Lincoln Electric Reports First Quarter 2024 Results
- Record EPS of $2.14 and Adjusted EPS of $2.23
- Operating income margin of 16.8% and Adjusted operating income margin of 17.5%
- Sales decreased by 5.6% to $981 million
- Cash flows from operations increased by 8% to $133 million
- Returned $152 million to shareholders through dividends and share repurchases
- None.
Insights
The reported increase in operating income margin to 16.8% from the previous year's 15.8% suggests a positive trend in efficiency for Lincoln Electric. This is especially noteworthy in light of the 5.6% decline in net sales, which indicates that the firm has successfully cut costs or improved operational efficacy to maintain profitability. The reported record EPS of $2.14 and Adjusted EPS of $2.23 reflect strength in earnings, which is an essential indicator for assessing the company's financial health and performance.
On the use of capital, it's apparent that Lincoln Electric has a shareholder-friendly policy, returning $152 million through dividends and repurchases. This reinforces investor confidence and signals that management believes the stock is potentially undervalued or that it’s a better use of funds than alternative investments.
However, investors should be mindful of the drop in organic sales by 6.1%. While it is balanced by strong earnings now, it could indicate potential challenges in market demand or competitive positioning. The acquisition of RedViking® could be a strategic move to diversify sales streams and achieve the $1 billion automation sales target, yet the integration and long-term returns of this move should be monitored closely.
The decrease in sales juxtaposed with increased profitability indicates that Lincoln Electric is operating in a potentially contracting market or facing reduced demand. This could be due to economic factors or shifts in the industry that need further exploration. Investors should consider the broader industry trends and how this could affect future sales.
Automation is becoming a important aspect of manufacturing and industrial operations. Thus, reaching the $1 billion automation sales run rate target post-RedViking® acquisition shows alignment with market trends towards automation and could provide a competitive edge in the long-term, assuming the integration is synergistic and effectively managed.
First Quarter 2024 Highlights
-
Net sales of
$981 million
-
Operating income margin of
16.8% ; Adjusted operating income margin of17.5%
-
Record EPS of
$2.14 $2.23
-
Cash flows from operations increase
8% to record$133 million
-
Returned
$152 million
First quarter 2024 sales decreased
“We achieved record first quarter earnings and cash flow generation as strong execution and effective cost management mitigated slower sales performance as we start the year,” commented Steven B. Hedlund, President and Chief Executive Officer. “We remain focused on our strategic growth initiatives as we navigate the cycle and are pleased to have reached our
Webcast Information
A conference call to discuss first quarter 2024 financial results will be webcast live today, April 25, 2024, at 10:00 a.m., Eastern Time. Those interested in participating via webcast in listen-only mode can access the event here or on the Company's Investor Relations home page at https://ir.lincolnelectric.com. For participants who would like to participate via telephone, please dial (888) 440-4368 (domestic) or (646) 960-0856 (international) and use confirmation code 6709091. A replay of the earnings call will be available via webcast on the Company's website.
About Lincoln Electric
Lincoln Electric is the world leader in the engineering, design, and manufacturing of advanced arc welding solutions, automated joining, assembly and cutting systems, plasma and oxy-fuel cutting equipment, and has a leading global position in brazing and soldering alloys. Lincoln is recognized as the Welding Expert™ for its leading materials science, software development, automation engineering, and application expertise, which advance customers’ fabrication capabilities to help them build a better world. Headquartered in
Non-GAAP Information
Adjusted operating income, adjusted net income, adjusted EBIT, adjusted effective tax rate, adjusted diluted earnings per share (“adjusted EPS”), Organic sales, Cash conversion, adjusted net operating profit after taxes and adjusted return on invested capital (“adjusted ROIC”) are non-GAAP financial measures. Management uses non-GAAP measures to assess the Company's operating performance by excluding certain disclosed special items that management believes are not representative of the Company's core business. Management believes that excluding these special items enables them to make better period-over-period comparisons and benchmark the Company's operational performance against other companies in its industry more meaningfully. Furthermore, management believes that non-GAAP financial measures provide investors with meaningful information that provides a more complete understanding of Company operating results and enables investors to analyze financial and business trends more thoroughly. Non-GAAP financial measures should not be viewed in isolation, are not a substitute for GAAP measures and have limitations including, but not limited to, their usefulness as comparative measures as other companies may define their non-GAAP measures differently.
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, financial and market conditions; the effectiveness of commercial and 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; adverse outcome of pending or potential litigation; actual costs of the Company’s rationalization plans; possible acquisitions, including the Company’s ability to successfully integrate acquisitions; market risks and price fluctuations related to the purchase of commodities and energy; global regulatory complexity; the effects of changes in tax law; tariff rates in the countries where the Company conducts business; and the possible effects of events beyond our control, such as the impact of the
Lincoln Electric Holdings, Inc. Financial Highlights (In thousands, except per share amounts) (Unaudited) |
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Consolidated Statements of Income |
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Fav (Unfav) to |
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Three Months Ended March 31, |
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Prior Year |
|
||||||||||||||
|
|
2024 |
|
% of Sales |
|
2023 |
|
% of Sales |
|
$ |
|
% |
|
||||||
Net sales |
|
$ |
981,197 |
|
|
100.0 |
% |
$ |
1,039,343 |
|
100.0 |
% |
$ |
(58,146 |
) |
|
(5.6 |
) |
% |
Cost of goods sold |
|
|
612,798 |
|
|
62.5 |
% |
|
683,986 |
|
65.8 |
% |
|
71,188 |
|
|
10.4 |
|
% |
Gross profit |
|
|
368,399 |
|
|
37.5 |
% |
|
355,357 |
|
34.2 |
% |
|
13,042 |
|
|
3.7 |
|
% |
Selling, general & administrative expenses |
|
|
198,747 |
|
|
20.3 |
% |
|
190,116 |
|
18.3 |
% |
|
(8,631 |
) |
|
(4.5 |
) |
% |
Rationalization and asset impairment charges |
|
|
4,605 |
|
|
0.5 |
% |
|
877 |
|
0.1 |
% |
|
(3,728 |
) |
|
(425.1 |
) |
% |
Operating income |
|
|
165,047 |
|
|
16.8 |
% |
|
164,364 |
|
15.8 |
% |
|
683 |
|
|
0.4 |
|
% |
Interest expense, net |
|
|
8,779 |
|
|
0.9 |
% |
|
13,201 |
|
1.3 |
% |
|
4,422 |
|
|
33.5 |
|
% |
Other income |
|
|
2,262 |
|
|
0.2 |
% |
|
4,181 |
|
0.4 |
% |
|
(1,919 |
) |
|
(45.9 |
) |
% |
Income before income taxes |
|
|
158,530 |
|
|
16.2 |
% |
|
155,344 |
|
14.9 |
% |
|
3,186 |
|
|
2.1 |
|
% |
Income taxes |
|
|
35,115 |
|
|
3.6 |
% |
|
33,413 |
|
3.2 |
% |
|
(1,702 |
) |
|
(5.1 |
) |
% |
Effective tax rate |
|
|
22.2 |
% |
|
|
|
|
21.5 |
% |
|
|
|
(0.7 |
) |
% |
|
|
|
Net income |
|
$ |
123,415 |
|
|
12.6 |
% |
$ |
121,931 |
|
11.7 |
% |
$ |
1,484 |
|
|
1.2 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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||
Basic earnings per share |
|
$ |
2.17 |
|
|
|
|
$ |
2.12 |
|
|
|
$ |
0.05 |
|
|
2.4 |
|
% |
Diluted earnings per share |
|
$ |
2.14 |
|
|
|
|
$ |
2.09 |
|
|
|
$ |
0.05 |
|
|
2.4 |
|
% |
Weighted average shares (basic) |
|
|
56,865 |
|
|
|
|
|
57,596 |
|
|
|
|
|
|
|
|
||
Weighted average shares (diluted) |
|
|
57,641 |
|
|
|
|
|
58,417 |
|
|
|
|
|
|
|
|
||
Lincoln Electric Holdings, Inc. Financial Highlights (In thousands) (Unaudited) |
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Balance Sheet Highlights |
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|
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|
Selected Consolidated Balance Sheet Data |
|
March 31, 2024 |
|
December 31, 2023 |
|
||
Cash and cash equivalents |
|
$ |
374,978 |
|
$ |
393,787 |
|
Accounts receivable, net |
|
|
544,514 |
|
|
538,830 |
|
Inventories |
|
|
567,279 |
|
|
562,864 |
|
Total current assets |
|
|
1,679,750 |
|
|
1,693,111 |
|
Property, plant and equipment, net |
|
|
582,178 |
|
|
575,316 |
|
Total assets |
|
|
3,379,717 |
|
|
3,377,297 |
|
Trade accounts payable |
|
|
327,798 |
|
|
325,435 |
|
Total current liabilities |
|
|
748,873 |
|
|
754,610 |
|
Short-term debt (1) |
|
|
4,720 |
|
|
2,439 |
|
Long-term debt, less current portion |
|
|
1,102,677 |
|
|
1,102,771 |
|
Total equity |
|
|
1,307,828 |
|
|
1,308,852 |
|
|
|
|
|
|
|
|
|
Operating Working Capital |
|
March 31, 2024 |
|
December 31, 2023 |
|
||
Average operating working capital to Net sales (2) |
|
|
18.8 |
% |
|
17.1 |
% |
|
|
|
|
|
|
|
|
Invested Capital |
|
March 31, 2024 |
|
December 31, 2023 |
|
||
Short-term debt (1) |
|
$ |
4,720 |
|
$ |
2,439 |
|
Long-term debt, less current portion |
|
|
1,102,677 |
|
|
1,102,771 |
|
Total debt |
|
|
1,107,397 |
|
|
1,105,210 |
|
Total equity |
|
|
1,307,828 |
|
|
1,308,852 |
|
Invested capital |
|
$ |
2,415,225 |
|
$ |
2,414,062 |
|
|
|
|
|
|
|
|
|
Total debt / invested capital |
|
|
45.9 |
% |
|
45.8 |
% |
(1) |
Includes current portion of long-term debt. |
(2) |
Average operating working capital to Net sales is defined as the sum of Accounts receivable, Inventories and contract assets less Trade accounts payable and contract liabilities as of period end divided by annualized rolling three months of Net sales. |
Lincoln Electric Holdings, Inc. Financial Highlights (In thousands, except per share amounts) (Unaudited) |
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Non-GAAP Financial Measures |
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|
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|
|
|
||
|
|
Three Months Ended March 31, |
|
||||||
|
|
2024 |
|
2023 |
|
||||
Operating income as reported |
|
$ |
165,047 |
|
|
$ |
164,364 |
|
|
Special items (pre-tax): |
|
|
|
|
|
|
|
||
Rationalization and asset impairment charges (2) |
|
|
4,605 |
|
|
|
877 |
|
|
Acquisition transaction costs (3) |
|
|
1,762 |
|
|
|
— |
|
|
Amortization of step up in value of acquired inventories (4) |
|
|
— |
|
|
|
3,856 |
|
|
Adjusted operating income (1) |
|
$ |
171,414 |
|
|
$ |
169,097 |
|
|
As a percent of net sales |
|
|
17.5 |
|
% |
|
16.3 |
|
% |
|
|
|
|
|
|
|
|
||
Net income as reported |
|
$ |
123,415 |
|
|
$ |
121,931 |
|
|
Special items: |
|
|
|
|
|
|
|
||
Rationalization and asset impairment charges (2) |
|
|
4,605 |
|
|
|
877 |
|
|
Acquisition transaction costs (3) |
|
|
1,762 |
|
|
|
— |
|
|
Amortization of step up in value of acquired inventories (4) |
|
|
— |
|
|
|
3,856 |
|
|
Gain on asset disposal (5) |
|
|
— |
|
|
|
(1,646 |
) |
|
Tax effect of Special items (6) |
|
|
(1,126 |
) |
|
|
(818 |
) |
|
Adjusted net income (1) |
|
|
128,656 |
|
|
|
124,200 |
|
|
Interest expense, net |
|
|
8,779 |
|
|
|
13,201 |
|
|
Income taxes as reported |
|
|
35,115 |
|
|
|
33,413 |
|
|
Tax effect of Special items (6) |
|
|
1,126 |
|
|
|
818 |
|
|
Adjusted EBIT (1) |
|
$ |
173,676 |
|
|
$ |
171,632 |
|
|
|
|
|
|
|
|
|
|
||
Effective tax rate as reported |
|
|
22.2 |
|
% |
|
21.5 |
|
% |
Net special item tax impact |
|
|
(0.2 |
) |
% |
|
0.1 |
|
% |
Adjusted effective tax rate (1) |
|
|
22.0 |
|
% |
|
21.6 |
|
% |
|
|
|
|
|
|
|
|
||
Diluted earnings per share as reported |
|
$ |
2.14 |
|
|
$ |
2.09 |
|
|
Special items per share |
|
|
0.09 |
|
|
|
0.04 |
|
|
Adjusted diluted earnings per share (1) |
|
$ |
2.23 |
|
|
$ |
2.13 |
|
|
|
|
|
|
|
|
|
|
||
Weighted average shares (diluted) |
|
|
57,641 |
|
|
|
58,417 |
|
|
(1) |
Adjusted operating income, adjusted net income, adjusted EBIT, adjusted effective tax rate and adjusted diluted EPS are non-GAAP financial measures. Refer to Non-GAAP Information section. |
(2) |
Primarily related to rationalization plans initiated within International Welding and the Harris Products Group. |
(3) |
Related to acquisitions and are included in Selling, general & administrative expenses. |
(4) |
Related to acquisitions and are included in Cost of goods sold. |
(5) |
Gain on asset disposal and included in Other income. |
(6) |
Includes the net tax impact of Special items recorded during the respective periods. The tax effect of Special items impacting pre-tax income was calculated as the pre-tax amount multiplied by the applicable tax rate. The applicable tax rates reflect the taxable jurisdiction and nature of each Special item. |
Lincoln Electric Holdings, Inc. Financial Highlights (In thousands, except per share amounts) (Unaudited) |
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Non-GAAP Financial Measures |
|||||||||
|
|
|
|
|
|
|
|
||
|
|
Twelve Months Ended March 31, |
|
||||||
Return on Invested Capital |
|
2024 |
|
2023 |
|
||||
Net income as reported |
|
$ |
546,733 |
|
|
$ |
468,125 |
|
|
Plus: Interest expense (after-tax) |
|
|
36,519 |
|
|
|
28,875 |
|
|
Less: Interest income (after-tax) |
|
|
6,793 |
|
|
|
1,560 |
|
|
Net operating profit after taxes |
|
$ |
576,459 |
|
|
$ |
495,440 |
|
|
Special Items: |
|
|
|
|
|
|
|
||
Rationalization and asset impairment charges |
|
|
(7,586 |
) |
|
|
10,780 |
|
|
Acquisition transaction costs |
|
|
1,762 |
|
|
|
6,003 |
|
|
Pension settlement charges |
|
|
845 |
|
|
|
— |
|
|
Amortization of step up in value of acquired inventories |
|
|
8,397 |
|
|
|
4,962 |
|
|
Gain on asset disposal |
|
|
— |
|
|
|
(1,646 |
) |
|
Tax effect of Special items (2) |
|
|
2,228 |
|
|
|
(3,051 |
) |
|
Adjusted net operating profit after taxes (1) |
|
$ |
582,105 |
|
|
$ |
512,488 |
|
|
|
|
|
|
|
|
|
|
||
Invested Capital |
|
March 31, 2024 |
|
March 31, 2023 |
|
||||
Short-term debt |
|
$ |
4,720 |
|
|
$ |
49,340 |
|
|
Long-term debt, less current portion |
|
|
1,102,677 |
|
|
|
1,110,626 |
|
|
Total debt |
|
|
1,107,397 |
|
|
|
1,159,966 |
|
|
Total equity |
|
|
1,307,828 |
|
|
|
1,125,236 |
|
|
Invested capital |
|
$ |
2,415,225 |
|
|
$ |
2,285,202 |
|
|
|
|
|
|
|
|
|
|
||
Return on invested capital as reported |
|
|
23.9 |
|
% |
|
21.7 |
|
% |
Adjusted return on invested capital (1) |
|
|
24.1 |
|
% |
|
22.4 |
|
% |
(1) |
Adjusted net operating profit after taxes and adjusted ROIC are non-GAAP financial measures. Refer to Non-GAAP Information section. |
(2) |
Includes the net tax impact of Special items recorded during the respective periods. The tax effect of Special items impacting pre-tax income was calculated as the pre-tax amount multiplied by the applicable tax rate. The applicable tax rates reflect the taxable jurisdiction and nature of each Special item. |
Lincoln Electric Holdings, Inc. Financial Highlights (In thousands, except per share amounts) (Unaudited) |
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Condensed Consolidated Statements of Cash Flows |
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|
|
|
|
|
|
||
|
Three Months Ended March 31, |
||||||
|
2024 |
|
2023 |
||||
OPERATING ACTIVITIES: |
|
|
|
|
|
||
Net income |
$ |
123,415 |
|
|
$ |
121,931 |
|
Adjustments to reconcile Net income to Net cash provided by operating activities: |
|
|
|
|
|
||
Rationalization and asset impairment net charges |
|
64 |
|
|
|
— |
|
Depreciation and amortization |
|
21,586 |
|
|
|
21,295 |
|
Other non-cash items, net |
|
11,946 |
|
|
|
2,498 |
|
Changes in operating assets and liabilities, net of effects from acquisitions: |
|
|
|
|
|
||
Increase in accounts receivable |
|
(9,603 |
) |
|
|
(27,664 |
) |
(Increase) decrease in inventories |
|
(9,416 |
) |
|
|
5,881 |
|
Increase in trade accounts payable |
|
3,957 |
|
|
|
6,841 |
|
Net change in other current assets and liabilities |
|
(4,790 |
) |
|
|
(6,082 |
) |
Net change in other long-term assets and liabilities |
|
(3,865 |
) |
|
|
(769 |
) |
NET CASH PROVIDED BY OPERATING ACTIVITIES |
|
133,294 |
|
|
|
123,931 |
|
|
|
|
|
|
|
||
INVESTING ACTIVITIES: |
|
|
|
|
|
||
Capital expenditures |
|
(26,256 |
) |
|
|
(18,787 |
) |
Proceeds from sale of property, plant and equipment |
|
316 |
|
|
|
3,314 |
|
Other investing activities |
|
— |
|
|
|
(576 |
) |
NET CASH USED BY INVESTING ACTIVITIES |
|
(25,940 |
) |
|
|
(16,049 |
) |
|
|
|
|
|
|
||
FINANCING ACTIVITIES: |
|
|
|
|
|
||
Proceeds from (payments on) short-term borrowings |
|
2,016 |
|
|
|
(43,940 |
) |
Payments on long-term borrowings |
|
(169 |
) |
|
|
(111 |
) |
Proceeds from exercise of stock options |
|
24,438 |
|
|
|
2,476 |
|
Purchase of shares for treasury |
|
(110,405 |
) |
|
|
(32,158 |
) |
Cash dividends paid to shareholders |
|
(41,280 |
) |
|
|
(37,583 |
) |
NET CASH USED BY FINANCING ACTIVITIES |
|
(125,400 |
) |
|
|
(111,316 |
) |
|
|
|
|
|
|
||
Effect of exchange rate changes on Cash and cash equivalents |
|
(763 |
) |
|
|
5,087 |
|
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS |
|
(18,809 |
) |
|
|
1,653 |
|
Cash and cash equivalents at beginning of period |
|
393,787 |
|
|
|
197,150 |
|
Cash and cash equivalents at end of period |
$ |
374,978 |
|
|
$ |
198,803 |
|
|
|
|
|
|
|
||
Cash dividends paid per share |
$ |
0.71 |
|
|
$ |
0.64 |
|
Lincoln Electric Holdings, Inc. Segment Highlights (1) (In thousands) (Unaudited) |
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|
|
|
|
|
|
International |
|
The Harris |
|
Corporate / |
|
|
|
|
|||||
|
|
Welding |
|
Welding |
|
Products Group |
|
Eliminations |
|
Consolidated |
|
||||||
Three months ended March 31, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
$ |
624,099 |
|
$ |
235,761 |
|
$ |
121,337 |
|
$ |
— |
|
|
$ |
981,197 |
|
Inter-segment sales |
|
|
29,978 |
|
|
8,408 |
|
|
3,093 |
|
|
(41,479 |
) |
|
|
— |
|
Total sales |
|
$ |
654,077 |
|
$ |
244,169 |
|
$ |
124,430 |
|
$ |
(41,479 |
) |
|
$ |
981,197 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
123,415 |
|
|
As a percent of total sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBIT (1) |
|
$ |
136,100 |
|
$ |
24,707 |
|
$ |
18,342 |
|
$ |
(11,840 |
) |
|
$ |
167,309 |
|
As a percent of total sales |
|
|
20.8 |
% |
|
10.1 |
% |
|
14.7 |
% |
|
|
|
|
17.1 |
% |
|
Special items charges (3) |
|
|
— |
|
|
3,069 |
|
|
1,536 |
|
|
1,762 |
|
|
|
6,367 |
|
Adjusted EBIT (2) |
|
$ |
136,100 |
|
$ |
27,776 |
|
$ |
19,878 |
|
$ |
(10,078 |
) |
|
$ |
173,676 |
|
As a percent of total sales |
|
|
20.8 |
% |
|
11.4 |
% |
|
16.0 |
% |
|
|
|
|
17.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended March 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
$ |
658,645 |
|
$ |
252,416 |
|
$ |
128,282 |
|
$ |
— |
|
|
$ |
1,039,343 |
|
Inter-segment sales |
|
|
32,318 |
|
|
6,753 |
|
|
2,897 |
|
|
(41,968 |
) |
|
|
— |
|
Total sales |
|
$ |
690,963 |
|
$ |
259,169 |
|
$ |
131,179 |
|
$ |
(41,968 |
) |
|
$ |
1,039,343 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
121,931 |
|
|
As a percent of total sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBIT (1) |
|
$ |
129,668 |
|
$ |
29,296 |
|
$ |
18,983 |
|
$ |
(9,402 |
) |
|
$ |
168,545 |
|
As a percent of total sales |
|
|
18.8 |
% |
|
11.3 |
% |
|
14.5 |
% |
|
|
|
|
16.2 |
% |
|
Special items charges (4) |
|
|
2,785 |
|
|
302 |
|
|
— |
|
|
— |
|
|
|
3,087 |
|
Adjusted EBIT (2) |
|
$ |
132,453 |
|
$ |
29,598 |
|
$ |
18,983 |
|
$ |
(9,402 |
) |
|
$ |
171,632 |
|
As a percent of total sales |
|
|
19.2 |
% |
|
11.4 |
% |
|
14.5 |
% |
|
|
|
|
16.5 |
% |
|
(1) |
EBIT is defined as Operating income plus Other income. |
(2) |
The primary profit measure used by management to assess segment performance is adjusted EBIT. EBIT for each operating segment is adjusted for special items to derive adjusted EBIT. |
(3) |
Special items in 2024 primarily reflect rationalization and asset impairment charges of |
(4) |
Special items in 2023 primarily reflect amortization of step up in value of acquired inventories of |
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 |
|
|||||||
|
2023 |
|
Volume |
|
Acquisitions |
|
Price |
|
Exchange |
|
2024 |
|
||||||||||
Operating Segments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Americas Welding |
$ |
658,645 |
|
$ |
(42,653 |
) |
|
$ |
4,164 |
|
$ |
2,284 |
|
|
$ |
1,659 |
|
|
$ |
624,099 |
|
|
International Welding |
|
252,416 |
|
|
(12,272 |
) |
|
|
— |
|
|
(4,010 |
) |
|
|
(373 |
) |
|
|
235,761 |
|
|
The Harris Products Group |
|
128,282 |
|
|
(8,856 |
) |
|
|
— |
|
|
1,443 |
|
|
|
468 |
|
|
|
121,337 |
|
|
Consolidated |
$ |
1,039,343 |
|
$ |
(63,781 |
) |
|
$ |
4,164 |
|
$ |
(283 |
) |
|
$ |
1,754 |
|
|
$ |
981,197 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
% Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Americas Welding |
|
|
|
|
(6.5 |
) |
% |
|
0.6 |
% |
|
0.3 |
|
% |
|
0.3 |
|
% |
|
(5.2 |
) |
% |
International Welding |
|
|
|
|
(4.9 |
) |
% |
|
— |
|
|
(1.6 |
) |
% |
|
(0.1 |
) |
% |
|
(6.6 |
) |
% |
The Harris Products Group |
|
|
|
|
(6.9 |
) |
% |
|
— |
|
|
1.1 |
|
% |
|
0.4 |
|
% |
|
(5.4 |
) |
% |
Consolidated |
|
|
|
|
(6.1 |
) |
% |
|
0.4 |
% |
|
0.0 |
|
% |
|
0.2 |
|
% |
|
(5.6 |
) |
% |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240425689029/en/
Amanda Butler
Vice President, Investor Relations & Communications
Tel: 216.383.2534
Email: Amanda_Butler@lincolnelectric.com
Source: Lincoln Electric Holdings, Inc.
FAQ
What was Lincoln Electric's net income for the first quarter of 2024?
What was Lincoln Electric's EPS for the first quarter of 2024?
What was the adjusted EPS for Lincoln Electric in the first quarter of 2024?
How much did Lincoln Electric's sales decrease in the first quarter of 2024?
What was the operating income margin for Lincoln Electric in the first quarter of 2024?
