ESAB Corporation - ESAB STOCK NEWS

Over 150 plaintiffs have filed a lawsuit against Cape PLC, its subsidiaries and affiliates including Anglo American, De Beer Group, and ESAB Corp for importing and distributing carcinogenic asbestos in the United States. The lawsuit alleges that Cape, which sold more than 95% of asbestos used in industry and U.S. Navy ships, concealed known health risks and created complex corporate structures to avoid liability. The case includes plaintiffs suffering from mesothelioma and lung cancer, as well as families of deceased victims. A South Carolina court has appointed a receiver after the companies and insurers failed to respond to previous lawsuits.

ESAB reported Q3 2024 sales of $673 million, showing a 1% decrease on a reported basis but a 1% increase in core organic growth. The company achieved net income of $69 million ($1.13 per share) and core adjusted net income of $77 million ($1.25 per share). Core adjusted EBITDA reached $125 million, up 6% with margin expanding 130 basis points to 19.6%. ESAB updated its 2024 outlook, now expecting full-year core organic sales growth of 0.0% to 1.0%, with core adjusted EBITDA projected at $500-515 million and core adjusted EPS of $4.80-4.95.

A South Carolina court has set a trial date of Feb. 3, 2025, to determine if Anglo-American, PLC (OTCQX: NGLOY), ESAB Corp. (NYSE: ESAB), and billionaire Mohed Altrad are responsible for billions in asbestos liabilities. The case stems from Cape Asbestos' distribution of asbestos to U.S. companies. A court-appointed receiver filed suit in June 2023 against these entities for unjust enrichment and responsibility for Cape's actions. ESAB is alleged to be the ultimate parent company of entities controlling Cape, while Anglo American owns 85% of De Beers. Mohed Altrad, convicted of bribery in France, is identified as Cape's current majority shareholder through Altrad Group. The case highlights decades of alleged avoidance of harm caused by Cape's asbestos, which is known to cause fatal cancers.

ESAB (NYSE: ESAB) has announced its schedule for the third quarter 2024 earnings release and conference call. The company will issue a press release with financial results on the morning of Tuesday, October 29, 2024. A conference call to discuss these results will be held at 8:00 a.m. Eastern on the same day.

The call will be accessible to the public via phone and webcast through ESAB's website. U.S. callers can dial +1-888-550-5302, while international callers should use +1-646-960-0685, referencing the conference ID number 4669992. The financial results press release and any supplemental information will be available on ESAB's website prior to the call. A replay link will also be provided on the website later that day.

ESAB (NYSE: ESAB), a premier industrial compounder, has announced a quarterly cash dividend of $0.08 per share of common stock. The dividend is payable on October 11, 2024 to shareholders of record as of September 27, 2024. Founded in 1904, ESAB employs approximately 9,000 associates and serves customers in about 150 countries. The company's focus is on innovative products, workflow solutions, and its business system ESAB Business Excellence (EBX), aligning with its purpose of 'Shaping the world we imagine'.

ESAB's InduSuite platform has launched FloCloud, a cloud-based gas monitoring software solution. FloCloud combines GCE's gas control products with InduSuite's WeldCloud software to create a gas manifold with Mesh WiFi-enabled sensors that communicate data to an online application. The software features an analytics dashboard that tracks gas consumption, sends notifications for pressure drops or flow issues, and provides cost analysis for job estimating.

Early adopters have reported significant benefits, including:

• A petrochemical industry customer saved over €1 million on gas spend and 240,000 liters in welding gas use
• Another customer eliminated €6,000 daily losses from production line shutdowns due to gas cylinder swaps

ESAB reported Q2 2024 results with sales of $707 million, a 2% decrease on a reported basis but a 1% increase in core organic growth. The company achieved net income from continuing operations of $84 million or $1.37 diluted EPS. Core adjusted EBITDA rose 6% to $134 million, with margins expanding 150 basis points to 20.1%.

ESAB updated its full-year 2024 outlook, now expecting total core sales growth of -2.5% to -0.5%, flat core organic sales growth, and core adjusted EBITDA range of $495 to $515 million. The company completed the acquisition of Linde Bangladesh's welding business, strengthening its position in Asia.

ESAB (NYSE: ESAB) will issue its second quarter 2024 financial results on the morning of August 2, 2024. Following the release, a conference call will take place at 8:00 a.m. Eastern Time to discuss the results. The call is open to the public via phone and webcast. The financial results and supplementary information will be available on ESAB's website before the call, and a replay will be accessible later that day. ESAB, a premier industrial compounder founded in 1904, employs around 9,000 associates and serves customers in approximately 150 countries from its base in North Bethesda, Maryland.

ESAB has announced a new distribution agreement with INFRA Group to expand the availability of its welding and gas control equipment in Mexico. This strategic partnership aims to accelerate growth in ESAB's Americas business by leveraging INFRA's extensive market reach.

INFRA, a leading provider of industrial and medical gases and welding products in Mexico, will distribute ESAB's innovative equipment, including the award-winning Renegade VOLT™, and products from the Rogue™, Rustler™, and Arcair™ lines. This agreement is expected to enhance service levels, create new sales opportunities, and drive future growth in Mexico.