2014

Lincoln Electric Reports Record 2012 Sales and EPS; 4Q Sales of $684.6 million; Full Year Sales of $2.9 billion; 4Q Operating income increase of 4.1%; Adjusted operating income increase of 10.2%; 4Q EPS of $0.74, $0.79 as adjusted; Full Year EPS of $3.06, $3.16 as adjusted

CLEVELAND, Feb. 15, 2013 /PRNewswire/ -- 

Fourth Quarter and Full Year 2012 Highlights

  • Sales were $684.6 million in the Fourth Quarter 2012; Sales were $2.9 billion for the Full year 2012, an increase of 5.9% from 2011
  • Operating income increased 4.1% to $85.7 million, or 12.5% of sales, from $82.4 million, or 11.9% of sales, in the Fourth Quarter 2011; Adjusted operating income increased 10.2% to $90.7 million, or 13.3% of sales
  • Operating income increased 22.0% to $362.1 million, or 12.7% of sales, from $296.7 million, or 11.0% of sales, in the Full year 2011; Adjusted operating income increased 25.5% to $372.8 million, or 13.1% of sales
  • Net income increased 7.5% to $62.1 million, or $0.74 per diluted share, from $57.7 million, or $0.68 per diluted share, in the Fourth Quarter 2011; Adjusted net income increased 14.2% to $65.9 million, or $0.79 per diluted share
  • Net income increased 18.5% to $257.4 million, or $3.06 per diluted share, from $217.2 million, or $2.56 per diluted share, in the Full year 2011; Adjusted net income increased 25.0% to $265.8 million, or $3.16 per diluted share from $212.6 million, or $2.51 per diluted share
  • Net cash provided by operating activities in the Fourth Quarter 2012 increased $21.0 million, or 33.3%, to $84.1 million; Net cash provided by operating activities in the Full year 2012 increased $134.0 million, or 69.2%, to $327.5 million

Lincoln Electric Holdings, Inc. (the "Company") (Nasdaq: LECO) today reported fourth quarter 2012 net income of $62.1 million, or $0.74 per diluted share.  Adjusted net income was $65.9 million, or $0.79 per diluted share, compared to adjusted net income of $57.7 million, or $0.68 per diluted share, in the comparable 2011 period.

Sales were $684.6 million in the fourth quarter 2012 versus $694.5 million in the comparable 2011 period, a decrease of 1.4%.  Operating income for the fourth quarter increased $3.3 million to $85.7 million, or 12.5% of sales, from $82.4 million, or 11.9% of sales, in the comparable 2011 period.  The effective tax rate for the fourth quarter 2012 was 29.3% compared with 30.8% in the same period of 2011.  

Sales for the twelve months ended December 31, 2012 were $2.9 billion versus $2.7 billion in 2011, an increase of 5.9%.  Operating income for the twelve months ended December 31, 2012 increased $65.4 million to $362.1 million, or 12.7% of sales, from $296.7 million, or 11.0% of sales, in 2011.

Net income for the twelve months ended December 31, 2012 was $257.4 million, or $3.06 per diluted share, compared with net income of $217.2 million, or $2.56 per diluted share, in 2011.  Adjusted net income was $265.8 million, or $3.16 per diluted share, compared to adjusted net income of $212.6 million, or $2.51 per diluted share, in 2011.  The effective tax rate for the twelve months ended December 31, 2012 was 30.4% compared with 28.0% in 2011.  The twelve months ended December 31, 2011 included a favorable $4.8 million tax adjustment for tax audit settlements.

"Our 2012 sales and earnings per share represent the highest in the Company's 118 year history," said John M. Stropki, Chairman of the Board.  "We are also pleased to report that we expanded margins, significantly increased return on invested capital and generated record cash flows.

"As we head into 2013, we continue to be cautious based on the uncertain global macroeconomic environment. We expect to see slower year-over-year overall growth in at least the first half of 2013; however, we remain very confident in our ability to execute our long-term strategic initiatives even in these challenging times."

Christopher L. Mapes, President and Chief Executive Officer added, "The goals set in our '2020 Vision' remain a priority, with our focus on achieving significant earnings growth and superior returns on invested capital. We continue to explore attractive acquisitions that will shape our product portfolio and grow our global reach, invest in new product development and expand our global commercial infrastructure.  Our continued attention to improvement in operating results and execution of our global growth strategies keep us well positioned to achieve our long-term goals."

Net cash provided by operating activities increased $21.0 million to $84.1 million in the fourth quarter from $63.1 million for the comparable period in 2011.  Fourth quarter cash flows from operations were reduced by a $33.4 million deposit related to a Canadian income tax assessment.  During the quarter, the Company returned $51.5 million to shareholders through the payment of $30.6 million in dividends and the repurchase of $20.9 million, or 455,518 of the Company's common shares, for treasury.  Dividends paid during the period included a December 28, 2012 dividend payment, which would normally have been paid in January 2013. The Company also invested $81.8 million in acquisitions and voluntarily contributed $10.1 million to its U.S. pension plans during the quarter.

Net cash provided by operating activities increased $134.0 million to $327.5 million in the twelve months ended December 31, 2012 from $193.5 million in 2011.  The 2012 cash flows from operations was reduced by a $89.4 million deposit related to a Canadian income tax assessment.  During the period, the Company repaid its $80.0 million senior unsecured note.  The Company also returned $154.1 million to shareholders through the payment of $73.1 million in dividends and the repurchase of $81.0 million, or 1,797,502 of the Company's common shares, for treasury during the period.  The Company also invested $134.6 million in acquisitions and voluntarily contributed $63.4 million to its U.S. pension plans.

The Company's Board of Directors declared a quarterly cash dividend of $0.20 per share, which was paid on December 28, 2012 to holders of record on December 17, 2012.

Financial results for the fourth quarter 2012 can also be obtained at http://www.lincolnelectric.com/InvestorNews.

A conference call to discuss fourth quarter 2012 financial results is scheduled for today, Friday, February 15, 2013, at 10:00 a.m., Eastern Time.  An audio webcast of the call is accessible through the Company's website at http://www.lincolnelectric.com/InvestorWebcasts/

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 oxy-fuel cutting equipment and has a leading global position in the brazing and soldering alloys market.  Headquartered in Cleveland, Ohio, Lincoln has 45 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 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.  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; 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 December 31, 2012


Fav (Unfav) to Prior Year



2012


% of Sales


2011


% of Sales


$


%

Net sales


$

684,648


100.0%


$

694,513


100.0%


$

(9,865)


(1.4%)

Cost of goods sold


471,616


68.9%


500,170


72.0%


28,554


5.7%

Gross profit


213,032


31.1%


194,343


28.0%


18,689


9.6%

Selling, general & administrative expenses


122,290


17.9%


111,981


16.1%


(10,309)


(9.2%)

Rationalization and asset impairment
     charges (gains)


5,037


0.7%




(5,037)


(100.0%)

Operating income


85,705


12.5%


82,362


11.9%


3,343


4.1%

Interest income


1,340


0.2%


685


0.1%


655


95.6%

Equity earnings in affiliates


743


0.1%


1,352


0.2%


(609)


(45.0%)

Other income


670


0.1%


695


0.1%


(25)


(3.6%)

Interest expense


(853)


(0.1%)


(1,667)


(0.2%)


814


48.8%

Income before income taxes


87,605


12.8%


83,427


12.0%


4,178


5.0%

Income taxes


25,639


3.7%


25,736


3.7%


97


0.4%

Effective tax rate


29.3%




30.8%




1.5%



Net income including non-controlling
    interests


61,966


9.1%


57,691


8.3%


4,275


7.4%

Non-controlling interests in subsidiaries'
    loss


(118)



(42)



(76)


(181.0%)

Net income


$

62,084


9.1%


$

57,733


8.3%


$

4,351


7.5%














Basic earnings per share


$

0.75




$

0.69




$

0.06


8.7%

Diluted earnings per share


$

0.74




$

0.68




$

0.06


8.8%

Weighted average shares (basic)


82,651




83,384







Weighted average shares (diluted)


83,677




84,384






















Twelve months ended December 31,


Fav (Unfav) to Prior Year



2012


% of Sales


2011


% of Sales


$


%

Net sales


$

2,853,367


100.0%


$

2,694,609


100.0%


$

158,758


5.9%

Cost of goods sold


1,986,711


69.6%


1,957,872


72.7%


(28,839)


(1.5%)

Gross profit


866,656


30.4%


736,737


27.3%


129,919


17.6%

Selling, general & administrative expenses


495,221


17.4%


439,775


16.3%


(55,446)


(12.6%)

Rationalization and asset impairment
    charges  (gains)


9,354


0.3%


282



(9,072)


(3,217.0%)

Operating income


362,081


12.7%


296,680


11.0%


65,401


22.0%

Interest income


3,988


0.1%


3,121


0.1%


867


27.8%

Equity earnings in affiliates


5,007


0.2%


5,385


0.2%


(378)


(7.0%)

Other income


2,685


0.1%


2,849


0.1%


(164)


(5.8%)

Interest expense


(4,191)


(0.1%)


(6,704)


(0.2%)


2,513


37.5%

Income before income taxes


369,570


13.0%


301,331


11.2%


68,239


22.6%

Income taxes


112,354


3.9%


84,318


3.1%


(28,036)


(33.3%)

Effective tax rate


30.4%




28.0%




(2.4%)



Net income including non-controlling
    interests


257,216


9.0%


217,013


8.1%


40,203


18.5%

Non-controlling interests in subsidiaries'
    loss


(195)



(173)



(22)


(12.7%)

Net income


$

257,411


9.0%


$

217,186


8.1%


$

40,225


18.5%














Basic earnings per share


$

3.10




$

2.60




$

0.50


19.2%

Diluted earnings per share


$

3.06




$

2.56




$

0.50


19.5%

Weighted average shares (basic)


83,087




83,681







Weighted average shares (diluted)


84,175




84,708




















 



Lincoln Electric Holdings, Inc.
Financial Highlights
(In thousands, except per share amounts)
(Unaudited)

Non-GAAP Financial Measures




















Three months ended December 31,


Twelve months ended December 31,



2012


2011


2012


2011

Operating income as reported


$

85,705



$

82,362



$

362,081



$

296,680


Special items (pre-tax):













   Rationalization and asset impairment charges (gains) (1)


5,037





9,354



282


   Venezuelan statutory severance obligation (2)






1,381




Adjusted operating income (4)


$

90,742



$

82,362



$

372,816



$

296,962











Net income as reported


$

62,084



$

57,733



$

257,411



$

217,186


Special items (after-tax):













   Rationalization and asset impairment charges (gains) (1)


3,823





7,442



237


   Venezuelan statutory severance obligation (2)






906




Adjustment for tax audit settlements (3)








(4,844)


Adjusted net income (4)


$

65,907



$

57,733



$

265,759



$

212,579











Diluted earnings per share as reported


$

0.74



$

0.68



$

3.06



$

2.56


Special items


0.05





0.10



(0.05)


Adjusted diluted earnings per share (4)


$

0.79



$

0.68



$

3.16



$

2.51











Weighted average shares (diluted)


83,677



84,384



84,175



84,708




(1)

The three and twelve months ended December 31, 2012 include net charges associated with severance, impairment and other costs from the consolidation of manufacturing operations initiated in 2012 partially offset by gains related to the sale of assets at rationalized operations.  The twelve months ended December 31, 2011 includes charges associated with severance and other costs from the consolidation of manufacturing operations initiated in 2009 partially offset by gains related to the sale of assets at rationalized operations.



(2)

Represents an unfavorable adjustment due to a change in Venezuelan labor law which provides for increased employee severance obligations.



(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










Selected Consolidated Balance Sheet Data


December 31, 2012



December 31, 2011


Cash and cash equivalents


$

286,464



$

361,101


Total current assets


1,132,816



1,219,270


Property, plant and equipment, net


486,236



470,451


Total assets


2,089,863



1,976,776


Total current liabilities


440,267



471,042


Short-term debt (1)


18,676



101,418


Long-term debt


1,599



1,960


Total equity


1,358,321



1,193,242







Net Operating Working Capital


December 31, 2012



December 31, 2011


Accounts receivable


$

360,662



$

386,197


Inventory


364,890



373,238


Trade accounts payable


209,647



176,312


Net operating working capital


$

515,905



$

583,123







Net operating working capital to net sales (2)


18.8%



21.0%







Invested Capital


December 31, 2012



December 31, 2011


Short-term debt (1)


$

18,676



$

101,418


Long-term debt


1,599



1,960


Total debt


20,275



103,378


Total equity


1,358,321



1,193,242


Invested capital


$

1,378,596



$

1,296,620







Total debt / invested capital


1.5%



8.0%


Return on invested capital (3)


18.7%



16.9%




(1)

Includes current portion of long-term debt.



(2)

Net operating working capital to net sales is defined as net operating working capital divided by annualized rolling three months of sales.



(3)

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)


Condensed Consolidated Statements of Cash Flows












Three months ended December 31,



2012


2011

OPERATING ACTIVITIES:







Net income


$

62,084



$

57,733


Non-controlling interests in subsidiaries' loss


(118)



(42)


Net income including non-controlling interests


61,966



57,691


Adjustments to reconcile Net income including non-controlling interests to Net cash

    provided by operating activities:







Rationalization and asset impairment charges


1,383




Depreciation and amortization


17,114



14,962


Equity loss (earnings) in affiliates, net


1,609



(655)


Other non-cash items, net


11,423



16,508


Changes in operating assets and liabilities, net of effects from acquisitions:







Decrease in accounts receivable


44,009



4,769


Decrease in inventories


35,118



47,048


Increase (decrease) in trade accounts payable


17,292



(26,316)


Net change in other current assets and liabilities


(61,032)



(49,103)


Decrease in accrued pensions


(10,729)



(1,286)


Net change in other long-term assets and liabilities


(34,010)



(478)


NET CASH PROVIDED BY OPERATING ACTIVITIES


84,143



63,140







INVESTING ACTIVITIES:







Capital expenditures


(13,408)



(15,063)


Acquisition of businesses, net of cash acquired


(81,751)



(3,889)


Proceeds from sale of property, plant and equipment


849



243


NET CASH USED BY INVESTING ACTIVITIES


(94,310)



(18,709)







FINANCING ACTIVITIES:







Net change in borrowings


(1,302)



10,827


Proceeds from exercise of stock options


6,081



4,140


Tax benefit from exercise of stock options


2,225



589


Purchase of shares for treasury


(20,863)



(9,367)


Cash dividends paid to shareholders


(30,602)



(12,934)


Other financing activities




3,346


NET CASH USED BY FINANCING ACTIVITIES


(44,461)



(3,399)







Effect of exchange rate changes on Cash and cash equivalents


417



(1,391)


(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS


(54,211)



39,641


Cash and cash equivalents at beginning of period


340,675



321,460


Cash and cash equivalents at end of period


$

286,464



$

361,101







Cash dividends paid per share


$

0.37



$

0.155


 


Lincoln Electric Holdings, Inc.
Financial Highlights
(In thousands, except per share amounts)
(Unaudited)


Condensed Consolidated Statements of Cash Flows












Twelve months ended December 31,



2012


2011

OPERATING ACTIVITIES:







Net income


$

257,411



$

217,186


Non-controlling interests in subsidiaries' loss


(195)



(173)


Net income including non-controlling interests


257,216



217,013


Adjustments to reconcile Net income including non-controlling interests to Net cash

    provided by operating activities:







Rationalization and asset impairment charges


1,740



23


Depreciation and amortization


65,334



62,051


Equity loss (earnings) in affiliates, net


160



(1,971)


Other non-cash items, net


40,582



44,564


Changes in operating assets and liabilities, net of effects from acquisitions:







Decrease (increase) in accounts receivable


57,759



(67,518)


Decrease (increase) in inventories


28,286



(51,679)


Increase in trade accounts payable


16,110



8,672


Net change in other current assets and liabilities


12,381



17,981


Decrease in accrued pensions


(65,201)



(31,776)


Net change in other long-term assets and liabilities


(86,883)



(3,842)


NET CASH PROVIDED BY OPERATING ACTIVITIES


327,484



193,518







INVESTING ACTIVITIES:







Capital expenditures


(52,715)



(65,813)


Acquisition of businesses, net of cash acquired


(134,602)



(66,229)


Proceeds from sale of property, plant and equipment


1,387



1,246


Other investing activities


(1,541)




NET CASH USED BY INVESTING ACTIVITIES


(187,471)



(130,796)







FINANCING ACTIVITIES:







Net change in borrowings


(89,303)



7,949


Proceeds from exercise of stock options


18,776



11,351


Tax benefit from exercise of stock options


7,819



2,916


Purchase of shares for treasury


(81,018)



(36,997)


Cash dividends paid to shareholders


(73,112)



(51,935)


Other financing activities




3,346


NET CASH USED BY FINANCING ACTIVITIES


(216,838)



(63,370)







Effect of exchange rate changes on Cash and cash equivalents


2,188



(4,444)


DECREASE IN CASH AND CASH EQUIVALENTS


(74,637)



(5,092)


Cash and cash equivalents at beginning of period


361,101



366,193


Cash and cash equivalents at end of period


$

286,464



$

361,101







Cash dividends paid per share


$

0.88



$

0.62


 


Lincoln Electric Holdings, Inc.
Segment Highlights
(In thousands)
(Unaudited)
































North

America

Welding


Europe

Welding


Asia Pacific

Welding


South

America

Welding


The Harris

Products

Group


Corporate /

Eliminations


Consolidated

Three months ended

   December 31, 2012















Net sales


$

392,939


$

107,507


$

70,223


$

39,931


$

74,048


$


$

684,648

Inter-segment sales


29,676


3,870


3,188



1,944


(38,678)


Total


$

422,615


$

111,377


$

73,411


$

39,931


$

75,992


$

(38,678)


$

684,648

EBIT (1)


$

75,925


$

3,914


$

(5,090)


$

4,829


$

5,544


$

1,996


$

87,118

As a percent of total sales


18.0%


3.5%


(6.9%)


12.1%


7.3%




12.7%

Special items charge (gain) (2)


$

273


$

1,068


$

3,696


$


$


$


$

5,037

EBIT, as adjusted (4)


$

76,198


$

4,982


$

(1,394)


$

4,829


$

5,544


$

1,996


$

92,155

As a percent of total sales


18.0%


4.5%


(1.9%)


12.1%


7.3%




13.5%

Three months ended

   December 31, 2011















Net sales


$

361,905


$

126,942


$

88,204


$

40,673


$

76,789


$


$

694,513

Inter-segment sales


30,895


4,047


4,893


120


1,761


(41,716)


Total


$

392,800


$

130,989


$

93,097


$

40,793


$

78,550


$

(41,716)


$

694,513

EBIT (1)


$

69,732


$

8,904


$

(652)


$

3,295


$

4,401


$

(1,271)


$

84,409

As a percent of total sales


17.8%


6.8%


(0.7%)


8.1%


5.6%




12.2%

Special items charge (gain)


$


$


$


$


$


$


$

EBIT, as adjusted (4)


$

69,732


$

8,904


$

(652)


$

3,295


$

4,401


$

(1,271)


$

84,409

As a percent of total sales


17.8%


6.8%


(0.7%)


8.1%


5.6%




12.2%

Twelve months ended

   December 31, 2012















Net sales


$

1,580,818


$

452,227


$

324,482


$

161,483


$

334,357


$


$

2,853,367

Inter-segment sales


131,062


16,048


14,829


38


8,549


(170,526)


Total


$

1,711,880


$

468,275


$

339,311


$

161,521


$

342,906


$

(170,526)


$

2,853,367

EBIT (1)


$

292,243


$

33,765


$

2,254


$

16,920


$

29,477


$

(4,886)


$

369,773

As a percent of total sales


17.1%


7.2%


0.7%


10.5%


8.6%




13.0%

Special items charge (gain) (2)


$

827


$

3,534


$

4,993


$

1,381


$


$


$

10,735

EBIT, as adjusted (4)


$

293,070


$

37,299


$

7,247


$

18,301


$

29,477


$

(4,886)


$

380,508

As a percent of total sales


17.1%


8.0%


2.1%


11.3%


8.6%




13.3%

Twelve months ended

   December 31, 2011















Net sales


$

1,309,499


$

508,692


$

376,276


$

156,684


$

343,458


$


$

2,694,609

Inter-segment sales


136,314


17,422


15,614


494


8,496


(178,340)


Total


$

1,445,813


$

526,114


$

391,890


$

157,178


$

351,954


$

(178,340)


$

2,694,609

EBIT (1)


$

227,924


$

35,779


$

2,739


$

12,895


$

25,151


$

426


$

304,914

As a percent of total sales


15.8%


6.8%


0.7%


8.2%


7.1%




11.3%

Special items charge (gain) (3)


$


$

392


$

(110)


$


$


$


$

282

EBIT, as adjusted (4)


$

227,924


$

36,171


$

2,629


$

12,895


$

25,151


$

426


$

305,196

As a percent of total sales


15.8%


6.9%


0.7%


8.2%


7.1%




11.3%



(1)

EBIT is defined as Operating income plus Equity earnings in affiliates and Other income.



(2)

Special items in the three and twelve month periods ended December 31, 2012 include rationalization and asset impairment charges (gains).  Special items in the twelve months ended December 31, 2012 also include an unfavorable adjustment due to a change in Venezuelan labor law which provides for increased employee severance obligations.



(3)

Special items include rationalization and asset impairment charges (gains).



(4)

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.

 

Lincoln Electric Holdings, Inc.
Change in Net Sales by Segment
(In thousands)
(Unaudited)


Three Months Ended December 31st Change in Net Sales by Segment






























Change in Net Sales due to:





Net Sales

2011


Volume


Acquisitions


Price


Foreign

Exchange


Net Sales

2012

Operating Segments













North America Welding


$

361,905


$

(2,722)


$

26,469


$

6,072


$

1,215


$

392,939

Europe Welding


126,942


(15,952)



(2,252)


(1,231)


107,507

Asia Pacific Welding


88,204


(18,138)



(429)


586


70,223

South America Welding


40,673


(1,700)



2,894


(1,936)


39,931

The Harris Products Group


76,789


(2,058)



704


(1,387)


74,048

Consolidated


$

694,513


$

(40,570)


$

26,469


$

6,989


$

(2,753)


$

684,648

% Change













North America Welding




(0.8%)


7.3%


1.7%


0.3%


8.6%

Europe Welding




(12.6%)



(1.8%)


(1.0%)


(15.3%)

Asia Pacific Welding




(20.6%)



(0.5%)


0.7%


(20.4%)

South America Welding




(4.2%)



7.1%


(4.8%)


(1.8%)

The Harris Products Group




(2.7%)



0.9%


(1.8%)


(3.6%)

Consolidated




(5.8%)


3.8%


1.0%


(0.4%)


(1.4%)

 



Twelve Months Ended December 31st Change in Net Sales by Segment






























Change in Net Sales due to:





Net Sales

2011


Volume


Acquisitions


Price


Foreign

Exchange


Net Sales

2012

Operating Segments













North America Welding


$

1,309,499


$

112,898


$

124,830


$

37,124


$

(3,533)


$

1,580,818

Europe Welding


508,692


(36,199)


8,322


4,874


(33,462)


452,227

Asia Pacific Welding


376,276


(54,289)



1,646


849


324,482

South America Welding


156,684


(1,284)



15,584


(9,501)


161,483

The Harris Products Group


343,458


13,683



(13,427)


(9,357)


334,357

Consolidated


$

2,694,609


$

34,809


$

133,152


$

45,801


$

(55,004)


$

2,853,367

% Change













North America Welding




8.6%


9.5%


2.8%


(0.3%)


20.7%

Europe Welding




(7.1%)


1.6%


1.0%


(6.6%)


(11.1%)

Asia Pacific Welding




(14.4%)



0.4%


0.2%


(13.8%)

South America Welding




(0.8%)



9.9%


(6.1%)


3.1%

The Harris Products Group




4.0%



(3.9%)


(2.7%)


(2.6%)

Consolidated




1.3%


4.9%


1.7%


(2.0%)


5.9%

SOURCE Lincoln Electric Holdings, Inc.



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