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Lincoln Electric reports 1Q'11 Sales increase of 27.2%; 1Q Operating income increase of 71.1%; 1Q EPS of $1.11 or $1.00, as adjusted


News provided by

Lincoln Electric Holdings, Inc.

Apr 26, 2011, 08:06 ET

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CLEVELAND, April 26, 2011 /PRNewswire/ --

First Quarter 2011 Highlights

  • Sales were $599.2 million, an increase of 27.2% from the First Quarter 2010
  • Operating income increased 71.1% to $59.5 million from $34.8 million in the First Quarter 2010
  • Net income increased 97.7% to $46.9 million, or $1.11 per diluted share, from $23.7 million, or $0.55 per diluted share, in the First Quarter 2010
  • Excluding special items, adjusted net income increased 71.0% to $42.3 million, or $1.00 per diluted share, from $24.8 million, or $0.58 per diluted share, in the First Quarter 2010

Lincoln Electric Holdings, Inc. (the "Company") (Nasdaq: LECO) today reported first quarter 2011 net income of $46.9 million, or $1.11 per diluted share.  Sales were $599.2 million in the first quarter 2011 versus $471.0 million in the comparable 2010 period, an increase of 27.2%.  Operating income for the first quarter increased $24.7 million to $59.5 million, or 9.9% of sales, from $34.8 million, or 7.4% of sales, in the comparable 2010 period.  Adjusted operating income in the quarter was $59.8 million, or 10.0% of sales.

Net income for the first quarter 2011 was $46.9 million, or $1.11 per diluted share, compared with net income of $23.7 million, or $0.55 per diluted share, in the first quarter 2010.  Adjusted net income was $42.3 million, or $1.00 per diluted share, compared with $24.8 million, or $0.58 per diluted share, in the first quarter 2010.  The effective tax rate for the first quarter 2011 was 22.5%, or 30.4% as adjusted, compared with 31.6% in 2010.  In the first quarter 2011, the Company recorded a $4.8 million favorable adjustment for tax audit settlements.  

"We are very pleased with our operating results for the first quarter 2011," said John M. Stropki, Chairman and Chief Executive Officer. "The significant increase in sales and operating profits in the quarter provide a strong start and encouraging outlook for 2011.

"Current demand levels remain positive and we are seeing improvement in most market segments and geographic regions. Our focus on new products, which provide growth through market share gains, played an important role on the sales increase during the quarter. Our continued attention to productivity improvements and related operating leverage will continue to provide us the flexibility to execute our long-term strategic objectives to the benefit of our customers, shareholders and employees."

Net cash provided by operating activities was $16.7 million in the first quarter compared with $15.6 million for the comparable period in 2010.  The Company returned $13.0 million to shareholders through the payment of dividends during 2011.

The Company's Board of Directors declared a quarterly cash dividend of $0.31 per share, which was paid on April 15, 2011 to holders of record as of March 31, 2011.

Financial results for the first quarter 2011 can also be obtained at http://www.lincolnelectric.com/InvestorNews.

A conference call to discuss the first quarter 2011 financial results is scheduled for today, Tuesday, April 26, 2011, at 11:00 a.m., Eastern Time.  An audio webcast of the call is accessible through the Company's website at http://www.lincolnelectric.com/InvestorWebcasts/.

The 2011 Annual Meeting of Shareholders of Lincoln Electric Holdings, Inc. will be held at 11:30 a.m., Eastern Time, on Friday, April 29, 2011, at the Marriott Cleveland East, 26300 Harvard Road, Warrensville Heights, Ohio.

Adjusted operating income, adjusted net income and adjusted diluted earnings per share are non-GAAP financial measures that management believes are important to investors to evaluate and compare the Company's financial performance from period to period. Management uses this information in assessing and evaluating the Company's underlying operating performance. Non-GAAP financial measures should be read in conjunction with the GAAP financial measures, as non-GAAP measures are a supplement to, and not a replacement for, GAAP financial measures.  Please refer to the attached schedule for a reconciliation of non-GAAP financial measures to the related GAAP financial measures.

Lincoln Electric is the world leader in the design, development and manufacture of arc welding products, robotic arc welding systems, plasma and oxyfuel cutting equipment and has a leading global position in the brazing and soldering alloys market.  Headquartered in Cleveland, Ohio, Lincoln has 41 manufacturing locations, including operations and joint ventures in 19 countries and a worldwide network of distributors and sales offices covering more than 160 countries.  For more information about Lincoln Electric, its products and services, visit the Company's website at http://www.lincolnelectric.com.

The Company's expectations and beliefs concerning the future contained in this news release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  These statements reflect management's current expectations and involve a number of risks and uncertainties.  Actual results may differ materially from such statements due to a variety of factors that could adversely affect the Company's operating results.  The factors include, but are not limited to: general economic and market conditions; the effectiveness of operating initiatives; currency exchange and interest rates; adverse outcome of pending or potential litigation; possible acquisitions; market risks and price fluctuations related to the purchase of commodities and energy; global regulatory complexity; and the possible effects of events beyond our control, such as political unrest, acts of terror and natural disasters, on the Company or its customers, suppliers and the economy in general.  For additional discussion, see "Item 1A. Risk Factors" in the Company's Annual Report on Form 10-K.

Lincoln Electric Holdings, Inc.

Financial Highlights

(In thousands, except per share amounts)

(Unaudited)

Consolidated Statements of Income


Three Months Ended March 31,


Fav (Unfav) to Prior Year


2011


% of Sales


2010


% of Sales


$


%













Net sales

$ 599,179


100.0%


$ 470,958


100.0%


$ 128,221


27.2%

Cost of goods sold

437,741


73.1%


347,625


73.8%


(90,116)


(25.9%)

Gross profit

161,438


26.9%


123,333


26.2%


38,105


30.9%

Selling, general & administrative expenses

101,619


17.0%


87,775


18.6%


(13,844)


(15.8%)

Rationalization and asset impairment charges

357


0.1%


801


0.2%


444


55.4%

Operating income

59,462


9.9%


34,757


7.4%


24,705


71.1%

Interest income

608


0.1%


635


0.1%


(27)


(4.3%)

Equity earnings in affiliates

830


0.1%


430


0.1%


400


93.0%

Other income

1,295


0.2%


433


0.1%


862


199.1%

Interest expense

(1,658)


(0.3%)


(1,514)


(0.3%)


(144)


(9.5%)

Income before income taxes

60,537


10.1%


34,741


7.4%


25,796


74.3%

Income taxes

13,595


2.3%


10,975


2.3%


(2,620)


(23.9%)

Effective tax rate

22.5%




31.6%




9.1%



Net income including noncontrolling interests

46,942


7.8%


23,766


5.0%


23,176


97.5%

Noncontrolling interests in subsidiaries' earnings

32


-


38


-


6


15.8%

Net income

$   46,910


7.8%


$   23,728


5.0%


$   23,182


97.7%













Basic earnings per share

$       1.12




$       0.56




$       0.56


100.0%

Diluted earnings per share

$       1.11




$       0.55




$       0.56


101.8%













Weighted average shares (basic)

41,895




42,404







Weighted average shares (diluted)

42,439




42,764







 Lincoln Electric Holdings, Inc.

Financial Highlights

(In thousands, except per share amounts)

(Unaudited)

Non-GAAP Financial Measures


Three Months Ended March 31,


2011


2010





Operating income as reported

$ 59,462


$ 34,757

  Special items (pre-tax):




     Rationalization and asset impairment charges (1)

357


801

     Venezuela - functional currency change and devaluation (2)

-


(11)

Adjusted operating income (4)

$ 59,819


$ 35,547









Net income as reported

$ 46,910


$ 23,728

  Special items (after-tax):




     Rationalization and asset impairment charges (1)

281


612

     Venezuela - functional currency change and devaluation (2)

-


426

     Adjustment for tax audit settlements (3)

(4,844)


-

Adjusted net income (4)

$ 42,347


$ 24,766









Diluted earnings per share as reported

$     1.11


$     0.55

Special items

(0.11)


0.03

Adjusted diluted earnings per share (4)

$     1.00


$     0.58





Weighted average shares (diluted)

42,439


42,764





(1)  The three months ended March 31, 2011 and 2010 includes charges associated with the severance and other costs associated with the consolidation of manufacturing operations initiated in 2009.

(2)  Represents the impact of the change in the functional currency of the Company's Venezuelan operation to the U.S. dollar and the devaluation of the Venezuelan currency.  

(3)  Represents a favorable adjustment for tax audit settlements.

(4)  Adjusted operating income, Adjusted net income and Adjusted diluted earnings per share are non-GAAP financial measures that management believes are important to investors to evaluate and compare the Company's financial performance from period to period. Management uses this information in assessing and evaluating the Company's underlying operating performance.  Non-GAAP financial measures should be read in conjunction with the GAAP financial measures, as non-GAAP measures are a supplement to, and not a replacement for, GAAP financial measures.


Lincoln Electric Holdings, Inc.

Financial Highlights

(In thousands)

(Unaudited)





Balance Sheet Highlights









March 31,


December 31,

Selected Consolidated Balance Sheet Data

2011


2010





Cash and cash equivalents

$  341,415


$  366,193

Total current assets

1,195,205


1,082,512

Property, plant and equipment, net

489,820


478,566

Total assets

1,913,570


1,783,788





Total current liabilities

494,869


335,592

Short-term debt

95,373


13,078

Long-term debt

1,818


84,627

Total equity

1,211,991


1,149,478






March 31,


December 31,

Net Operating Working Capital

2011


2010





Accounts receivable

$  376,857


$  321,948

Inventory

368,954


291,730

Trade accounts payable

215,495


147,111

Net operating working capital

$  530,316


$  466,567





Net operating working capital to net sales (1)

22.1%


20.7%






March 31,


December 31,

Invested Capital

2011


2010





Short-term debt

$      95,373


$       13,078

Long-term debt

1,818


84,627

Total debt

97,191


97,705

Total equity

1,211,991


1,149,478

Invested capital

$ 1,309,182


$  1,247,183





Total debt / invested capital

7.4%


7.8%

Return on invested capital (2)

11.9%


10.7%





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

(2) Return on invested capital is defined as rolling 12 months of earnings excluding tax-effected interest divided by invested capital.

Lincoln Electric Holdings, Inc.

Financial Highlights

(In thousands, except per share amounts)

(Unaudited)

Consolidated Statements of Cash Flows


Three Months Ended March 31,


2011


2010





OPERATING ACTIVITIES:




Net income

$   46,910


$   23,728

Noncontrolling interests in subsidiaries' earnings

32


38

Net income including noncontrolling interests

46,942


23,766





Adjustments to reconcile Net income including noncontrolling interests to Net




 cash provided by operating activities:




Rationalization and asset impairment charges

227


-

Depreciation and amortization

15,206


14,237

Equity earnings in affiliates, net

(362)


(168)

Other non-cash items, net

18,840


(3,625)

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




Increase in accounts receivable

(43,324)


(40,279)

Increase in inventories

(62,064)


(23,017)

Increase in trade accounts payable

55,553


38,316

Decrease in accrued pensions

(7,404)


(7,582)

Net change in other current assets and liabilities

(4,430)


13,428

Net change in other long-term assets and liabilities

(2,446)


520

NET CASH PROVIDED BY OPERATING ACTIVITIES

16,738


15,596





INVESTING ACTIVITIES:




Capital expenditures

(15,503)


(9,771)

Acquisition of businesses, net of cash acquired

(17,881)


-

Proceeds from sale of property, plant and equipment

142


42

NET CASH USED BY INVESTING ACTIVITIES

(33,242)


(9,729)





FINANCING ACTIVITIES:




Net change in borrowings

(1,319)


(2,000)

Proceeds from exercise of stock options

2,864


196

Tax benefit from exercise of stock options

715


78

Purchase of shares for treasury

(905)


(2,869)

Cash dividends paid to shareholders

(12,987)


(11,885)

NET CASH USED BY FINANCING ACTIVITIES

(11,632)


(16,480)





Effect of exchange rate changes on Cash and cash equivalents

3,358


(915)

DECREASE IN CASH AND CASH EQUIVALENTS

(24,778)


(11,528)

Cash and cash equivalents at beginning of period

366,193


388,136

Cash and cash equivalents at end of period

$ 341,415


$ 376,608









Cash dividends paid per share

$       0.31


$       0.28

Lincoln Electric Holdings, Inc.

Segment Highlights

(In thousands)

(Unaudited)




North




South


The Harris



America


Europe


Asia Pacific


America


Products


Corporate /




Welding


Welding


Welding


Welding


Group


Eliminations


Consolidated

Three months ended
    March 31, 2011




























Net sales

$ 280,757


$ 114,208


$      87,560


$ 34,073


$    82,581


$                 -


$        599,179

Inter-segment sales

35,127


3,835


3,213


-


2,233


(44,408)


-

    Total

$ 315,884


$ 118,043


$      90,773


$ 34,073


$    84,814


$      (44,408)


$        599,179















EBIT (1)

$   46,636


$     5,554


$           127


$   2,048


$      6,543


$             679


$          61,587

    As a percent of total
       sales

14.8%


4.7%


0.1%


6.0%


7.7%




10.3%















Special items charge
   (gain) (2)

$             -


$        358


$             (1)


$         -


$             -


$                 -


$               357















EBIT, as adjusted (3)

$   46,636


$     5,912


$           126


$   2,048


$      6,543


$             679


$          61,944

    As a percent of total
       sales

14.8%


5.0%


0.1%


6.0%


7.7%




10.3%





























Three months ended
    March 31, 2010



























Net sales

$ 231,335


$   84,676


$      71,945


$ 22,748


$    60,254


$                 -


$        470,958

Inter-segment sales

24,908


3,558


2,501


194


1,731


(32,892)


-

    Total

$ 256,243


$   88,234


$      74,446


$ 22,942


$    61,985


$      (32,892)


$        470,958















EBIT (1)

$   30,996


$        558


$           721


$   1,346


$      2,741


$           (742)


$          35,620

    As a percent of total
        sales

12.1%


0.6%


1.0%


5.9%


4.4%




7.6%















Special items charge
   (gain) (4)

$             -


$        540


$           261


$      (11)


$             -


$                 -


$               790















EBIT, as adjusted (3)

$   30,996


$     1,098


$           982


$   1,335


$      2,741


$           (742)


$          36,410

    As a percent of total
        sales

12.1%


1.2%


1.3%


5.8%


4.4%




7.7%















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

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

(3)  The primary profit measure used by management to assess segment performance is EBIT, as adjusted.  EBIT for each operating segment is adjusted for special items to derive EBIT, as adjusted.    

(4)  Special items include rationalization charges and the impact of the change in the functional currency of the Company's Venezuelan operation to the U.S. dollar and the devaluation of the Venezuelan currency.  

Lincoln Electric Holdings, Inc.

Change in Net Sales by Segment

(In thousands)

(Unaudited)

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




Change in Net Sales due to:




Net Sales








Foreign


Net Sales


2010


Volume


Acquisitions


Price


Exchange


2011

Operating Segments












North America Welding

$ 231,335


$ 40,386


$             448


$   6,124


$     2,464


$ 280,757

Europe Welding

84,676


14,750


8,022


5,150


1,610


114,208

Asia Pacific Welding

71,945


9,258


-


1,775


4,582


87,560

South America Welding

22,748


7,711


-


2,387


1,227


34,073

The Harris Products Group

60,254


6,526


-


14,943


858


82,581

Consolidated

$ 470,958


$ 78,631


$          8,470


$ 30,379


$   10,741


$ 599,179













% Change












North America Welding



17.5%


0.2%


2.6%


1.1%


21.4%

Europe Welding



17.4%


9.5%


6.1%


1.9%


34.9%

Asia Pacific Welding



12.9%


-


2.5%


6.4%


21.7%

South America Welding



33.9%


-


10.5%


5.4%


49.8%

The Harris Products Group



10.8%


-


24.8%


1.4%


37.1%

Consolidated



16.7%


1.8%


6.5%


2.3%


27.2%













SOURCE Lincoln Electric Holdings, Inc.

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