Lincoln Electric Reports Second Quarter 2013 Results

2Q EPS Increases 10% to $0.87, Adjusted EPS Increases 12% to $0.91

Jul 29, 2013, 07:30 ET from Lincoln Electric Holdings, Inc.

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.



RELATED LINKS

http://www.lincolnelectric.com