Lincoln Electric Reports Second Quarter 2024 Results
Lincoln Electric reported Q2 2024 results with net sales of $1,022 million, down 3.7% year-over-year. The company's operating income margin was 14.6%, with an adjusted operating income margin of 17.4%. EPS stood at $1.77, while adjusted EPS was $2.34. Cash flows from operations were $171 million.
The company returned $91 million to shareholders through dividends and share repurchases. Lincoln Electric's performance demonstrates effective cost management and execution of strategic initiatives amid challenging market conditions. The company continues to focus on long-term growth and margin enhancement through innovation, acquisitions, and operational excellence.
Lincoln Electric ha riportato i risultati del secondo trimestre del 2024, con vendite nette di 1.022 milioni di dollari, in calo del 3,7% rispetto all'anno precedente. Il margine di reddito operativo della società è stato del 14,6%, con un margine di reddito operativo rettificato del 17,4%. L'EPS si è attestato a 1,77 dollari, mentre l'EPS rettificato era di 2,34 dollari. I flussi di cassa dalle operazioni sono stati di 171 milioni di dollari.
La società ha restituito 91 milioni di dollari agli azionisti attraverso dividendi e riacquisti di azioni. La performance di Lincoln Electric dimostra una gestione efficace dei costi e l'esecuzione di iniziative strategiche nonostante le condizioni di mercato difficili. L'azienda continua a concentrarsi sulla crescita a lungo termine e sul miglioramento dei margini attraverso innovazione, acquisizioni e eccellenza operativa.
Lincoln Electric reportó los resultados del segundo trimestre de 2024, con ventas netas de 1,022 millones de dólares, una disminución del 3.7% en comparación con el año anterior. El margen de ingreso operativo de la empresa fue del 14.6%, con un margen de ingreso operativo ajustado del 17.4%. El EPS se situó en 1.77 dólares, mientras que el EPS ajustado fue de 2.34 dólares. Los flujos de efectivo de las operaciones fueron de 171 millones de dólares.
La empresa devolvió 91 millones de dólares a los accionistas a través de dividendos y recompra de acciones. El rendimiento de Lincoln Electric demuestra una gestión de costos efectiva y la ejecución de iniciativas estratégicas en medio de condiciones de mercado desafiantes. La compañía sigue enfocándose en el crecimiento a largo plazo y la mejora del margen a través de la innovación, adquisiciones y excelencia operativa.
링컨 일렉트릭은 2024년 2분기 실적을 보고했으며, 순매출은 10억 2200만 달러로 전년 대비 3.7% 감소했습니다. 회사의 운영 소득 마진은 14.6%였고, 조정된 운영 소득 마진은 17.4%였습니다. 주당 순이익(EPS)은 1.77달러였으며, 조정된 EPS는 2.34달러였습니다. 운영에서의 현금 흐름은 1억 7100만 달러였습니다.
회사는 배당금과 주식 매입을 통해 주주에게 9100만 달러를 반환했습니다. 링컨 일렉트릭의 성과는 어려운 시장 상황 속에서도 효율적인 비용 관리와 전략적 이니셔티브 실행을 보여줍니다. 회사는 혁신, 인수 및 운영 우수성을 통해 장기적인 성장과 마진 향상에 지속적으로 집중하고 있습니다.
Lincoln Electric a annoncé les résultats du deuxième trimestre 2024, avec un chiffre d'affaires net de 1,022 million de dollars, soit une baisse de 3,7 % par rapport à l'année précédente. La marge de résultat opérationnel de l'entreprise était de 14,6 %, avec une marge de résultat opérationnel ajustée de 17,4 %. Le BPA était de 1,77 dollar, tandis que le BPA ajusté s'élevait à 2,34 dollars. Les flux de trésorerie provenant des opérations étaient de 171 millions de dollars.
L'entreprise a restitué 91 millions de dollars aux actionnaires par le biais de dividendes et de rachats d'actions. La performance de Lincoln Electric démontre une gestion efficace des coûts et l'exécution d'initiatives stratégiques dans un contexte de marché difficile. L'entreprise continue de se concentrer sur la croissance à long terme et l'amélioration des marges grâce à l'innovation, aux acquisitions et à l'excellence opérationnelle.
Lincoln Electric berichtete über die Ergebnisse des zweiten Quartals 2024 mit einem Nettoumsatz von 1.022 Millionen Dollar, was einem Rückgang von 3,7 % im Vergleich zum Vorjahr entspricht. Die Betriebsgewinnmarge des Unternehmens betrug 14,6 %, bei einer bereinigten Betriebsgewinnmarge von 17,4 %. Der Gewinn pro Aktie (EPS) lag bei 1,77 Dollar, während der bereinigte EPS bei 2,34 Dollar lag. Der Cashflow aus der Betriebsführung betrug 171 Millionen Dollar.
Das Unternehmen gab 91 Millionen Dollar an die Aktionäre durch Dividenden und Aktienrückkäufe zurück. Die Leistung von Lincoln Electric zeigt ein effektives Kostenmanagement und die Umsetzung strategischer Initiativen in einem herausfordernden Marktumfeld. Das Unternehmen konzentriert sich weiterhin auf langfristiges Wachstum und Margenverbesserung durch Innovationen, Akquisitionen und betriebliche Exzellenz.
- Solid profit and earnings despite challenging market conditions
- Strong cash flows from operations at $171 million
- Maintained adjusted operating income margin at 17.4%
- Returned $91 million to shareholders through dividends and share repurchases
- Issued $550 million in new senior unsecured private placement notes
- Net sales decreased 3.7% to $1,022 million
- Organic sales decreased by 4.4%
- EPS declined from $2.36 in Q2 2023 to $1.77 in Q2 2024
- Adjusted EPS decreased from $2.44 to $2.34 year-over-year
- Operating income margin decreased from 16.8% to 14.6% compared to prior year
Insights
Lincoln Electric's Q2 2024 results present a mixed picture. While the company demonstrated resilience in a challenging economic environment, there are some concerning trends to note:
- Net sales decreased by
3.7% to$1,022 million , primarily due to a4.4% decrease in organic sales. This suggests weakening demand in core markets. - Operating income margin contracted to
14.6% from16.8% in the prior year period. However, the adjusted operating income margin remained stable at17.4% , indicating effective cost management. - Adjusted EPS declined to
$2.34 from$2.44 , a4.1% decrease year-over-year.
The company's focus on long-term growth strategies, including innovation and acquisitions, is commendable. The recent
However, the declining organic sales and earnings raise concerns about the company's near-term growth prospects. Investors should closely monitor future quarters for signs of market stabilization or further deterioration.
Lincoln Electric's Q2 results offer valuable insights into broader industrial trends:
- The
4.4% decrease in organic sales suggests a slowdown in key end markets, potentially indicating broader economic headwinds affecting the manufacturing and construction sectors. - Despite sales challenges, the company maintained its adjusted operating margin at
17.4% , showcasing resilience and effective cost management in a tough environment. - The company's strategic focus on innovation and acquisitions aligns with industry trends towards automation and advanced welding solutions, positioning it well for long-term growth.
The
Investors should consider Lincoln Electric's performance as a potential bellwether for the broader industrial sector, particularly in welding and cutting equipment. The company's ability to maintain margins despite sales pressure may indicate similar trends across the industry.
Second Quarter 2024 Highlights
-
Net sales of
$1,022 million -
Operating income margin of
14.6% ; Adjusted operating income margin of17.4% -
EPS of
$1.77 $2.34 -
Cash flows from operations of
$171 million -
Returned
$91 million
Second quarter 2024 sales decreased
“Our solid second quarter profit, earnings and cash conversion results demonstrate the team’s effective cost management and execution of our strategic initiatives while navigating a more challenging portion of the cycle,” stated Steven B. Hedlund, President and Chief Executive Officer. “We continue to focus on long-term growth and margin enhancement through innovation, acquisitions, and operational excellence, which I am confident will extend Lincoln’s competitive position and generate superior value.”
Six Months 2024 Summary
Net income for the six months ended June 30, 2024 was
Sales decreased
Financing Activities
On June 20, 2024, the Company agreed to issue three new series of senior unsecured private placement notes (collectively the “Notes”) in the aggregate principal amount of
Webcast Information
A conference call to discuss second quarter 2024 financial results will be webcast live today, July 31, 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. |
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Financial Highlights |
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(In thousands, except per share amounts) |
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(Unaudited) |
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Consolidated Statements of Income |
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|
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|
|
|
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Fav (Unfav) to |
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Three Months Ended June 30, |
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Prior Year |
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2024 |
|
% of Sales |
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2023 |
|
% of Sales |
|
$ |
|
% |
|
||||
Net sales |
|
$ |
1,021,683 |
|
|
100.0 |
% |
$ |
1,060,565 |
|
100.0 |
% |
$ |
(38,882) |
|
(3.7) |
% |
Cost of goods sold |
|
|
637,870 |
|
|
62.4 |
% |
|
687,137 |
|
64.8 |
% |
|
49,267 |
|
7.2 |
% |
Gross profit |
|
|
383,813 |
|
|
37.6 |
% |
|
373,428 |
|
35.2 |
% |
|
10,385 |
|
2.8 |
% |
Selling, general & administrative expenses |
|
|
208,485 |
|
|
20.4 |
% |
|
192,748 |
|
18.2 |
% |
|
(15,737) |
|
(8.2) |
% |
Rationalization and asset impairment charges |
|
|
26,490 |
|
|
2.6 |
% |
|
2,667 |
|
0.3 |
% |
|
(23,823) |
|
(893.3) |
% |
Operating income |
|
|
148,838 |
|
|
14.6 |
% |
|
178,013 |
|
16.8 |
% |
|
(29,175) |
|
(16.4) |
% |
Interest expense, net |
|
|
10,661 |
|
|
1.0 |
% |
|
11,699 |
|
1.1 |
% |
|
1,038 |
|
8.9 |
% |
Other income (expense) |
|
|
(1,553) |
|
|
— |
|
|
6,746 |
|
0.6 |
% |
|
(8,299) |
|
(123.0) |
% |
Income before income taxes |
|
|
136,624 |
|
|
13.4 |
% |
|
173,060 |
|
16.3 |
% |
|
(36,436) |
|
(21.1) |
% |
Income taxes |
|
|
34,916 |
|
|
3.4 |
% |
|
35,729 |
|
3.4 |
% |
|
813 |
|
2.3 |
% |
Effective tax rate |
|
|
25.6 |
% |
|
|
|
|
20.6 |
% |
|
|
|
(5.0) |
% |
|
|
Net income |
|
$ |
101,708 |
|
|
10.0 |
% |
$ |
137,331 |
|
12.9 |
% |
$ |
(35,623) |
|
(25.9) |
% |
|
|
|
|
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|
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Basic earnings per share |
|
$ |
1.79 |
|
|
|
|
$ |
2.39 |
|
|
|
$ |
(0.60) |
|
(25.1) |
% |
Diluted earnings per share |
|
$ |
1.77 |
|
|
|
|
$ |
2.36 |
|
|
|
$ |
(0.59) |
|
(25.0) |
% |
Weighted average shares (basic) |
|
|
56,816 |
|
|
|
|
|
57,479 |
|
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|
|
Weighted average shares (diluted) |
|
|
57,366 |
|
|
|
|
|
58,303 |
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Fav (Unfav) to |
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|||
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Six Months Ended June 30, |
|
Prior Year |
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||||||||||||
|
|
2024 |
|
% of Sales |
|
2023 |
|
% of Sales |
|
$ |
|
% |
|
||||
Net sales |
|
$ |
2,002,880 |
|
|
100.0 |
% |
$ |
2,099,908 |
|
100.0 |
% |
$ |
(97,028) |
|
(4.6) |
% |
Cost of goods sold |
|
|
1,250,668 |
|
|
62.4 |
% |
|
1,371,123 |
|
65.3 |
% |
|
120,455 |
|
8.8 |
% |
Gross profit |
|
|
752,212 |
|
|
37.6 |
% |
|
728,785 |
|
34.7 |
% |
|
23,427 |
|
3.2 |
% |
Selling, general & administrative expenses |
|
|
407,232 |
|
|
20.3 |
% |
|
382,864 |
|
18.2 |
% |
|
(24,368) |
|
(6.4) |
% |
Rationalization and asset impairment charges |
|
|
31,095 |
|
|
1.6 |
% |
|
3,544 |
|
0.2 |
% |
|
(27,551) |
|
(777.4) |
% |
Operating income |
|
|
313,885 |
|
|
15.7 |
% |
|
342,377 |
|
16.3 |
% |
|
(28,492) |
|
(8.3) |
% |
Interest expense, net |
|
|
19,440 |
|
|
1.0 |
% |
|
24,899 |
|
1.2 |
% |
|
5,459 |
|
21.9 |
% |
Other income |
|
|
709 |
|
|
0.0 |
% |
|
10,926 |
|
0.5 |
% |
|
(10,217) |
|
(93.5) |
% |
Income before income taxes |
|
|
295,154 |
|
|
14.7 |
% |
|
328,404 |
|
15.6 |
% |
|
(33,250) |
|
(10.1) |
% |
Income taxes |
|
|
70,031 |
|
|
3.5 |
% |
|
69,142 |
|
3.3 |
% |
|
(889) |
|
(1.3) |
% |
Effective tax rate |
|
|
23.7 |
% |
|
|
|
|
21.1 |
% |
|
|
|
(2.6) |
% |
|
|
Net income |
|
$ |
225,123 |
|
|
11.2 |
% |
$ |
259,262 |
|
12.3 |
% |
$ |
(34,139) |
|
(13.2) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share |
|
$ |
3.96 |
|
|
|
|
$ |
4.51 |
|
|
|
$ |
(0.55) |
|
(12.2) |
% |
Diluted earnings per share |
|
$ |
3.91 |
|
|
|
|
$ |
4.44 |
|
|
|
$ |
(0.53) |
|
(11.9) |
% |
Weighted average shares (basic) |
|
|
56,841 |
|
|
|
|
|
57,537 |
|
|
|
|
|
|
|
|
Weighted average shares (diluted) |
|
|
57,505 |
|
|
|
|
|
58,353 |
|
|
|
|
|
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|
Lincoln Electric Holdings, Inc. |
|||||||
Financial Highlights |
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(In thousands) |
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(Unaudited) |
|||||||
Balance Sheet Highlights |
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Selected Consolidated Balance Sheet Data |
|
June 30, 2024 |
|
December 31, 2023 |
|
||
Cash and cash equivalents |
|
$ |
272,672 |
|
$ |
393,787 |
|
Accounts receivable, net |
|
|
549,237 |
|
|
538,830 |
|
Inventories |
|
|
582,730 |
|
|
562,864 |
|
Total current assets |
|
|
1,613,106 |
|
|
1,693,111 |
|
Property, plant and equipment, net |
|
|
583,832 |
|
|
575,316 |
|
Total assets |
|
|
3,415,249 |
|
|
3,377,297 |
|
Trade accounts payable |
|
|
351,445 |
|
|
325,435 |
|
Total current liabilities |
|
|
783,567 |
|
|
754,610 |
|
Short-term debt (1) |
|
|
6,254 |
|
|
2,439 |
|
Long-term debt, less current portion |
|
|
1,098,430 |
|
|
1,102,771 |
|
Total equity |
|
|
1,312,906 |
|
|
1,308,852 |
|
|
|
|
|
|
|
|
|
Operating Working Capital |
|
June 30, 2024 |
|
December 31, 2023 |
|
||
Average operating working capital to Net sales (2) |
|
|
18.0 |
% |
|
17.1 |
% |
|
|
|
|
|
|
|
|
Invested Capital |
|
June 30, 2024 |
|
December 31, 2023 |
|
||
Short-term debt (1) |
|
$ |
6,254 |
|
$ |
2,439 |
|
Long-term debt, less current portion |
|
|
1,098,430 |
|
|
1,102,771 |
|
Total debt |
|
|
1,104,684 |
|
|
1,105,210 |
|
Total equity |
|
|
1,312,906 |
|
|
1,308,852 |
|
Invested capital |
|
$ |
2,417,590 |
|
$ |
2,414,062 |
|
|
|
|
|
|
|
|
|
Total debt / invested capital |
|
|
45.7 |
% |
|
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. |
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Financial Highlights |
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(In thousands, except per share amounts) |
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(Unaudited) |
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Non-GAAP Financial Measures |
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|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
||||||||
|
|
2024 |
|
2023 |
|
|
2024 |
|
2023 |
|
||||
Operating income as reported |
|
$ |
148,838 |
|
$ |
178,013 |
|
|
$ |
313,885 |
|
$ |
342,377 |
|
Special items (pre-tax): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rationalization and asset impairment charges (2) |
|
|
26,490 |
|
|
2,667 |
|
|
|
31,095 |
|
|
3,544 |
|
Acquisition transaction costs (3) |
|
|
2,182 |
|
|
— |
|
|
|
3,944 |
|
|
— |
|
Amortization of step up in value of acquired inventories (4) |
|
|
112 |
|
|
3,545 |
|
|
|
112 |
|
|
7,401 |
|
Adjusted operating income (1) |
|
$ |
177,622 |
|
$ |
184,225 |
|
|
$ |
349,036 |
|
$ |
353,322 |
|
As a percent of net sales |
|
|
17.4 |
% |
|
17.4 |
% |
|
|
17.4 |
% |
|
16.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income as reported |
|
$ |
101,708 |
|
$ |
137,331 |
|
|
$ |
225,123 |
|
$ |
259,262 |
|
Special items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rationalization and asset impairment charges (2) |
|
|
26,490 |
|
|
2,667 |
|
|
|
31,095 |
|
|
3,544 |
|
Acquisition transaction costs (3) |
|
|
2,182 |
|
|
— |
|
|
|
3,944 |
|
|
— |
|
Amortization of step up in value of acquired inventories (4) |
|
|
112 |
|
|
3,545 |
|
|
|
112 |
|
|
7,401 |
|
Loss (gain) on asset disposal (5) |
|
|
4,950 |
|
|
— |
|
|
|
4,950 |
|
|
(1,646) |
|
Tax effect of Special items (6) |
|
|
(1,182) |
|
|
(1,311) |
|
|
|
(2,308) |
|
|
(2,129) |
|
Adjusted net income (1) |
|
|
134,260 |
|
|
142,232 |
|
|
|
262,916 |
|
|
266,432 |
|
Interest expense, net |
|
|
10,661 |
|
|
11,699 |
|
|
|
19,440 |
|
|
24,899 |
|
Income taxes as reported |
|
|
34,916 |
|
|
35,729 |
|
|
|
70,031 |
|
|
69,142 |
|
Tax effect of Special items (6) |
|
|
1,182 |
|
|
1,311 |
|
|
|
2,308 |
|
|
2,129 |
|
Adjusted EBIT (1) |
|
$ |
181,019 |
|
$ |
190,971 |
|
|
$ |
354,695 |
|
$ |
362,602 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective tax rate as reported |
|
|
25.6 |
% |
|
20.6 |
% |
|
|
23.7 |
% |
|
21.1 |
% |
Net special item tax impact |
|
|
(4.4) |
% |
|
0.1 |
% |
|
|
(2.1) |
% |
|
— |
|
Adjusted effective tax rate (1) |
|
|
21.2 |
% |
|
20.7 |
% |
|
|
21.6 |
% |
|
21.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share as reported |
|
$ |
1.77 |
|
$ |
2.36 |
|
|
$ |
3.91 |
|
$ |
4.44 |
|
Special items per share |
|
|
0.57 |
|
|
0.08 |
|
|
|
0.66 |
|
|
0.13 |
|
Adjusted diluted earnings per share (1) |
|
$ |
2.34 |
|
$ |
2.44 |
|
|
$ |
4.57 |
|
$ |
4.57 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares (diluted) |
|
|
57,366 |
|
|
58,303 |
|
|
|
57,505 |
|
|
58,353 |
|
(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 previously initiated within International Welding, including disposition of the Company’s Russian entity, 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) |
Loss (gain) on asset disposal and included in Other income (expense). |
|
(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) |
|||||||
Non-GAAP Financial Measures |
|||||||
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended June 30, |
|
||||
Return on Invested Capital |
|
2024 |
|
2023 |
|
||
Net income as reported |
|
$ |
511,110 |
|
$ |
477,633 |
|
Plus: Interest expense (after-tax) |
|
|
36,607 |
|
|
33,234 |
|
Less: Interest income (after-tax) |
|
|
7,654 |
|
|
1,999 |
|
Net operating profit after taxes |
|
$ |
540,063 |
|
$ |
508,868 |
|
Special Items: |
|
|
|
|
|
|
|
Rationalization and asset impairment charges |
|
|
16,237 |
|
|
14,291 |
|
Acquisition transaction costs |
|
|
3,944 |
|
|
6,003 |
|
Pension settlement charges |
|
|
845 |
|
|
— |
|
Amortization of step up in value of acquired inventories |
|
|
4,964 |
|
|
7,048 |
|
Loss (gain) on asset disposal |
|
|
4,950 |
|
|
(1,646) |
|
Tax effect of Special items (2) |
|
|
2,357 |
|
|
(4,110) |
|
Adjusted net operating profit after taxes (1) |
|
$ |
573,360 |
|
$ |
530,454 |
|
|
|
|
|
|
|
|
|
Invested Capital |
|
June 30, 2024 |
|
June 30, 2023 |
|
||
Short-term debt |
|
$ |
6,254 |
|
$ |
10,406 |
|
Long-term debt, less current portion |
|
|
1,098,430 |
|
|
1,103,898 |
|
Total debt |
|
|
1,104,684 |
|
|
1,114,304 |
|
Total equity |
|
|
1,312,906 |
|
|
1,201,424 |
|
Invested capital |
|
$ |
2,417,590 |
|
$ |
2,315,728 |
|
|
|
|
|
|
|
|
|
Return on invested capital as reported |
|
|
22.3 |
% |
|
22.0 |
% |
Adjusted return on invested capital (1) |
|
|
23.7 |
% |
|
22.9 |
% |
(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) |
|||||||
Condensed Consolidated Statements of Cash Flows |
|||||||
|
|
|
|
|
|
||
|
Three Months Ended June 30, |
||||||
|
2024 |
|
2023 |
||||
OPERATING ACTIVITIES: |
|
|
|
|
|
||
Net income |
$ |
101,708 |
|
|
$ |
137,331 |
|
Adjustments to reconcile Net income to Net cash provided by operating activities: |
|
|
|
|
|
||
Rationalization and asset impairment net charges |
|
23,687 |
|
|
|
1,134 |
|
Depreciation and amortization |
|
20,865 |
|
|
|
21,917 |
|
Other non-cash items, net |
|
4,589 |
|
|
|
22,074 |
|
Changes in operating assets and liabilities, net of effects from acquisitions: |
|
|
|
|
|
||
(Increase) decrease in accounts receivable |
|
(4,881 |
) |
|
|
8,774 |
|
(Increase) decrease in inventories |
|
(18,210 |
) |
|
|
76 |
|
Increase (decrease) in trade accounts payable |
|
24,999 |
|
|
|
(5,275 |
) |
Net change in other current assets and liabilities |
|
(5,455 |
) |
|
|
21,574 |
|
Net change in other long-term assets and liabilities |
|
23,385 |
|
|
|
(8,760 |
) |
NET CASH PROVIDED BY OPERATING ACTIVITIES |
|
170,687 |
|
|
|
198,845 |
|
|
|
|
|
|
|
||
INVESTING ACTIVITIES: |
|
|
|
|
|
||
Capital expenditures |
|
(23,139 |
) |
|
|
(21,765 |
) |
Acquisition of businesses, net of cash acquired |
|
(152,654 |
) |
|
|
(32,657 |
) |
Proceeds from sale of property, plant and equipment |
|
987 |
|
|
|
578 |
|
Purchase of marketable securities |
|
— |
|
|
|
(6,453 |
) |
NET CASH USED BY INVESTING ACTIVITIES |
|
(174,806 |
) |
|
|
(60,297 |
) |
|
|
|
|
|
|
||
FINANCING ACTIVITIES: |
|
|
|
|
|
||
Payments on short-term borrowings |
|
(2,594 |
) |
|
|
(28,277 |
) |
Proceeds from long-term borrowings |
|
400,000 |
|
|
|
— |
|
Payments on long-term borrowings |
|
(400,170 |
) |
|
|
(6,875 |
) |
Proceeds from exercise of stock options |
|
543 |
|
|
|
9,534 |
|
Purchase of shares for treasury |
|
(50,415 |
) |
|
|
(53,075 |
) |
Cash dividends paid to shareholders |
|
(40,416 |
) |
|
|
(36,889 |
) |
NET CASH USED BY FINANCING ACTIVITIES |
|
(93,052 |
) |
|
|
(115,582 |
) |
|
|
|
|
|
|
||
Effect of exchange rate changes on Cash and cash equivalents |
|
(5,135 |
) |
|
|
(1,286 |
) |
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS |
|
(102,306 |
) |
|
|
21,680 |
|
Cash and cash equivalents at beginning of period |
|
374,978 |
|
|
|
198,803 |
|
Cash and cash equivalents at end of period |
$ |
272,672 |
|
|
$ |
220,483 |
|
|
|
|
|
|
|
||
Cash dividends paid per share |
$ |
0.71 |
|
|
$ |
0.64 |
|
Lincoln Electric Holdings, Inc. |
||||||||
Financial Highlights |
||||||||
(In thousands, except per share amounts) |
||||||||
(Unaudited) |
||||||||
Condensed Consolidated Statements of Cash Flows |
||||||||
|
|
|
|
|
|
|
||
|
|
Six Months Ended June 30, |
||||||
|
|
2024 |
|
2023 |
||||
OPERATING ACTIVITIES: |
|
|
|
|
|
|
||
Net income |
|
$ |
225,123 |
|
|
$ |
259,262 |
|
Adjustments to reconcile Net income to Net cash provided by operating activities: |
|
|
|
|
|
|
||
Rationalization and asset impairment net charges |
|
|
23,751 |
|
|
|
1,134 |
|
Depreciation and amortization |
|
|
42,451 |
|
|
|
43,212 |
|
Other non-cash items, net |
|
|
16,535 |
|
|
|
21,386 |
|
Changes in operating assets and liabilities, net of effects from acquisitions: |
|
|
|
|
|
|
||
Increase in accounts receivable |
|
|
(14,484 |
) |
|
|
(18,890 |
) |
(Increase) decrease in inventories |
|
|
(27,626 |
) |
|
|
6,267 |
|
Increase in trade accounts payable |
|
|
28,956 |
|
|
|
1,566 |
|
Net change in other current assets and liabilities |
|
|
(10,245 |
) |
|
|
15,474 |
|
Net change in other long-term assets and liabilities |
|
|
19,520 |
|
|
|
(6,635 |
) |
NET CASH PROVIDED BY OPERATING ACTIVITIES |
|
|
303,981 |
|
|
|
322,776 |
|
|
|
|
|
|
|
|
||
INVESTING ACTIVITIES: |
|
|
|
|
|
|
||
Capital expenditures |
|
|
(49,395 |
) |
|
|
(40,552 |
) |
Acquisition of businesses, net of cash acquired |
|
|
(152,654 |
) |
|
|
(32,657 |
) |
Proceeds from sale of property, plant and equipment |
|
|
1,303 |
|
|
|
3,892 |
|
Purchase of marketable securities |
|
|
— |
|
|
|
(7,029 |
) |
NET CASH USED BY INVESTING ACTIVITIES |
|
|
(200,746 |
) |
|
|
(76,346 |
) |
|
|
|
|
|
|
|
||
FINANCING ACTIVITIES: |
|
|
|
|
|
|
||
Payments on short-term borrowings |
|
|
(578 |
) |
|
|
(72,224 |
) |
Proceeds from long-term borrowings |
|
|
400,000 |
|
|
|
— |
|
Payments on long-term borrowings |
|
|
(400,339 |
) |
|
|
(6,978 |
) |
Proceeds from exercise of stock options |
|
|
24,981 |
|
|
|
12,010 |
|
Purchase of shares for treasury |
|
|
(160,820 |
) |
|
|
(85,234 |
) |
Cash dividends paid to shareholders |
|
|
(81,696 |
) |
|
|
(74,472 |
) |
NET CASH USED BY FINANCING ACTIVITIES |
|
|
(218,452 |
) |
|
|
(226,898 |
) |
|
|
|
|
|
|
|
||
Effect of exchange rate changes on Cash and cash equivalents |
|
|
(5,898 |
) |
|
|
3,801 |
|
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS |
|
|
(121,115 |
) |
|
|
23,333 |
|
Cash and cash equivalents at beginning of period |
|
|
393,787 |
|
|
|
197,150 |
|
Cash and cash equivalents at end of period |
|
$ |
272,672 |
|
|
$ |
220,483 |
|
|
|
|
|
|
|
|
||
Cash dividends paid per share |
|
$ |
1.42 |
|
|
$ |
1.28 |
|
Lincoln Electric Holdings, Inc. |
||||||||||||||||
Segment Highlights (1) |
||||||||||||||||
(In thousands) |
||||||||||||||||
(Unaudited) |
||||||||||||||||
|
|
|
|
International |
|
The Harris |
|
Corporate / |
|
|
|
|
||||
|
|
Welding |
|
Welding |
|
Products Group |
|
Eliminations |
|
Consolidated |
|
|||||
Three months ended June 30, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
$ |
648,936 |
|
$ |
238,758 |
|
$ |
133,989 |
|
$ |
— |
|
$ |
1,021,683 |
|
Inter-segment sales |
|
|
37,800 |
|
|
8,849 |
|
|
3,272 |
|
|
(49,921) |
|
|
— |
|
Total sales |
|
$ |
686,736 |
|
$ |
247,607 |
|
$ |
137,261 |
|
$ |
(49,921) |
|
$ |
1,021,683 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
101,708 |
|
As a percent of total sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBIT (1) |
|
$ |
136,297 |
|
$ |
(5,525) |
|
$ |
25,063 |
|
$ |
(8,550) |
|
$ |
147,285 |
|
As a percent of total sales |
|
|
19.8 |
% |
|
(2.2) |
% |
|
18.3 |
% |
|
|
|
|
14.4 |
% |
Special items charges (3) |
|
|
354 |
|
|
31,234 |
|
|
(140) |
|
|
2,286 |
|
|
33,734 |
|
Adjusted EBIT (2) |
|
$ |
136,651 |
|
$ |
25,709 |
|
$ |
24,923 |
|
$ |
(6,264) |
|
$ |
181,019 |
|
As a percent of total sales |
|
|
19.9 |
% |
|
10.4 |
% |
|
18.2 |
% |
|
|
|
|
17.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
$ |
676,966 |
|
$ |
253,403 |
|
$ |
130,196 |
|
$ |
— |
|
$ |
1,060,565 |
|
Inter-segment sales |
|
|
30,850 |
|
|
8,292 |
|
|
2,867 |
|
|
(42,009) |
|
|
— |
|
Total sales |
|
$ |
707,816 |
|
$ |
261,695 |
|
$ |
133,063 |
|
$ |
(42,009) |
|
$ |
1,060,565 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
137,331 |
|
As a percent of total sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBIT (1) |
|
$ |
136,913 |
|
$ |
30,519 |
|
$ |
19,510 |
|
$ |
(2,183) |
|
$ |
184,759 |
|
As a percent of total sales |
|
|
19.3 |
% |
|
11.7 |
% |
|
14.7 |
% |
|
|
|
|
17.4 |
% |
Special items charges (4) |
|
|
2,957 |
|
|
3,255 |
|
|
— |
|
|
— |
|
|
6,212 |
|
Adjusted EBIT (2) |
|
$ |
139,870 |
|
$ |
33,774 |
|
$ |
19,510 |
|
$ |
(2,183) |
|
$ |
190,971 |
|
As a percent of total sales |
|
|
19.8 |
% |
|
12.9 |
% |
|
14.7 |
% |
|
|
|
|
18.0 |
% |
(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 net charges of |
|
(4) |
Special items in 2023 primarily reflect amortization of step up in value of acquired inventories of |
Lincoln Electric Holdings, Inc. |
||||||||||||||||
Segment Highlights |
||||||||||||||||
(In thousands) |
||||||||||||||||
(Unaudited) |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International |
|
The Harris |
|
Corporate / |
|
|
|
|
||||
|
|
Welding |
|
Welding |
|
Products Group |
|
Eliminations |
|
Consolidated |
|
|||||
Six months ended June 30, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
$ |
1,273,035 |
|
$ |
474,519 |
|
$ |
255,326 |
|
$ |
— |
|
$ |
2,002,880 |
|
Inter-segment sales |
|
|
67,778 |
|
|
17,257 |
|
|
6,365 |
|
|
(91,400) |
|
|
— |
|
Total sales |
|
$ |
1,340,813 |
|
$ |
491,776 |
|
$ |
261,691 |
|
$ |
(91,400) |
|
$ |
2,002,880 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
225,123 |
|
As a percent of total sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBIT (1) |
|
$ |
272,396 |
|
$ |
19,182 |
|
$ |
43,406 |
|
$ |
(20,390) |
|
$ |
314,594 |
|
As a percent of total sales |
|
|
20.3 |
% |
|
3.9 |
% |
|
16.6 |
% |
|
|
|
|
15.7 |
% |
Special items charges (3) |
|
|
354 |
|
|
34,304 |
|
|
1,396 |
|
|
4,047 |
|
|
40,101 |
|
Adjusted EBIT (2) |
|
$ |
272,750 |
|
$ |
53,486 |
|
$ |
44,802 |
|
$ |
(16,343) |
|
$ |
354,695 |
|
As a percent of total sales |
|
|
20.3 |
% |
|
10.9 |
% |
|
17.1 |
% |
|
|
|
|
17.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended June 30, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
$ |
1,335,611 |
|
$ |
505,819 |
|
$ |
258,478 |
|
$ |
— |
|
$ |
2,099,908 |
|
Inter-segment sales |
|
|
63,168 |
|
|
15,045 |
|
|
5,764 |
|
|
(83,977) |
|
|
— |
|
Total sales |
|
$ |
1,398,779 |
|
$ |
520,864 |
|
$ |
264,242 |
|
$ |
(83,977) |
|
$ |
2,099,908 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
259,262 |
|
As a percent of total sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBIT (1) |
|
$ |
266,582 |
|
$ |
59,814 |
|
$ |
38,493 |
|
$ |
(11,586) |
|
$ |
353,303 |
|
As a percent of total sales |
|
|
19.1 |
% |
|
11.5 |
% |
|
14.6 |
% |
|
|
|
|
16.8 |
% |
Special items charges (4) |
|
|
5,742 |
|
|
3,557 |
|
|
— |
|
|
— |
|
|
9,299 |
|
Adjusted EBIT (2) |
|
$ |
272,324 |
|
$ |
63,371 |
|
$ |
38,493 |
|
$ |
(11,586) |
|
$ |
362,602 |
|
As a percent of total sales |
|
|
19.5 |
% |
|
12.2 |
% |
|
14.6 |
% |
|
|
|
|
17.3 |
% |
(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 net 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 June 30th 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 |
$ |
676,966 |
|
$ |
(45,665 |
) |
|
$ |
12,420 |
|
$ |
6,522 |
|
|
$ |
(1,307 |
) |
|
$ |
648,936 |
|
|
International Welding |
|
253,403 |
|
|
(9,557 |
) |
|
|
57 |
|
|
(3,149 |
) |
|
|
(1,996 |
) |
|
|
238,758 |
|
|
The Harris Products Group |
|
130,196 |
|
|
(2,523 |
) |
|
|
— |
|
|
6,728 |
|
|
|
(412 |
) |
|
|
133,989 |
|
|
Consolidated |
$ |
1,060,565 |
|
$ |
(57,745 |
) |
|
$ |
12,477 |
|
$ |
10,101 |
|
|
$ |
(3,715 |
) |
|
$ |
1,021,683 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
% Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Americas Welding |
|
|
|
|
(6.7 |
) |
% |
|
1.8 |
% |
|
1.0 |
|
% |
|
(0.2 |
) |
% |
|
(4.1 |
) |
% |
International Welding |
|
|
|
|
(3.8 |
) |
% |
|
0.0 |
% |
|
(1.2 |
) |
% |
|
(0.8 |
) |
% |
|
(5.8 |
) |
% |
The Harris Products Group |
|
|
|
|
(1.9 |
) |
% |
|
— |
|
|
5.2 |
|
% |
|
(0.3 |
) |
% |
|
2.9 |
|
% |
Consolidated |
|
|
|
|
(5.4 |
) |
% |
|
1.2 |
% |
|
1.0 |
|
% |
|
(0.4 |
) |
% |
|
(3.7 |
) |
% |
Six Months Ended June 30th 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 |
|
$ |
1,335,611 |
|
$ |
(88,318 |
) |
|
$ |
16,584 |
|
$ |
8,806 |
|
|
$ |
352 |
|
|
$ |
1,273,035 |
|
|
International Welding |
|
|
505,819 |
|
|
(21,829 |
) |
|
|
57 |
|
|
(7,159 |
) |
|
|
(2,369 |
) |
|
|
474,519 |
|
|
The Harris Products Group |
|
|
258,478 |
|
|
(11,379 |
) |
|
|
— |
|
|
8,171 |
|
|
|
56 |
|
|
|
255,326 |
|
|
Consolidated |
|
$ |
2,099,908 |
|
$ |
(121,526 |
) |
|
$ |
16,641 |
|
$ |
9,818 |
|
|
$ |
(1,961 |
) |
|
$ |
2,002,880 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
% Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Americas Welding |
|
|
|
|
|
(6.6 |
) |
% |
|
1.2 |
% |
|
0.7 |
|
% |
|
0.0 |
|
% |
|
(4.7 |
) |
% |
International Welding |
|
|
|
|
|
(4.3 |
) |
% |
|
0.0 |
% |
|
(1.4 |
) |
% |
|
(0.5 |
) |
% |
|
(6.2 |
) |
% |
The Harris Products Group |
|
|
|
|
|
(4.4 |
) |
% |
|
— |
|
|
3.2 |
|
% |
|
0.0 |
|
% |
|
(1.2 |
) |
% |
Consolidated |
|
|
|
|
|
(5.8 |
) |
% |
|
0.8 |
% |
|
0.5 |
|
% |
|
(0.1 |
) |
% |
|
(4.6 |
) |
% |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240731726185/en/
Amanda Butler
Vice President, Investor Relations & Communications
Tel: 216.383.2534
Email: Amanda_Butler@lincolnelectric.com
Source: Lincoln Electric Holdings, Inc.
FAQ
What were Lincoln Electric's (LECO) Q2 2024 earnings results?
How did Lincoln Electric's (LECO) sales perform in Q2 2024?
What was Lincoln Electric's (LECO) operating income margin in Q2 2024?
How much did Lincoln Electric (LECO) return to shareholders in Q2 2024?
