Lincoln Electric Reports Second Quarter 2015 Results

Q2 EPS of $0.94, Adjusted EPS of $0.95

Jul 27, 2015, 07:29 ET from Lincoln Electric Holdings, Inc.

CLEVELAND, July 27, 2015 /PRNewswire/ --

 


Second Quarter 2015 Key Metric Highlights


  • Sales decreased 8.8% to $665 million, down 2.9% excluding unfavorable foreign exchange on weaker volumes
  • Operating income margin of 14.6% of net sales, or 14.7% on an adjusted basis
  • Net operating working capital at 18.0% of net sales
  • Cash flows from operations for first half 2015 up 9.7% to $130 million

 

Lincoln Electric Holdings, Inc. (the "Company") (Nasdaq: LECO) today reported second quarter 2015 net income of $70.9 million, or $0.94 diluted earnings per share (EPS).  This compares with net income of $77.3 million, or EPS of $0.96 in the comparable 2014 period.  Adjusted net income was $71.8 million, or Adjusted EPS of $0.95, compared to $81.5 million, or Adjusted EPS of $1.01, in the comparable 2014 period.  The 2014 adjusted EPS includes $0.04 of earnings from our Venezuelan operations, which operates in a hyper-inflationary environment.  This compares with earnings of $0.02 per share from our Venezuelan operations in the second quarter 2015.

Sales decreased 8.8% to $664.7 million in the second quarter 2015 versus $728.5 million in the comparable 2014 period primarily due to lower volumes and unfavorable foreign currency translation.  Operating income for the second quarter decreased 13.8% to $96.8 million, or 14.6% of sales, from $112.3 million, or 15.4% of sales, in the comparable 2014 period.  Adjusted operating income decreased 15.9% to $98.0 million or 14.7% of sales, compared with $116.6 million, or 16.0% of sales in 2014.  The Company recognized charges to interest expense of $2.1 million or $0.03 per diluted share, representing adjustments in the quarter to the amount expected to be paid to acquire additional interests of a majority-owned subsidiary.  Income taxes in the quarter ending June 30, 2015 include discrete tax benefits of $3.4 million, or $0.05 per diluted share.  Operating Income and Adjusted operating income in the second quarter 2014 included a $3.9 million gain, $2.5 million after-tax or $0.03 per diluted share, from an insurance settlement. 

Christopher L. Mapes, Chairman, President and Chief Executive Officer stated, "Business conditions were challenging in the quarter as growth in automation was offset by weaker oil and gas and U.S. export demand.  We initiated a number of actions during the quarter to align our cost structure with softer market conditions, which helped generate modest sequential improvements in our profit margins and operating working capital ratio to net sales.  While we remain cautious on 2015 demand trends, we continue to invest in our strategic programs and expect our efforts will help maximize profitability and shareholder returns through the economic cycle."

Dividend and Share Repurchases

The Company's Board of Directors declared a quarterly cash dividend of $0.29 per share, which was paid on July 15, 2015 to shareholders of record as of June 30, 2015.  During the quarter, the Company returned $55.6 million to shareholders through the repurchase of the Company's common shares.

Six Months 2015 Summary

Net income for the six months ended June 30, 2015 was $139.3 million, or EPS of $1.82.  This compares with net income of $133.8 million, or EPS of $1.65, in 2014.  Adjusted net income for the six months ended June 30, 2015 was $140.2 million, or Adjusted EPS of $1.83, compared with Adjusted net income of $155.6 million, or Adjusted EPS of $1.92, in 2014.  Adjusted net income for the six months ended June 30, 2015 includes earnings of $0.04 per diluted share from the Company's Venezuelan operations as compared with $0.18 per diluted share in the comparable 2014 period. 

Sales decreased 6.4% to $1.3 billion in the six months ended June 30, 2015 as compared with $1.4 billion in the comparable 2014 period.  This result primarily reflects unfavorable foreign exchange translation.  Operating income for the six months ended June 30, 2015 decreased to $187.3 million, or 14.2% of sales, compared with $192.7 million, or 13.6% of sales, in the comparable 2014 period.  Adjusted operating income was $188.5 million or 14.3% of sales, compared with $214.7 million, or 15.2% of sales in 2014.

Webcast Information

A conference call to discuss second quarter 2015 financial results will be webcast live today, July 27, 2015, at 10:00 a.m., Eastern Time.  This webcast is accessible at http://ir.lincolnelectric.com.  Listeners should go to the web site prior to the call to register 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) 344-3899 (domestic) or (315) 625-3087 (international) and use confirmation code 76673627.  Telephone participants are asked to dial in 10-15 minutes prior to the start of the conference call.

Financial results for the second quarter 2015 can also be obtained at http://ir.lincolnelectric.com.

About Lincoln Electric

Lincoln Electric is the world leader in the design, development and manufacture of arc welding products, robotic arc welding systems, plasma and oxy-fuel cutting equipment and has a leading global position in the brazing and soldering alloys market.  Headquartered in Cleveland, Ohio, Lincoln has 47 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 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; completion of planned divestitures; interest rates; disruptions, uncertainty or volatility in the credit markets that may limit our access to capital; currency exchange rates and devaluations, including in highly inflationary countries such as Venezuela; 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 for the year ended December 31, 2014.

 

 

 

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

2015

% of Sales

2014

% of Sales

$

%

Net sales

$

664,740

100.0%

$

728,531

100.0%

$

(63,791)

(8.8%)

Cost of goods sold

438,959

66.0%

478,264

65.6%

39,305

8.2%

Gross profit

225,781

34.0%

250,267

34.4%

(24,486)

(9.8%)

Selling, general & administrative expenses

127,755

19.2%

137,156

18.8%

9,401

6.9%

Rationalization and asset impairment charges

1,239

0.2%

836

0.1%

(403)

(48.2%)

Operating income

96,787

14.6%

112,275

15.4%

(15,488)

(13.8%)

Interest income

738

0.1%

924

0.1%

(186)

(20.1%)

Equity earnings in affiliates

979

0.1%

1,575

0.2%

(596)

(37.8%)

Other income

317

1,078

0.1%

(761)

(70.6%)

Interest expense

(4,387)

(0.7%)

(986)

(0.1%)

(3,401)

(344.9%)

Income before income taxes

94,434

14.2%

114,866

15.8%

(20,432)

(17.8%)

Income taxes

23,558

3.5%

37,577

5.2%

14,019

37.3%

Effective tax rate

24.9%

32.7%

7.8%

Net income including non-controlling interests

70,876

10.7%

77,289

10.6%

(6,413)

(8.3%)

Non-controlling interests in subsidiaries' loss

(22)

(43)

21

48.8%

Net income

$

70,898

10.7%

$

77,332

10.6%

$

(6,434)

(8.3%)

Basic earnings per share

$

0.95

$

0.97

$

(0.02)

(2.1%)

Diluted earnings per share

$

0.94

$

0.96

$

(0.02)

(2.1%)

Weighted average shares (basic)

75,000

79,873

Weighted average shares (diluted)

75,773

80,773

Six months ended June 30,

Fav (Unfav) to Prior Year

2015

% of Sales

2014

% of Sales

$

%

Net sales

$

1,322,640

100.0%

$

1,413,593

100.0%

$

(90,953)

(6.4%)

Cost of goods sold

876,469

66.3%

936,990

66.3%

60,521

6.5%

Gross profit

446,171

33.7%

476,603

33.7%

(30,432)

(6.4%)

Selling, general & administrative expenses

257,646

19.5%

283,071

20.0%

25,425

9.0%

Rationalization and asset impairment charges

1,239

0.1%

819

0.1%

(420)

51.3%

Operating income

187,286

14.2%

192,713

13.6%

(5,427)

(2.8%)

Interest income

1,331

0.1%

1,838

0.1%

(507)

(27.6%)

Equity earnings in affiliates

1,828

0.1%

3,136

0.2%

(1,308)

(41.7%)

Other income

2,927

0.2%

2,161

0.2%

766

35.4%

Interest expense

(6,231)

(0.5%)

(2,556)

(0.2%)

(3,675)

(143.8%)

Income before income taxes

187,141

14.1%

197,292

14.0%

(10,151)

(5.1%)

Income taxes

47,947

3.6%

63,579

4.5%

15,632

24.6%

Effective tax rate

25.6%

32.2%

6.6%

Net income including non-controlling interests

139,194

10.5%

133,713

9.5%

5,481

4.1%

Non-controlling interests in subsidiaries' loss

(58)

(72)

14

19.4%

Net income

$

139,252

10.5%

$

133,785

9.5%

$

5,467

4.1%

Basic earnings per share

$

1.84

$

1.67

$

0.17

10.2%

Diluted earnings per share

$

1.82

$

1.65

$

0.17

10.3%

Weighted average shares (basic)

75,621

80,260

Weighted average shares (diluted)

76,416

81,194

 

 

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,

2015

2014

2015

2014

Operating income as reported

$

96,787

$

112,275

$

187,286

$

192,713

Special items (pre-tax):

Rationalization and asset impairment charges (1)

1,239

836

1,239

819

Venezuela foreign exchange losses (2)

3,468

21,133

Adjusted operating income (3)

$

98,026

$

116,579

$

188,525

$

214,665

Net income as reported

$

70,898

$

77,332

$

139,252

$

133,785

Special items (after-tax):

Rationalization and asset impairment charges (1)

900

698

900

691

Venezuela foreign exchange losses (2)

3,468

21,133

Adjusted net income (3)

$

71,798

$

81,498

$

140,152

$

155,609

Diluted earnings per share as reported

$

0.94

$

0.96

$

1.82

$

1.65

Special items

0.01

0.05

0.01

0.27

Adjusted diluted earnings per share (3)

$

0.95

$

1.01

$

1.83

$

1.92

Weighted average shares (diluted)

75,773

80,773

76,416

81,194

 

(1)

The three and six months ended June 30, 2015 and 2014 include net charges primarily related to severance and other related costs.  Rationalization charges in 2014 are partially offset by gains related to the sale of assets at rationalized operations.

(2)

The three and six months ended June 30, 2014 represents the impact of the Venezuelan remeasurement loss related to the adoption of a new foreign exchange mechanism.

(3)

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, 2015

December 31, 2014

Cash and cash equivalents

$

312,737

$

278,379

Total current assets

1,089,236

1,098,677

Property, plant and equipment, net

429,329

437,209

Total assets

1,950,166

1,939,215

Total current liabilities

470,556

492,419

Short-term debt (1)

62,595

68,166

Long-term debt

151,563

2,488

Total equity

1,196,658

1,285,781

Net Operating Working Capital

June 30, 2015

December 31, 2014

Accounts receivable

$

329,223

$

321,862

Inventory

321,723

330,840

Trade accounts payable

172,114

202,482

Net operating working capital

$

478,832

$

450,220

Net operating working capital to net sales (2)

18.0%

16.5%

Invested Capital

June 30, 2015

December 31, 2014

Short-term debt (1)

$

62,595

$

68,166

Long-term debt

151,563

2,488

Total debt

214,158

70,654

Total equity

1,196,658

1,285,781

Invested capital

$

1,410,816

$

1,356,435

Total debt / invested capital

15.2%

5.2%

Return on invested capital (3)

18.9%

19.1%

 

(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,

2015

2014

OPERATING ACTIVITIES:

Net income

$

70,898

$

77,332

Non-controlling interests in subsidiaries' loss

(22)

(43)

Net income including non-controlling interests

70,876

77,289

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

   provided by operating activities:

Rationalization and asset impairment charges

894

Depreciation and amortization

15,686

17,969

Equity earnings in affiliates, net

(272)

(701)

Pension expense

4,925

2,676

Pension contributions and payments

(26,471)

(2,083)

Other non-cash items, net

12,772

(3,325)

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

  Decrease in accounts receivable

11,695

544

  Decrease (increase) in inventories

17,773

(2,298)

  Decrease in trade accounts payable

(18,301)

(3,341)

  Net change in other current assets and liabilities

(11,234)

21,833

  Net change in other long-term assets and liabilities

(163)

(4,483)

NET CASH PROVIDED BY OPERATING ACTIVITIES

77,286

104,974

INVESTING ACTIVITIES:

Capital expenditures

(16,761)

(25,441)

Proceeds from sale of property, plant and equipment

234

4,443

Other investing activities

205

NET CASH USED BY INVESTING ACTIVITIES

(16,527)

(20,793)

FINANCING ACTIVITIES:

Net change in borrowings

42,540

(2,087)

Proceeds from exercise of stock options

2,303

1,054

Excess tax benefits from stock-based compensation

756

826

Purchase of shares for treasury

(55,615)

(68,312)

Cash dividends paid to shareholders

(21,919)

(18,496)

Other financing activities

(7,976)

NET CASH USED BY FINANCING ACTIVITIES

(39,911)

(87,015)

Effect of exchange rate changes on Cash and cash equivalents

2,872

1,732

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

23,720

(1,102)

Cash and cash equivalents at beginning of period

289,017

205,387

Cash and cash equivalents at end of period

$

312,737

$

204,285

Cash dividends paid per share

$

0.29

$

0.23

 

  

 

Lincoln Electric Holdings, Inc.

Financial Highlights

(In thousands, except per share amounts)

(Unaudited)

Condensed Consolidated Statements of Cash Flows

Six months ended June 30,

2015

2014

OPERATING ACTIVITIES:

Net income

$

139,252

$

133,785

Non-controlling interests in subsidiaries' loss

(58)

(72)

Net income including non-controlling interests

139,194

133,713

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

   provided by operating activities:

Rationalization and asset impairment charges

30

859

Depreciation and amortization

31,718

35,900

Equity earnings in affiliates, net

(488)

(1,497)

Pension expense

10,604

5,476

Pension contributions and payments

(47,705)

(24,164)

Other non-cash items, net

(5,790)

20,659

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

  Increase in accounts receivable

(13,682)

(43,341)

  Decrease (increase) in inventories

1,540

(17,455)

  Decrease in trade accounts payable

(31,217)

(15,449)

  Net change in other current assets and liabilities

43,835

27,380

  Net change in other long-term assets and liabilities

2,031

(3,476)

NET CASH PROVIDED BY OPERATING ACTIVITIES

130,070

118,605

INVESTING ACTIVITIES:

Capital expenditures

(29,217)

(39,947)

Acquisition of businesses, net of cash acquired

(892)

Proceeds from sale of property, plant and equipment

1,421

5,509

Other investing activities

2,024

778

NET CASH USED BY INVESTING ACTIVITIES

(25,772)

(34,552)

FINANCING ACTIVITIES:

Net change in borrowings

144,050

(10,143)

Proceeds from exercise of stock options

4,036

4,010

Excess tax benefits from stock-based compensation

1,293

2,478

Purchase of shares for treasury

(158,468)

(119,333)

Cash dividends paid to shareholders

(44,248)

(37,119)

Other financing activities

(7,996)

(2,330)

NET CASH USED BY FINANCING ACTIVITIES

(61,333)

(162,437)

Effect of exchange rate changes on Cash and cash equivalents

(8,607)

(17,156)

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

34,358

(95,540)

Cash and cash equivalents at beginning of period

278,379

299,825

Cash and cash equivalents at end of period

$

312,737

$

204,285

Cash dividends paid per share

$

0.58

$

0.46

 

 

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, 2015

Net sales

$

415,075

$

90,903

$

49,043

$

37,907

$

71,812

$

$

664,740

Inter-segment sales

25,613

4,463

2,964

118

2,716

(35,874)

Total

$

440,688

$

95,366

$

52,007

$

38,025

$

74,528

$

(35,874)

$

664,740

EBIT (1)

$

77,494

$

8,242

$

2,244

$

1,378

$

8,250

$

475

$

98,083

As a percent of total sales

17.6%

8.6%

4.3%

3.6%

11.1%

14.8%

Special items charge (gain) (2)

$

$

1,239

$

$

$

$

$

1,239

EBIT, as adjusted (4)

$

77,494

$

9,481

$

2,244

$

1,378

$

8,250

$

475

$

99,322

As a percent of total sales

17.6%

9.9%

4.3%

3.6%

11.1%

14.9%

Three months ended June 30, 2014

Net sales

$

429,490

$

115,574

$

66,997

$

39,051

$

77,419

$

$

728,531

Inter-segment sales

33,360

5,494

3,600

35

2,262

(44,751)

Total

$

462,850

$

121,068

$

70,597

$

39,086

$

79,681

$

(44,751)

$

728,531

EBIT (1)

$

91,216

$

13,934

$

473

$

1,527

$

7,178

$

600

$

114,928

As a percent of total sales

19.7%

11.5%

0.7%

3.9%

9.0%

15.8%

Special items charge (gain) (3)

$

(21)

$

965

$

(108)

$

3,468

$

$

$

4,304

EBIT, as adjusted (4)

$

91,195

$

14,899

$

365

$

4,995

$

7,178

$

600

$

119,232

As a percent of total sales

19.7%

12.3%

0.5%

12.8%

9.0%

16.4%

Six months ended June 30, 2015

Net sales

$

828,063

$

179,319

$

98,293

$

75,337

$

141,628

$

$

1,322,640

Inter-segment sales

51,742

8,056

6,234

118

4,727

(70,877)

Total

$

879,805

$

187,375

$

104,527

$

75,455

$

146,355

$

(70,877)

$

1,322,640

EBIT (1)

$

148,678

$

16,990

$

5,372

$

4,528

$

15,799

$

674

$

192,041

As a percent of total sales

16.9%

9.1%

5.1%

6.0%

10.8%

14.5%

Special items charge (gain) (2)

$

$

1,239

$

$

$

$

$

1,239

EBIT, as adjusted (4)

$

148,678

$

18,229

$

5,372

$

4,528

$

15,799

$

674

$

193,280

As a percent of total sales

16.9%

9.7%

5.1%

6.0%

10.8%

14.6%

Six months ended June 30, 2014

Net sales

$

831,396

$

220,980

$

128,283

$

83,044

$

149,890

$

$

1,413,593

Inter-segment sales

66,303

11,354

8,049

64

4,380

(90,150)

Total

$

897,699

$

232,334

$

136,332

$

83,108

$

154,270

$

(90,150)

$

1,413,593

EBIT (1)

$

162,627

$

23,187

$

(158)

$

(4,373)

$

13,236

$

3,491

$

198,010

As a percent of total sales

18.1%

10.0%

(0.1%)

(5.3%)

8.6%

14.0%

Special items charge (gain) (3)

$

(68)

$

1,004

$

(117)

$

21,133

$

$

$

21,952

EBIT, as adjusted (4)

$

162,559

$

24,191

$

(275)

$

16,760

$

13,236

$

3,491

$

219,962

As a percent of total sales

18.1%

10.4%

(0.2%)

20.2%

8.6%

15.6%

 

(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, 2015 represent rationalization charges related to employee severance and other related costs. 

(3)

Special items in the three and six months ended June 30, 2014 include net charges primarily related to severance and other related costs from the consolidation of manufacturing operations partially offset by gains related to the sale of assets at rationalized operations and the impact of the Venezuelan remeasurement losses related to the adoption of a new foreign exchange mechanism.

(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

2014

Volume

Acquisitions

Price

Foreign

Exchange

Net Sales

2015

Operating Segments

North America Welding

$

429,490

$

(21,853)

$

14,250

$

1,457

$

(8,269)

$

415,075

Europe Welding

115,574

(3,343)

(582)

(20,746)

90,903

Asia Pacific Welding

66,997

(15,292)

(617)

(2,045)

49,043

South America Welding

39,051

(8,601)

15,696

(8,239)

37,907

The Harris Products Group

77,419

1,743

(3,981)

(3,369)

71,812

Consolidated

$

728,531

$

(47,346)

$

14,250

$

11,973

$

(42,668)

$

664,740

% Change

North America Welding

(5.1%)

3.3%

0.3%

(1.9%)

(3.4%)

Europe Welding

(2.9%)

(0.5%)

(18.0%)

(21.3%)

Asia Pacific Welding

(22.8%)

(0.9%)

(3.1%)

(26.8%)

South America Welding

(22.0%)

40.2%

(21.1%)

(2.9%)

The Harris Products Group

2.3%

(5.1%)

(4.4%)

(7.2%)

Consolidated

(6.5%)

2.0%

1.6%

(5.9%)

(8.8%)

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

Change in Net Sales due to:

Net Sales

2014

Volume

Acquisitions

Price

Foreign

Exchange

Net Sales

2015

Operating Segments

North America Welding

$

831,396

$

(20,926)

$

26,721

$

5,480

$

(14,608)

$

828,063

Europe Welding

220,980

(141)

(883)

(40,637)

179,319

Asia Pacific Welding

128,283

(24,395)

(1,286)

(4,309)

98,293

South America Welding

83,044

(13,294)

37,170

(31,583)

75,337

The Harris Products Group

149,890

6,217

(8,570)

(5,909)

141,628

Consolidated

$

1,413,593

$

(52,539)

$

26,721

$

31,911

$

(97,046)

$

1,322,640

% Change

North America Welding

(2.5%)

3.2%

0.7%

(1.8%)

(0.4%)

Europe Welding

(0.1%)

(0.4%)

(18.4%)

(18.9%)

Asia Pacific Welding

(19.0%)

(1.0%)

(3.4%)

(23.4%)

South America Welding

(16.0%)

44.8%

(38.0%)

(9.3%)

The Harris Products Group

4.1%

(5.7%)

(3.9%)

(5.5%)

Consolidated

(3.7%)

1.9%

2.3%

(6.9%)

(6.4%)

 

 

 

SOURCE Lincoln Electric Holdings, Inc.



RELATED LINKS

http://www.lincolnelectric.com