Lincoln Electric Holdings, Inc. (the “Company”) (Nasdaq:LECO)
today reported first quarter 2018 net income of $60.8 million, or
diluted earnings per share (EPS) of $0.92. This compares with
$55.8 million, or $0.84 EPS in the prior year period.
Reported EPS includes special item after-tax charges of $12.5
million, or $0.18 EPS. Excluding these items, first quarter
2018 adjusted net income increased 25.1% to $73.3 million, or $1.10
EPS, as compared with $58.6 million, or $0.88 EPS in the prior year
period. The first quarter 2018 effective tax rate was 27.8%
due to special items. Excluding special items, the effective
tax rate was 24.5%, which compares to 28.1% in the comparable 2017
period.
First quarter 2018 sales increased 30.4% to $757.7 million from
an 18.3% benefit from acquisitions, 5.2% higher volumes, a 4.2%
increase in price and 2.7% from favorable foreign exchange.
Operating income for the first quarter 2018 was $85.2 million,
or 11.2% of sales. This compares with operating income of
$79.4 million, or 13.7% of sales, in the comparable 2017
period. On an adjusted basis, operating income increased
17.2% to $97.3 million, or 12.8% of sales, as compared with $83.0
million, or 14.3% of sales, in the prior year period. The Air
Liquide Welding acquisition had an unfavorable 110 basis point
impact to the adjusted operating income margin.
"We are pleased to report good sales momentum in the first
quarter,” stated Christopher L. Mapes, Chairman, President and
Chief Executive Officer. “Higher capital investment and the drive
for higher productivity have increased demand across our main
product categories and trends remain positive. While we work
to mitigate inflationary headwinds, we are continuing to invest in
long-term profitable growth. In the quarter, our European
integration team continued to pace ahead of plan and we celebrated
the grand opening of our new Welding Technology and Training
Center. These investments support our ‘2020 Vision and Strategy’
and long-term value creation for our customers and
shareholders."
Webcast Information
A conference call to discuss first quarter 2018 financial
results will be webcast live today, April 23, 2018, 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 2969867. Telephone participants are asked to dial in 10
- 15 minutes prior to the start of the conference call.
Financial results for the first quarter 2018 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 63 manufacturing
locations, including operations and joint ventures in 23 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 http://www.lincolnelectric.com.
Non-GAAP 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 successfully integrate the Air Liquide Welding
business acquisition; market risks and price fluctuations related
to the purchase of commodities and energy; global regulatory
complexity; the effects of changes in tax law; 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,
2017.
|
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 |
|
|
2018 |
|
% of Sales |
|
2017 |
|
% of Sales |
|
$ |
|
% |
Net sales |
|
$ |
757,696 |
|
|
100.0 |
% |
|
$ |
580,897 |
|
|
100.0 |
% |
|
$ |
176,799 |
|
|
30.4 |
% |
Cost of goods sold |
|
501,142 |
|
|
66.1 |
% |
|
378,234 |
|
|
65.1 |
% |
|
(122,908 |
) |
|
(32.5 |
%) |
Gross profit |
|
256,554 |
|
|
33.9 |
% |
|
202,663 |
|
|
34.9 |
% |
|
53,891 |
|
|
26.6 |
% |
Selling,
general & administrative expenses |
|
161,191 |
|
|
21.3 |
% |
|
123,256 |
|
|
21.2 |
% |
|
(37,935 |
) |
|
(30.8 |
%) |
Rationalization and asset impairment charges |
|
10,175 |
|
|
1.3 |
% |
|
— |
|
|
— |
|
|
(10,175 |
) |
|
(100.0 |
%) |
Operating income |
|
85,188 |
|
|
11.2 |
% |
|
79,407 |
|
|
13.7 |
% |
|
5,781 |
|
|
7.3 |
% |
Interest expense,
net |
|
4,441 |
|
|
0.6 |
% |
|
5,337 |
|
|
0.9 |
% |
|
896 |
|
|
16.8 |
% |
Other income
(expense) |
|
3,451 |
|
|
0.5 |
% |
|
3,830 |
|
|
0.7 |
% |
|
(379 |
) |
|
(9.9 |
%) |
Income before income
taxes |
|
84,198 |
|
|
11.1 |
% |
|
77,900 |
|
|
13.4 |
% |
|
6,298 |
|
|
8.1 |
% |
Income taxes |
|
23,378 |
|
|
3.1 |
% |
|
22,052 |
|
|
3.8 |
% |
|
(1,326 |
) |
|
(6.0 |
%) |
Effective tax rate |
|
27.8 |
% |
|
|
|
28.3 |
% |
|
|
|
0.5 |
% |
|
|
Net income including
non-controlling interests |
|
60,820 |
|
|
8.0 |
% |
|
55,848 |
|
|
9.6 |
% |
|
4,972 |
|
|
8.9 |
% |
Non-controlling
interests in subsidiaries’ earnings (loss) |
|
(4 |
) |
|
— |
|
|
4 |
|
|
— |
|
|
(8 |
) |
|
200.0 |
% |
Net income |
|
$ |
60,824 |
|
|
8.0 |
% |
|
$ |
55,844 |
|
|
9.6 |
% |
|
$ |
4,980 |
|
|
8.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share |
|
$ |
0.93 |
|
|
|
|
$ |
0.85 |
|
|
|
|
$ |
0.08 |
|
|
9.4 |
% |
Diluted earnings per
share |
|
$ |
0.92 |
|
|
|
|
$ |
0.84 |
|
|
|
|
$ |
0.08 |
|
|
9.5 |
% |
Weighted average shares
(basic) |
|
65,579 |
|
|
|
|
65,688 |
|
|
|
|
|
|
|
Weighted average shares
(diluted) |
|
66,443 |
|
|
|
|
66,583 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lincoln Electric
Holdings, Inc.Financial
Highlights(In
thousands)(Unaudited) |
|
Balance Sheet
Highlights |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Consolidated Balance Sheet Data |
|
March 31, 2018 |
|
December 31, 2017 |
Cash and cash
equivalents |
|
$ |
369,056 |
|
|
$ |
326,701 |
|
Marketable
securities |
|
136,704 |
|
|
179,125 |
|
Total current
assets |
|
1,445,845 |
|
|
1,373,608 |
|
Property, plant and
equipment, net |
|
482,805 |
|
|
477,031 |
|
Total assets |
|
2,488,500 |
|
|
2,406,547 |
|
Total current
liabilities |
|
550,200 |
|
|
528,742 |
|
Short-term debt
(1) |
|
1,981 |
|
|
2,131 |
|
Long-term debt, less
current portion |
|
700,869 |
|
|
704,136 |
|
Total equity |
|
980,672 |
|
|
932,453 |
|
|
|
|
|
|
Operating
Working Capital |
|
March 31, 2018 |
|
December 31, 2017 |
Accounts receivable,
net |
|
$ |
442,740 |
|
|
$ |
395,279 |
|
Inventories |
|
381,530 |
|
|
348,667 |
|
Trade accounts
payable |
|
277,122 |
|
|
269,763 |
|
Operating working
capital |
|
$ |
547,148 |
|
|
$ |
474,183 |
|
|
|
|
|
|
Average operating
working capital to Net sales (2) (3) |
|
18.1 |
% |
|
15.9 |
% |
|
|
|
|
|
Invested
Capital |
|
March 31, 2018 |
|
December 31, 2017 |
Short-term debt
(1) |
|
$ |
1,981 |
|
|
$ |
2,131 |
|
Long-term debt, less
current portion |
|
700,869 |
|
|
704,136 |
|
Total debt |
|
702,850 |
|
|
706,267 |
|
Total equity |
|
980,672 |
|
|
932,453 |
|
Invested capital |
|
$ |
1,683,522 |
|
|
$ |
1,638,720 |
|
|
|
|
|
|
Total debt / invested
capital |
|
41.7 |
% |
|
43.1 |
% |
|
|
|
|
|
|
|
(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.
(3) Average operating working capital to Net sales excluding the
acquisition of Air Liquide Welding was 16.5% and 14.2% in the 2018
and 2017 periods, respectively.
|
Lincoln Electric
Holdings, Inc.Financial
Highlights(In thousands, except per share
amounts)(Unaudited) |
Non-GAAP Financial Measures |
|
|
|
Three Months Ended March 31, |
|
|
2018 |
|
2017 |
Operating income as
reported |
|
$ |
85,188 |
|
|
$ |
79,407 |
|
Special
items (pre-tax): |
|
|
|
|
Rationalization and asset impairment charges (2) |
|
10,175 |
|
|
— |
|
Acquisition transaction and integration costs (3) |
|
1,907 |
|
|
3,615 |
|
Adjusted operating
income (1) |
|
$ |
97,270 |
|
|
$ |
83,022 |
|
As a
percent of total sales |
|
12.8 |
% |
|
14.3 |
% |
|
|
|
|
|
Net income as
reported |
|
$ |
60,824 |
|
|
$ |
55,844 |
|
Special
items (after-tax): |
|
|
|
|
Rationalization and asset impairment charges (2) |
|
7,870 |
|
|
— |
|
Acquisition transaction and integration costs (3) |
|
1,520 |
|
|
2,734 |
|
Pension
settlement charges (4) |
|
569 |
|
|
— |
|
Adjustment related to the U.S. Tax Act (5) |
|
2,500 |
|
|
— |
|
Adjusted net income
(1) |
|
$ |
73,283 |
|
|
$ |
58,578 |
|
|
|
|
|
|
Diluted earnings per
share as reported |
|
$ |
0.92 |
|
|
$ |
0.84 |
|
Special items |
|
0.18 |
|
|
0.04 |
|
Adjusted diluted
earnings per share (1) |
|
$ |
1.10 |
|
|
$ |
0.88 |
|
|
|
|
|
|
Weighted average shares
(diluted) |
|
66,443 |
|
|
66,583 |
|
|
|
|
|
|
|
|
(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) Charges primarily related to severance and asset
impairments, net of tax of $2,305.
(3) Related to the acquisition of Air Liquide Welding, net
of tax of $387 and $881 in 2018 and 2017, respectively.
(4) Related to a lump sum pension payment, net of tax of
$189.
(5) Adjustment to taxes on unremitted foreign earnings
related to the U.S. Tax Act.
|
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 |
|
2018 |
|
2017 |
Net income as
reported |
|
$ |
252,483 |
|
|
$ |
200,605 |
|
Rationalization and asset impairment charges, net of tax of
$2,697 |
|
14,068 |
|
|
— |
|
Pension
settlement charges, net of tax of $3,309 |
|
5,599 |
|
|
— |
|
Loss on
deconsolidation of Venezuelan subsidiary, net of tax of $1,097 |
|
— |
|
|
33,251 |
|
Income
tax valuation reversals |
|
— |
|
|
(7,196 |
) |
Acquisition transaction and integration costs, net of tax of $2,949
and $880 in 2018 and 2017, respectively |
|
10,345 |
|
|
2,734 |
|
Amortization of step up in value of acquired inventories, net of
tax of $1,125 |
|
3,453 |
|
|
— |
|
Bargain
purchase gain |
|
(49,650 |
) |
|
— |
|
Net
impact of U.S. Tax Act |
|
31,116 |
|
|
— |
|
Adjusted
net income (1) |
|
$ |
267,414 |
|
|
$ |
229,394 |
|
Plus:
Interest expense, net of tax of $5,997 and $8,180 in 2018 and 2017,
respectively |
|
18,022 |
|
|
13,186 |
|
Less:
Interest income, net of tax of $1,369 and $934 in 2018 and 2017,
respectively |
|
4,114 |
|
|
1,505 |
|
Adjusted
net income before tax effected interest |
|
$ |
281,322 |
|
|
$ |
241,075 |
|
|
|
|
|
|
Invested
Capital |
|
March 31, 2018 |
|
March 31, 2017 |
Short-term debt |
|
$ |
1,981 |
|
|
$ |
2,136 |
|
Long-term
debt, less current portion |
|
700,869 |
|
|
703,378 |
|
Total
debt |
|
702,850 |
|
|
705,514 |
|
Total
equity |
|
980,672 |
|
|
784,124 |
|
Invested capital |
|
$ |
1,683,522 |
|
|
$ |
1,489,638 |
|
|
|
|
|
|
Return on invested
capital (1)(2) |
|
16.7 |
% |
|
16.2 |
% |
|
|
|
|
|
|
|
(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.
|
Lincoln Electric
Holdings, Inc.Financial
Highlights(In thousands, except per share
amounts)(Unaudited) |
|
|
|
Condensed
Consolidated Statements of Cash Flows |
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
2018 |
|
2017 |
OPERATING
ACTIVITIES: |
|
|
|
|
Net income |
|
$ |
60,824 |
|
|
$ |
55,844 |
|
Non-controlling
interests in subsidiaries’ earnings (loss) |
|
(4 |
) |
|
4 |
|
Net income including
non-controlling interests |
|
60,820 |
|
|
55,848 |
|
Adjustments to reconcile Net income including non-controlling
interests to Net cash provided by operating activities: |
|
|
|
|
Rationalization and asset impairment charges |
|
676 |
|
|
— |
|
Depreciation and amortization |
|
18,134 |
|
|
16,166 |
|
Equity
earnings in affiliates, net |
|
(538 |
) |
|
(270 |
) |
Pension
(income) expense and settlement charges |
|
(122 |
) |
|
(1,345 |
) |
Other
non-cash items, net |
|
7,424 |
|
|
5,991 |
|
Changes
in operating assets and liabilities, net of effects from
acquisitions: |
|
|
|
|
Increase
in accounts receivable |
|
(40,468 |
) |
|
(24,195 |
) |
Increase
in inventories |
|
(28,052 |
) |
|
(20,946 |
) |
Increase
in trade accounts payable |
|
3,191 |
|
|
7,164 |
|
Net
change in other current assets and liabilities |
|
21,508 |
|
|
35,333 |
|
Net
change in other long-term assets and liabilities |
|
1,204 |
|
|
2,494 |
|
NET CASH PROVIDED BY
OPERATING ACTIVITIES |
|
43,777 |
|
|
76,240 |
|
|
|
|
|
|
INVESTING
ACTIVITIES: |
|
|
|
|
Capital
expenditures |
|
(14,657 |
) |
|
(12,037 |
) |
Acquisition of businesses, net of cash acquired |
|
6,235 |
|
|
— |
|
Proceeds
from sale of property, plant and equipment |
|
118 |
|
|
203 |
|
Purchase
of marketable securities |
|
(89,545 |
) |
|
(34,925 |
) |
Proceeds
from marketable securities |
|
131,966 |
|
|
3,800 |
|
NET CASH PROVIDED BY
(USED BY) INVESTING ACTIVITIES |
|
34,117 |
|
|
(42,959 |
) |
|
|
|
|
|
FINANCING
ACTIVITIES: |
|
|
|
|
Net
change in borrowings |
|
(63 |
) |
|
110 |
|
Proceeds
from exercise of stock options |
|
1,962 |
|
|
5,643 |
|
Purchase
of shares for treasury |
|
(14,724 |
) |
|
(403 |
) |
Cash
dividends paid to shareholders |
|
(25,661 |
) |
|
(22,986 |
) |
Other
financing activities |
|
— |
|
|
(7 |
) |
NET CASH USED BY
FINANCING ACTIVITIES |
|
(38,486 |
) |
|
(17,643 |
) |
|
|
|
|
|
Effect of exchange rate
changes on Cash and cash equivalents |
|
2,947 |
|
|
6,623 |
|
INCREASE IN CASH AND
CASH EQUIVALENTS |
|
42,355 |
|
|
22,261 |
|
Cash and cash
equivalents at beginning of period |
|
326,701 |
|
|
379,179 |
|
Cash and cash
equivalents at end of period |
|
$ |
369,056 |
|
|
$ |
401,440 |
|
|
|
|
|
|
Cash dividends paid per
share |
|
$ |
0.39 |
|
|
$ |
0.35 |
|
|
|
|
|
|
|
|
|
|
Lincoln Electric Holdings,
Inc.Segment Highlights (1)(In
thousands)(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas Welding |
|
International Welding |
|
The HarrisProductsGroup |
|
Corporate /Eliminations |
|
Consolidated |
Three months ended March 31, 2018 |
|
|
|
|
|
|
|
|
|
Net sales |
|
$ |
434,772 |
|
|
$ |
247,320 |
|
|
$ |
75,604 |
|
|
$ |
— |
|
|
$ |
757,696 |
|
|
Inter-segment
sales |
|
26,586 |
|
|
4,509 |
|
|
1,907 |
|
|
(33,002 |
) |
|
— |
|
|
Total |
|
$ |
461,358 |
|
|
$ |
251,829 |
|
|
$ |
77,511 |
|
|
$ |
(33,002 |
) |
|
$ |
757,696 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBIT (1) |
|
$ |
76,681 |
|
|
$ |
4,798 |
|
|
$ |
9,225 |
|
|
$ |
(2,065 |
) |
|
$ |
88,639 |
|
|
As a
percent of total sales |
|
16.6 |
% |
|
1.9 |
% |
|
11.9 |
% |
|
|
|
11.7 |
% |
|
Special items charges
(gains) (3) |
|
758 |
|
|
10,175 |
|
|
— |
|
|
1,907 |
|
|
12,840 |
|
|
Adjusted EBIT (2) |
|
$ |
77,439 |
|
|
$ |
14,973 |
|
|
$ |
9,225 |
|
|
$ |
(158 |
) |
|
$ |
101,479 |
|
|
As a
percent of total sales |
|
16.8 |
% |
|
5.9 |
% |
|
11.9 |
% |
|
|
|
13.4 |
% |
|
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 charges
(gains) (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 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) EBIT is defined as Operating income plus Other income
(expense).
(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 in 2018 reflect rationalization and asset
impairment charges, pension settlement charges and acquisition
transaction and integration costs related to the acquisition of Air
Liquide Welding. Special items in 2017 reflect acquisition
transaction and integration costs related to the 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 Sales 2017 |
|
Volume |
|
Acquisitions |
|
Price |
|
ForeignExchange |
|
Net Sales 2018 |
Operating
Segments |
|
|
|
|
|
|
|
|
|
|
|
|
Americas Welding |
|
$ |
383,324 |
|
|
$ |
28,562 |
|
|
$ |
3,606 |
|
|
$ |
17,682 |
|
|
$ |
1,598 |
|
|
$ |
434,772 |
|
International
Welding |
|
128,888 |
|
|
(4,737 |
) |
|
102,946 |
|
|
7,019 |
|
|
13,204 |
|
|
247,320 |
|
The Harris Products
Group |
|
68,685 |
|
|
6,380 |
|
|
— |
|
|
(496 |
) |
|
1,035 |
|
|
75,604 |
|
Consolidated |
|
$ |
580,897 |
|
|
$ |
30,205 |
|
|
$ |
106,552 |
|
|
$ |
24,205 |
|
|
$ |
15,837 |
|
|
$ |
757,696 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
%
Change |
|
|
|
|
|
|
|
|
|
|
|
|
Americas Welding |
|
|
|
7.5 |
% |
|
0.9 |
% |
|
4.6 |
% |
|
0.4 |
% |
|
13.4 |
% |
International
Welding |
|
|
|
(3.7 |
%) |
|
79.9 |
% |
|
5.4 |
% |
|
10.2 |
% |
|
91.9 |
% |
The Harris Products
Group |
|
|
|
9.3 |
% |
|
— |
|
|
(0.7 |
%) |
|
1.5 |
% |
|
10.1 |
% |
Consolidated |
|
|
|
5.2 |
% |
|
18.3 |
% |
|
4.2 |
% |
|
2.7 |
% |
|
30.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contact
Amanda Butler
Vice President, Investor Relations & Communications
Tel: 216.383.2534
Email: Amanda_Butler@lincolnelectric.com
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