
612
|
|
|
Venezuela -
functional currency change and devaluation (2)
|
-
|
|
426
|
|
|
Adjustment
for tax audit settlements (3)
|
(4,844)
|
|
-
|
|
|
Adjusted net income
(4)
|
$ 42,347
|
|
$ 24,766
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share as
reported
|
$ 1.11
|
|
$ 0.55
|
|
|
Special items
|
(0.11)
|
|
0.03
|
|
|
Adjusted diluted earnings per
share (4)
|
$ 1.00
|
|
$ 0.58
|
|
|
|
|
|
|
|
Weighted average shares
(diluted)
|
42,439
|
|
42,764
|
|
|
|
|
|
|
|
(1) The three months ended
March 31, 2011 and 2010 includes charges associated with the
severance and other costs associated with the consolidation of
manufacturing operations initiated in 2009.
(2) Represents the impact
of the change in the functional currency of the Company's
Venezuelan operation to the U.S. dollar and the devaluation of the
Venezuelan currency.
(3) Represents a favorable
adjustment for tax audit settlements.
(4) Adjusted operating
income, Adjusted net income and Adjusted diluted earnings per share
are non-GAAP financial measures that management believes are
important to investors to evaluate and compare the Company's
financial performance from period to period. Management uses this
information in assessing and evaluating the Company's underlying
operating performance. Non-GAAP financial measures should be
read in conjunction with the GAAP financial measures, as non-GAAP
measures are a supplement to, and not a replacement for, GAAP
financial measures.
|
|
|
|
|
|
|
Lincoln
Electric Holdings, Inc.
|
|
|
Financial
Highlights
|
|
|
(In
thousands)
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
Balance Sheet
Highlights
|
|
|
|
|
|
|
|
|
|
|
March
31,
|
|
December
31,
|
|
|
Selected Consolidated Balance
Sheet Data
|
2011
|
|
2010
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$ 341,415
|
|
$ 366,193
|
|
|
Total current assets
|
1,195,205
|
|
1,082,512
|
|
|
Property, plant and equipment,
net
|
489,820
|
|
478,566
|
|
|
Total assets
|
1,913,570
|
|
1,783,788
|
|
|
|
|
|
|
|
Total current
liabilities
|
494,869
|
|
335,592
|
|
|
Short-term debt
|
95,373
|
|
13,078
|
|
|
Long-term debt
|
1,818
|
|
84,627
|
|
|
Total equity
|
1,211,991
|
|
1,149,478
|
|
|
|
|
|
|
|
March
31,
|
|
December
31,
|
|
|
Net Operating Working
Capital
|
2011
|
|
2010
|
|
|
|
|
|
|
|
Accounts receivable
|
$ 376,857
|
|
$ 321,948
|
|
|
Inventory
|
368,954
|
|
291,730
|
|
|
Trade accounts
payable
|
215,495
|
|
147,111
|
|
|
Net operating working
capital
|
$ 530,316
|
|
$ 466,567
|
|
|
|
|
|
|
|
Net operating working capital to
net sales (1)
|
22.1%
|
|
20.7%
|
|
|
|
|
|
|
|
March
31,
|
|
December
31,
|
|
|
Invested Capital
|
2011
|
|
2010
|
|
|
|
|
|
|
|
Short-term debt
|
$
95,373
|
|
$
13,078
|
|
|
Long-term debt
|
1,818
|
|
84,627
|
|
|
Total debt
|
97,191
|
|
97,705
|
|
|
Total equity
|
1,211,991
|
|
1,149,478
|
|
|
Invested capital
|
$ 1,309,182
|
|
$ 1,247,183
|
|
|
|
|
|
|
|
Total debt / invested
capital
|
7.4%
|
|
7.8%
|
|
|
Return on invested
capital (2)
|
11.9%
|
|
10.7%
|
|
|
|
|
|
|
|
(1) Net
operating working capital to net sales is defined as net operating
working capital divided by annualized rolling three months of
sales.
(2) Return on invested capital
is defined as rolling 12 months of earnings excluding tax-effected
interest divided by invested
capital.
|
|
|
|
|
|
|
Lincoln
Electric Holdings, Inc.
Financial
Highlights
(In
thousands, except per share amounts)
(Unaudited)
|
|
|
Consolidated Statements of Cash
Flows
|
|
|
Three Months
Ended March 31,
|
|
|
2011
|
|
2010
|
|
|
|
|
|
|
|
OPERATING ACTIVITIES:
|
|
|
|
|
|
Net income
|
$ 46,910
|
|
$ 23,728
|
|
|
Noncontrolling interests in
subsidiaries' earnings
|
32
|
|
38
|
|
|
Net income including
noncontrolling interests
|
46,942
|
|
23,766
|
|
|
|
|
|
|
|
Adjustments to reconcile
Net income including noncontrolling interests to Net
|
|
|
|
|
|
cash provided by
operating activities:
|
|
|
|
|
|
Rationalization and asset
impairment charges
|
227
|
|
-
|
|
|
Depreciation and
amortization
|
15,206
|
|
14,237
|
|
|
Equity earnings in
affiliates, net
|
(362)
|
|
(168)
|
|
|
Other non-cash items,
net
|
18,840
|
|
(3,625)
|
|
|
Changes in operating
assets and liabilities, net of effects from
acquisitions:
|
|
|
|
|
|
Increase in accounts
receivable
|
(43,324)
|
|
(40,279)
|
|
|
Increase in
inventories
|
(62,064)
|
|
(23,017)
|
|
|
Increase in trade accounts
payable
|
55,553
|
|
38,316
|
|
|
Decrease in accrued
pensions
|
(7,404)
|
|
(7,582)
|
|
|
Net change in other
current assets and liabilities
|
(4,430)
|
|
13,428
|
|
|
Net change in other
long-term assets and liabilities
|
(2,446)
|
|
520
|
|
|
NET CASH PROVIDED BY OPERATING
ACTIVITIES
|
16,738
|
|
15,596
|
|
|
|
|
|
|
|
INVESTING ACTIVITIES:
|
|
|
|
|
|
Capital
expenditures
|
(15,503)
|
|
(9,771)
|
|
|
Acquisition of businesses,
net of cash acquired
|
(17,881)
|
|
-
|
|
|
Proceeds from sale of
property, plant and equipment
|
142
|
|
42
|
|
|
NET CASH USED BY INVESTING
ACTIVITIES
|
(33,242)
|
|
(9,729)
|
|
|
|
|
|
|
|
FINANCING ACTIVITIES:
|
|
|
|
|
|
Net change in
borrowings
|
(1,319)
|
|
(2,000)
|
|
|
Proceeds from exercise of
stock options
|
2,864
|
|
196
|
|
|
Tax benefit from exercise
of stock options
|
715
|
|
78
|
|
|
Purchase of shares for
treasury
|
(905)
|
|
(2,869)
|
|
|
Cash dividends paid to
shareholders
|
(12,987)
|
|
(11,885)
|
|
|
NET CASH USED BY FINANCING
ACTIVITIES
|
(11,632)
|
|
(16,480)
|
|
|
|
|
|
|
|
Effect of exchange rate changes
on Cash and cash equivalents
|
3,358
|
|
(915)
|
|
|
DECREASE IN CASH AND CASH
EQUIVALENTS
|
(24,778)
|
|
(11,528)
|
|
|
Cash and cash equivalents at
beginning of period
|
366,193
|
|
388,136
|
|
|
Cash and cash equivalents at end
of period
|
$ 341,415
|
|
$ 376,608
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash dividends paid per
share
|
$
0.31
|
|
$
0.28
|
|
|
|
|
|
|
Lincoln
Electric Holdings, Inc.
|
|
|
Segment
Highlights
|
|
|
(In
thousands)
|
|
|
(Unaudited)
|
|
|
|
|
|
North
|
|
|
|
South
|
|
The
Harris
|
|
|
|
America
|
|
Europe
|
|
Asia
Pacific
|
|
America
|
|
Products
|
|
Corporate
/
|
|
|
|
|
Welding
|
|
Welding
|
|
Welding
|
|
Welding
|
|
Group
|
|
Eliminations
|
|
Consolidated
|
|
|
Three months ended
March 31, 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
$ 280,757
|
|
$ 114,208
|
|
$
87,560
|
|
$ 34,073
|
|
$ 82,581
|
|
$
-
|
|
$
599,179
|
|
|
Inter-segment sales
|
35,127
|
|
3,835
|
|
3,213
|
|
-
|
|
2,233
|
|
(44,408)
|
|
-
|
|
|
Total
|
$ 315,884
|
|
$ 118,043
|
|
$
90,773
|
|
$ 34,073
|
|
$ 84,814
|
|
$
(44,408)
|
|
$
599,179
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBIT (1)
|
$ 46,636
|
|
$ 5,554
|
|
$
127
|
|
$ 2,048
|
|
$
6,543
|
|
$
679
|
|
$
61,587
|
|
|
As a percent of
total
sales
|
14.8%
|
|
4.7%
|
|
0.1%
|
|
6.0%
|
|
7.7%
|
|
|
|
10.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special items charge
(gain)
(2)
|
$
-
|
|
$
358
|
|
$
(1)
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
357
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBIT, as adjusted
(3)
|
$ 46,636
|
|
$ 5,912
|
|
$
126
|
|
$ 2,048
|
|
$
6,543
|
|
$
679
|
|
$
61,944
|
|
|
As a percent of
total
sales
|
14.8%
|
|
5.0%
|
|
0.1%
|
|
6.0%
|
|
7.7%
|
|
|
|
10.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
March 31,
2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
$ 231,335
|
|
$ 84,676
|
|
$
71,945
|
|
$ 22,748
|
|
$ 60,254
|
|
$
-
|
|
$
470,958
|
|
|
Inter-segment sales
|
24,908
|
|
3,558
|
|
2,501
|
|
194
|
|
1,731
|
|
(32,892)
|
|
-
|
|
|
Total
|
$ 256,243
|
|
$ 88,234
|
|
$
74,446
|
|
$ 22,942
|
|
$ 61,985
|
|
$
(32,892)
|
|
$
470,958
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBIT (1)
|
$ 30,996
|
|
$
558
|
|
$
721
|
|
$ 1,346
|
|
$
2,741
|
|
$
(742)
|
|
$
35,620
|
|
|
As a percent of
total
sales
|
12.1%
|
|
0.6%
|
|
1.0%
|
|
5.9%
|
|
4.4%
|
|
|
|
7.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special items charge
(gain)
(4)
|
$
-
|
|
$
540
|
|
$
261
|
|
$
(11)
|
|
$
-
|
|
$
-
|
|
$
790
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBIT, as adjusted
(3)
|
$ 30,996
|
|
$ 1,098
|
|
$
982
|
|
$ 1,335
|
|
$
2,741
|
|
$
(742)
|
|
$
36,410
|
|
|
As a percent of
total
sales
|
12.1%
|
|
1.2%
|
|
1.3%
|
|
5.8%
|
|
4.4%
|
|
|
|
7.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) EBIT is defined as
Operating income plus Equity earnings in affiliates and Other
income.
(2) Special items include
rationalization and asset impairment charges.
(3) The primary profit
measure used by management to assess segment performance is EBIT,
as adjusted. EBIT for each operating segment is adjusted for
special items to derive EBIT, as adjusted.
(4) Special items include
rationalization charges and the impact of the change in the
functional currency of the Company's Venezuelan operation to the
U.S. dollar and the devaluation of the Venezuelan currency.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
Sales
|
|
|
|
|
|
|
|
Foreign
|
|
Net
Sales
|
|
|
2010
|
|
Volume
|
|
Acquisitions
|
|
Price
|
|
Exchange
|
|
2011
|
|
|
Operating
Segments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America Welding
|
$ 231,335
|
|
$ 40,386
|
|
$
448
|
|
$ 6,124
|
|
$ 2,464
|
|
$ 280,757
|
|
|
Europe Welding
|
84,676
|
|
14,750
|
|
8,022
|
|
5,150
|
|
1,610
|
|
114,208
|
|
|
Asia Pacific Welding
|
71,945
|
|
9,258
|
|
-
|
|
1,775
|
|
4,582
|
|
87,560
|
|
|
South America Welding
|
22,748
|
|
7,711
|
|
-
|
|
2,387
|
|
1,227
|
|
34,073
|
|
|
The Harris Products
Group
|
60,254
|
|
6,526
|
|
-
|
|
14,943
|
|
858
|
|
82,581
|
|
|
Consolidated
|
$ 470,958
|
|
$ 78,631
|
|
$
8,470
|
|
$ 30,379
|
|
$ 10,741
|
|
$ 599,179
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America Welding
|
|
|
17.5%
|
|
0.2%
|
|
2.6%
|
|
1.1%
|
|
21.4%
|
|
|
Europe Welding
|
|
|
17.4%
|
|
9.5%
|
|
6.1%
|
|
1.9%
|
|
34.9%
|
|
|
Asia Pacific Welding
|
|
|
12.9%
|
|
-
|
|
2.5%
|
|
6.4%
|
|
21.7%
|
|
|
South America Welding
|
|
|
33.9%
|
|
-
|
|
10.5%
|
|
5.4%
|
|
49.8%
|
|
|
The Harris Products
Group
|
|
|
10.8%
|
|
-
|
|
24.8%
|
|
1.4%
|
|
37.1%
|
|
|
Consolidated
|
|
|
16.7%
|
|
1.8%
|
|
6.5%
|
|
2.3%
|
|
27.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SOURCE Lincoln Electric Holdings, Inc.