Lincoln Electric Reports Second Quarter 2013 Results 2Q EPS Increases 10% to $0.87, Adjusted EPS Increases 12% to $0.91

CLEVELAND, July 29, 2013 /PRNewswire/ --  




Second Quarter Highlights vs. Prior Year


  • Operating income up 9% to $104 million, or 14.3% of sales, despite 2% lower sales

  • Adjusted operating income up 9% to $108 million and up 150 bps to 14.8% of sales

  •  Profitability tracks higher on mix, operational improvements, and price/cost relationship

  • Cash flow from operations up 31% to $107 million

  • Returned $57 million to shareholders through share repurchases


Lincoln Electric Holdings, Inc. (the "Company") (Nasdaq: LECO) today reported second quarter 2013 net income of $72.6 million, or $0.87 per diluted share.  Adjusted net income was $75.7 million, or $0.91 per diluted share, compared to adjusted net income of $68.1 million, or $0.81 per diluted share, in the comparable 2012 period.

Sales were $727.4 million in the second quarter 2013 versus $744.0 million in the comparable 2012 period, a decrease of 2.2%.  Operating income for the second quarter increased $8.2 million to $104.3 million, or 14.3% of sales, from $96.0 million, or 12.9% of sales, in the comparable 2012 period.  Special items that impacted operating income in the second quarter 2013 include pre-tax rationalization charges of $0.9 million, and pre-tax charges of $2.5 million to Costs of goods sold related to the devaluation of the Venezuelan currency.

Sales for the six months ended June 30, 2013 were $1.4 billion versus $1.5 billion in the comparable 2012 period, a decrease of 1.7%. Operating income for the six months ended June 30, 2013 increased $5.2 million to $192.9 million, or 13.3% of sales, from $187.7 million, or 12.8% of sales, in the comparable 2012 period.    

Net income for the six months ended June 30, 2013 was $139.4 million, or $1.67 per diluted share, compared with net income of $130.6 million, or $1.54 per diluted share, in 2012.  Adjusted net income was $152.9 million, or $1.83 per diluted share, compared to adjusted net income of $132.4 million, or $1.57 per diluted share, in 2012.  The effective tax rate for the six months ended June 30, 2013 was 29.3% compared with 31.7% in 2012. 

"We are pleased by our ongoing profitability improvement which reflects solid execution of our operational and commercial initiatives globally," said Christopher L. Mapes, President and Chief Executive Officer. "While we maintain a cautious outlook for the balance of the year on mixed end sector performance, we expect to continue to deliver solid margin and earnings performance from the benefits of our initiatives, new product introductions and the careful management of expenses. Our efforts position us well to realize improved earnings, cash flow and shareholder returns as we work to execute our '2020 Vision' strategy and expand our global reach."

The Company's Board of Directors declared a quarterly cash dividend of $0.20 per share, which was paid on July 15, 2013 to holders of record on June 28, 2013. During the quarter, the Company made voluntary contributions of $25.0 million to its U.S. pension plans and returned $56.9 million to shareholders through the repurchase of 1,014,824 of the common shares for treasury. 

During the six months ended June 30, 2013, the Company made voluntary contributions of $75.0 million to its U.S. pension plans and returned $69.7 million to shareholders through the repurchase of 1,243,646 of the common shares for treasury.

Webcast Information

A conference call to discuss second quarter 2013 financial results will be webcast live today, Monday, July 29, 2013, at 10:00 a.m., Eastern Time.  This webcast is accessible at http://www.lincolnelectric.com/InvestorWebcasts. Listeners should go to the web site prior to the call to register and 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) 407-9205 (domestic) or (201) 689-8054 (international). A telephonic replay will be available starting at 12:00 p.m. Eastern Time today and will end on Monday, August 5, 2013 at 11:59 p.m. Eastern Time. To listen to the replay, please dial (877) 660-6853 (domestic) or (201) 612-7415 (international) and use confirmation code 417171.

Financial results for the second quarter 2013 can also be obtained at http://www.lincolnelectric.com/InvestorNews.

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 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.

Non-GAAP Information

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.

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; currency exchange and interest rates; adverse outcome of pending or potential litigation; actual costs of the Company's rationalization plans; 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 June 30,


Fav (Unfav) to Prior Year


2013


% of Sales


2012


% of Sales


$


%

Net sales

$

727,432



100.0

%


$

744,045



100.0

%


$

(16,613)



(2.2)

%

Cost of goods sold

487,094



67.0

%


519,048



69.8

%


31,954



6.2

%

Gross profit

240,338



33.0

%


224,997



30.2

%


15,341



6.8

%

Selling, general & administrative expenses

135,215



18.6

%


127,714



17.2

%


(7,501)



(5.9)

%

Rationalization and asset impairment charges

851



0.1

%


1,258



0.2

%


407



32.4

%

Operating income

104,272



14.3

%


96,025



12.9

%


8,247



8.6

%

Interest income

890



0.1

%


849



0.1

%


41



4.8

%

Equity earnings in affiliates

1,258



0.2

%


2,006



0.3

%


(748)



(37.3)

%

Other income

913



0.1

%


403



0.1

%


510



126.6

%

Interest expense

(799)



(0.1)

%


(1,126)



(0.2)

%


327



29.0

%

Income before income taxes

106,534



14.6

%


98,157



13.2

%


8,377



8.5

%

Income taxes

34,007



4.7

%


31,792



4.3

%


(2,215)



(7.0)

%

Effective tax rate

31.9

%





32.4

%





0.5

%



Net income including non-controlling interests

72,527



10.0

%


66,365



8.9

%


6,162



9.3

%

Non-controlling interests in subsidiaries' (loss) earnings

(79)





46





(125)



(271.7)

%

Net income

$

72,606



10.0

%


$

66,319



8.9

%


$

6,287



9.5

%













Basic earnings per share

$

0.88






$

0.80






$

0.08



10.0

%

Diluted earnings per share

$

0.87






$

0.79






$

0.08



10.1

%

Weighted average shares (basic)

82,419






83,328











Weighted average shares (diluted)

83,411






84,448












Six months ended June 30,


Fav (Unfav) to Prior Year


2013


% of Sales


2012


% of Sales


$


%

Net sales

$

1,446,005



100.0

%


$

1,471,167



100.0

%


$

(25,162)



(1.7)

%

Cost of goods sold

979,095



67.7

%


1,030,905



70.1

%


51,810



5.0

%

Gross profit

466,910



32.3

%


440,262



29.9

%


26,648



6.1

%

Selling, general & administrative expenses

272,106



18.8

%


251,329



17.1

%


(20,777)



(8.3)

%

Rationalization and asset impairment charges

1,902



0.1

%


1,258



0.1

%


(644)



(51.2)

%

Operating income

192,902



13.3

%


187,675



12.8

%


5,227



2.8

%

Interest income

1,916



0.1

%


1,732



0.1

%


184



10.6

%

Equity earnings in affiliates

2,517



0.2

%


2,698



0.2

%


(181)



(6.7)

%

Other income

1,627



0.1

%


1,269



0.1

%


358



28.2

%

Interest expense

(1,749)



(0.1)

%


(2,298)



(0.2)

%


549



23.9

%

Income before income taxes

197,213



13.6

%


191,076



13.0

%


6,137



3.2

%

Income taxes

57,843



4.0

%


60,562



4.1

%


2,719



4.5

%

Effective tax rate

29.3

%





31.7

%





2.4

%



Net income including non-controlling interests

139,370



9.6

%


130,514



8.9

%


8,856



6.8

%

Non-controlling interests in subsidiaries' loss

(42)





(48)





6



12.5

%

Net income

$

139,412



9.6

%


$

130,562



8.9

%


$

8,850



6.8

%













Basic earnings per share

$

1.69






$

1.57






$

0.12



7.6

%

Diluted earnings per share

$

1.67






$

1.54






$

0.13



8.4

%

Weighted average shares (basic)

82,569






83,390











Weighted average shares (diluted)

83,606






84,527























 

 



Lincoln Electric Holdings, Inc.

Financial Highlights

(In thousands, except per share amounts)

(Unaudited)


Non-GAAP Financial Measures


















Three months ended June 30,


Six months ended June 30,


2013


2012


2013


2012

Operating income as reported

$

104,272



$

96,025



$

192,902



$

187,675


Special items (pre-tax):












Rationalization and asset impairment charges (1)

851



1,258



1,902



1,258


Venezuelan currency devaluation (2)

2,538





12,198




Venezuelan statutory severance obligation (3)



1,381





1,381


Adjusted operating income (4)

$

107,661



$

98,664



$

207,002



$

190,314










Net income as reported

$

72,606



$

66,319



$

139,412



$

130,562


Special items (after-tax):












Rationalization and asset impairment charges (1)

579



915



1,252



915


Venezuelan currency devaluation (2)

2,538





12,198




Venezuelan statutory severance obligation (3)



906





906


Adjusted net income (4)

$

75,723



$

68,140



$

152,862



$

132,383










Diluted earnings per share as reported

$

0.87



$

0.79



$

1.67



$

1.54


Special items

0.04



0.02



0.16



0.03


Adjusted diluted earnings per share (4)

$

0.91



$

0.81



$

1.83



$

1.57










Weighted average shares (diluted)

83,411



84,448



83,606



84,527




(1)

The three and six months ended June 30, 2013 include net charges associated with severance 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. 



(2)

Represents the impact of the devaluation of the Venezuelan currency.



(3)

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



(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


June 30, 2013


December 31, 2012

Cash and cash equivalents


$

256,389



$

286,464


Total current assets


1,134,224



1,132,816


Property, plant and equipment, net


476,152



486,236


Total assets


2,060,117



2,089,863


Total current liabilities


452,685



440,267


Short-term debt (1)


14,776



18,676


Long-term debt


1,388



1,599


Total equity


1,394,455



1,358,321







Net Operating Working Capital


June 30, 2013


December 31, 2012

Accounts receivable


$

396,383



$

360,662


Inventory


367,631



364,890


Trade accounts payable


195,459



209,647


Net operating working capital


$

568,555



$

515,905







Net operating working capital to net sales (2)


19.5

%


18.8

%






Invested Capital


June 30, 2013


December 31, 2012

Short-term debt (1)


$

14,776



$

18,676


Long-term debt


1,388



1,599


Total debt


16,164



20,275


Total equity


1,394,455



1,358,321


Invested capital


$

1,410,619



$

1,378,596







Total debt / invested capital


1.1

%


1.5

%

Return on invested capital (3)


18.9

%


18.7

%



(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 June 30,


2013


2012

OPERATING ACTIVITIES:






Net income

$

72,606



$

66,319


Non-controlling interests in subsidiaries' (loss) earnings

(79)



46


Net income including non-controlling interests

72,527



66,365


Adjustments to reconcile Net income including non-controlling interests to Net cash    provided by operating activities:






Rationalization and asset impairment charges

240




Depreciation and amortization

17,158



16,206


Equity earnings in affiliates, net

(446)



(1,154)


Pension expense

7,320



9,193


Pension contributions and payments

(26,030)



(19,354)


Other non-cash items, net

9,991



12,589


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






Decrease in accounts receivable

23,218



8,203


Decrease (increase) in inventories

4,026



(6,240)


Decrease in trade accounts payable

(20,108)



(6,958)


Net change in other current assets and liabilities

21,439



3,409


Net change in other long-term assets and liabilities

(2,136)



(537)


NET CASH PROVIDED BY OPERATING ACTIVITIES

107,199



81,722






INVESTING ACTIVITIES:






Capital expenditures

(15,910)



(13,680)


Acquisition of businesses, net of cash acquired

(4,127)



(27,439)


Proceeds from sale of property, plant and equipment

487



128


  Other investing activities

(4,217)



(1,541)


NET CASH USED BY INVESTING ACTIVITIES

(23,767)



(42,532)






FINANCING ACTIVITIES:






Net change in borrowings

(1,263)



(1,371)


Proceeds from exercise of stock options

3,546



4,772


Excess tax benefits from stock-based compensation

1,476



2,471


Purchase of shares for treasury

(56,897)



(20,040)


Cash dividends paid to shareholders

(16,580)



(14,177)


Other financing activities

(2,809)




NET CASH USED BY FINANCING ACTIVITIES

(72,527)



(28,345)






Effect of exchange rate changes on Cash and cash equivalents

(2,971)



(3,720)


INCREASE IN CASH AND CASH EQUIVALENTS

7,934



7,125


Cash and cash equivalents at beginning of period

248,455



300,838


Cash and cash equivalents at end of period

$

256,389



$

307,963






Cash dividends paid per share

$

0.20



$

0.17


 

 


Lincoln Electric Holdings, Inc.

Financial Highlights

(In thousands, except per share amounts)

(Unaudited)


Condensed Consolidated Statements of Cash Flows










Six months ended June 30,


2013


2012

OPERATING ACTIVITIES:






Net income

$

139,412



$

130,562


Non-controlling interests in subsidiaries' loss

(42)



(48)


Net income including non-controlling interests

139,370



130,514


Adjustments to reconcile Net income including non-controlling interests to Net cash    provided by operating activities:






Rationalization and asset impairment charges

354




Depreciation and amortization

34,555



31,785


Equity earnings in affiliates, net

(882)



(711)


Pension expense

14,935



17,690


Pension contributions and payments

(81,351)



(39,049)


Other non-cash items, net

24,336



20,176


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






Increase in accounts receivable

(43,367)



(21,549)


Increase in inventories

(12,308)



(20,702)


(Decrease) increase in trade accounts payable

(11,840)



16,383


Net change in other current assets and liabilities

25,621



22,484


Net change in other long-term assets and liabilities

(2,372)



3,865


NET CASH PROVIDED BY OPERATING ACTIVITIES

87,051



160,886






INVESTING ACTIVITIES:






Capital expenditures

(31,048)



(26,247)


Acquisition of businesses, net of cash acquired

(4,676)



(49,335)


Proceeds from sale of property, plant and equipment

592



338


Other investing activities

(4,217)



(1,541)


NET CASH USED BY INVESTING ACTIVITIES

(39,349)



(76,785)






FINANCING ACTIVITIES:






Net change in borrowings

(2,755)



(85,369)


Proceeds from exercise of stock options

13,204



12,212


Excess tax benefits from stock-based compensation

5,465



5,454


Purchase of shares for treasury

(69,677)



(40,138)


Cash dividends paid to shareholders

(16,580)



(28,363)


Other financing activities

(2,809)




NET CASH USED BY FINANCING ACTIVITIES

(73,152)



(136,204)






Effect of exchange rate changes on Cash and cash equivalents

(4,625)



(1,035)


DECREASE IN CASH AND CASH EQUIVALENTS

(30,075)



(53,138)


Cash and cash equivalents at beginning of period

286,464



361,101


Cash and cash equivalents at end of period

$

256,389



$

307,963






Cash dividends paid per share

$

0.20



$

0.34


 

 

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

   June 30, 2013





















Net sales

$

419,069



$

108,661



$

69,239



$

44,503



$

85,960



$



$

727,432


Inter-segment sales

35,529



4,330



4,374



51



2,674



(46,958)




Total

$

454,598



$

112,991



$

73,613



$

44,554



$

88,634



$

(46,958)



$

727,432
















EBIT (1)

$

82,511



$

9,457



$

143



$

8,527



$

7,343



$

(1,538)



$

106,443


As a percent of total sales

18.2

%


8.4

%


0.2

%


19.1

%


8.3

%





14.6

%

Special items charge (2)

$

266



$

75



$

510



$

2,538



$



$



$

3,389


EBIT, as adjusted (4)

$

82,777



$

9,532



$

653



$

11,065



$

7,343



$

(1,538)



$

109,832


As a percent of total sales

18.2

%


8.4

%


0.9

%


24.8

%


8.3

%





15.1

%

Three months ended

   June 30, 2012





















Net sales

$

416,223



$

114,437



$

85,433



$

37,169



$

90,783



$



$

744,045


Inter-segment sales

39,658



4,466



5,076



11



2,353



(51,564)




Total

$

455,881



$

118,903



$

90,509



$

37,180



$

93,136



$

(51,564)



$

744,045
















EBIT (1)

$

76,479



$

10,399



$

3,425



$

1,599



$

9,041



$

(2,509)



$

98,434


As a percent of total sales

16.8

%


8.7

%


3.8

%


4.3

%


9.7

%





13.2

%

Special items charge (3)

$

77



$

592



$

589



$

1,381



$



$



$

2,639


EBIT, as adjusted (4)

$

76,556



$

10,991



$

4,014



$

2,980



$

9,041



$

(2,509)



$

101,073


As a percent of total sales

16.8

%


9.2

%


4.4

%


8.0

%


9.7

%





13.6

%

Six months ended

   June 30, 2013




















Net sales

$

838,623



$

219,152



$

139,278



$

80,877



$

168,075



$



$

1,446,005


Inter-segment sales

64,514



8,609



8,758



71



4,898



(86,850)




Total

$

903,137



$

227,761



$

148,036



$

80,948



$

172,973



$

(86,850)



$

1,446,005
















EBIT (1)

$

158,311



$

20,164



$

2,239



$

3,979



$

14,494



$

(2,141)



$

197,046


As a percent of total sales

17.5

%


8.9

%


1.5

%


4.9

%


8.4

%





13.6

%

Special items charge (2)

$

1,126



$

69



$

707



$

12,198



$



$



$

14,100


EBIT, as adjusted (4)

$

159,437



$

20,233



$

2,946



$

16,177



$

14,494



$

(2,141)



$

211,146


As a percent of total sales

17.7

%


8.9

%


2.0

%


20.0

%


8.4

%





14.6

%

Six months ended

   June 30, 2012





















Net sales

$

797,552



$

240,240



$

177,996



$

77,007



$

178,372



$



$

1,471,167


Inter-segment sales

73,200



8,917



8,893



11



4,736



(95,757)




Total

$

870,752



$

249,157



$

186,889



$

77,018



$

183,108



$

(95,757)



$

1,471,167
















EBIT (1)

$

145,998



$

23,210



$

5,998



$

4,504



$

16,194



$

(4,262)



$

191,642


As a percent of total sales

16.8

%


9.3

%


3.2

%


5.8

%


8.8

%





13.0

%

Special items charge (3)

$

77



$

592



$

589



$

1,381



$



$



$

2,639


EBIT, as adjusted (4)

$

146,075



$

23,802



$

6,587



$

5,885



$

16,194



$

(4,262)



$

194,281


As a percent of total sales

16.8

%


9.6

%


3.5

%


7.6

%


8.8

%





13.2

%



(1)

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



(2)

Special items in the three and six months ended June 30, 2013 include net rationalization and asset impairment charges and the impact of the devaluation of the Venezuelan currency.



(3)

Special items include net rationalization and asset impairment charges and an unfavorable adjustment due to a change in Venezuelan labor law, which provides for increased employee severance obligations.



(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 June 30th Change in Net Sales by Segment




























Change in Net Sales due to:




Net Sales

2012


Volume


Acquisitions


Price


Foreign

Exchange


Net Sales

2013

Operating Segments


















North America Welding

$

416,223



$

(20,571)



$

22,954



$

1,354



$

(891)



$

419,069


Europe Welding

114,437



(5,624)





789



(941)



108,661


Asia Pacific Welding

85,433



(15,177)





(1,063)



46



69,239


South America Welding

37,169



3,060





6,005



(1,731)



44,503


The Harris Products Group

90,783



1,997





(6,356)



(464)



85,960


Consolidated

$

744,045



$

(36,315)



$

22,954



$

729



$

(3,981)



$

727,432


% Change


















North America Welding




(4.9)

%


5.5

%


0.3

%


(0.2)

%


0.7

%

Europe Welding




(4.9)

%




0.7

%


(0.8)

%


(5.0)

%

Asia Pacific Welding




(17.8)

%




(1.2)

%


0.1

%


(19.0)

%

South America Welding




8.2

%




16.2

%


(4.7)

%


19.7

%

The Harris Products Group




2.2

%




(7.0)

%


(0.5)

%


(5.3)

%

Consolidated




(4.9)

%


3.1

%


0.1

%


(0.5)

%


(2.2)

%




Six Months Ended June 30th Change in Net Sales by Segment




























Change in Net Sales due to:




Net Sales

2012


Volume


Acquisitions


Price


Foreign

Exchange


Net Sales

2013

Operating Segments


















North America Welding

$

797,552



$

(27,921)



$

63,214



$

6,630



$

(852)



$

838,623


Europe Welding

240,240



(14,631)





(3,187)



(3,270)



219,152


Asia Pacific Welding

177,996



(35,322)





(2,984)



(412)



139,278


South America Welding

77,007



(261)





7,997



(3,866)



80,877


The Harris Products Group

178,372



(1,810)





(6,815)



(1,672)



168,075


Consolidated

$

1,471,167



$

(79,945)



$

63,214



$

1,641



$

(10,072)



$

1,446,005


% Change


















North America Welding




(3.5)

%


7.9

%


0.8

%


(0.1)

%


5.1

%

Europe Welding




(6.1)

%




(1.3)

%


(1.4)

%


(8.8)

%

Asia Pacific Welding




(19.8)

%




(1.7)

%


(0.2)

%


(21.8)

%

South America Welding




(0.3)

%




10.4

%


(5.0)

%


5.0

%

The Harris Products Group




(1.0)

%




(3.8)

%


(0.9)

%


(5.8)

%

Consolidated




(5.4)

%


4.3

%


0.1

%


(0.7)

%


(1.7)

%

SOURCE Lincoln Electric Holdings, Inc.



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