Welcome to our dedicated page for ESAB Corporation news (Ticker: ESAB), a resource for investors and traders seeking the latest updates and insights on ESAB Corporation stock.
ESAB Corporation (symbol: ESAB) is a prominent manufacturer specializing in equipment and consumables for welding, cutting, and joining applications. The company was spun off from Colfax in 2022, establishing itself as an independent entity. ESAB is recognized as one of the top three players in the welding industry, alongside Lincoln Electric and ITW's Miller brand.
In 2023, ESAB generated an impressive $2.8 billion in revenue, reflecting its strong market position and broad customer base. The company's product lineup includes welding machines, cutting systems, and welding consumables, catering to a variety of industries such as automotive, construction, and shipbuilding.
Recent Achievements and Projects:
- Innovation in Cutting Technology: ESAB continues to innovate with its latest advancements in cutting technology, offering more precise, efficient, and cost-effective solutions for its customers.
- Global Partnerships: The company has established key partnerships to expand its reach and enhance its product offerings, ensuring that it remains at the forefront of the welding industry.
- Sustainability Initiatives: ESAB is committed to sustainability, implementing eco-friendly practices and developing products that reduce environmental impact.
ESAB's financial health is robust, with continuous investments in research and development to maintain its competitive edge. The company is known for its customer-centric approach, providing exceptional after-sales service and technical support.
For investors and stakeholders, ESAB represents a reliable and innovative player in the welding industry, consistently delivering value through its high-quality products and strategic market positioning.
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.
ESAB (NYSE: ESAB) announced its agreement to acquire Linde Industries Private (LIPL), a leader in welding consumables and equipment in Bangladesh. This marks ESAB's third acquisition in 2023, aiming to bolster their presence in the fast-growing South Asian market.
According to President and CEO Shyam P. Kambeyanda, the acquisition will enhance ESAB's ability to serve regional end markets and customers with their award-winning equipment and consumables. LIPL reported approximately $20 million in sales for 2023 and is margin accretive. The transaction is expected to close later this year, pending shareholder approvals and closing conditions.
Founded in 1904, ESAB employs around 9,000 associates and serves customers in approximately 150 countries. For more information, visit www.ESABcorporation.com.
ESAB announced a 33% increase in its quarterly cash dividend, from $0.06 to $0.08 per share, payable on July 12, 2024. The Company's President and CEO, Shyam P. Kambeyanda, highlighted the successful execution of strategic goals and strong cash flow generation. ESAB , founded in 1904, is a premier industrial compounder based in North Bethesda, Maryland.
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