Lincoln Electric Reports Third Quarter 2024 Results
Lincoln Electric (LECO) reported Q3 2024 financial results with net sales of $983.8 million, down 4.8% year-over-year, reflecting a 7.7% decrease in organic sales partially offset by a 3.0% benefit from acquisitions. Net income was $100.8 million with EPS of $1.77, compared to $129.3 million and $2.22 EPS in the prior year. Adjusted EPS was $2.14, down from $2.40. Operating income margin was 14.8%, with adjusted operating margin at 17.3%. The company generated strong cash flows of $199 million with 134% cash conversion and returned $91 million to shareholders through dividends and share repurchases. The Board declared a quarterly dividend increase of 5.6% to $0.75 per share.
Lincoln Electric (LECO) ha riportato i risultati finanziari del terzo trimestre del 2024, con vendite nette di $983,8 milioni, in calo del 4,8% rispetto all'anno precedente, riflettendo una diminuzione del 7,7% delle vendite organiche parzialmente compensata da un beneficio del 3,0% derivante da acquisizioni. Il reddito netto è stato di $100,8 milioni con un utile per azione (EPS) di $1,77, rispetto a $129,3 milioni e $2,22 di EPS dell'anno precedente. EPS rettificato è stato di $2,14, in calo rispetto a $2,40. Il margine di reddito operativo era del 14,8%, con un margine operativo rettificato del 17,3%. L'azienda ha generato forti flussi di cassa di $199 milioni con una conversione di cassa del 134% e ha restituito $91 milioni agli azionisti attraverso dividendi e riacquisti di azioni. Il Consiglio ha dichiarato un aumento del dividendo trimestrale del 5,6% a $0,75 per azione.
Lincoln Electric (LECO) reportó resultados financieros del tercer trimestre de 2024 con ventas netas de $983.8 millones, una disminución del 4.8% interanual, reflejando una disminución del 7.7% en ventas orgánicas, parcialmente compensada por un beneficio del 3.0% por adquisiciones. Los ingresos netos fueron de $100.8 millones con un beneficio por acción (EPS) de $1.77, en comparación con $129.3 millones y un EPS de $2.22 en el año anterior. El EPS ajustado fue de $2.14, bajando de $2.40. El margen de ingresos operativos fue del 14.8%, con un margen operativo ajustado del 17.3%. La compañía generó fuertes flujos de efectivo de $199 millones, con una conversión de efectivo del 134% y devolvió $91 millones a los accionistas a través de dividendos y recompras de acciones. La Junta declaró un aumento del dividendo trimestral del 5.6% a $0.75 por acción.
링컨 일렉트릭 (LECO)는 2024년 3분기 재무 결과를 보고하며, 순매출이 9억 8천 3백 80만 달러로 지난해 대비 4.8% 감소했다고 전했습니다. 이는 유기적 매출이 7.7% 감소한 데 일부 인수에 따른 3.0%의 이점이 partially offset되었습니다. 순이익은 1억 8백만 달러, 주당 순이익(EPS)은 1.77달러로, 지난해 1억 2천9백 30만 달러와 2.22달러의 EPS에 비해 감소했습니다. 조정된 EPS는 2.14달러로, 2.40달러에서 하락했습니다. 운영 소득 마진은 14.8%였으며, 조정된 운영 마진은 17.3%였습니다. 이 회사는 1억 9천9백만 달러의 강력한 현금 흐름을 생성했으며, 현금 변환율은 134%였으며, 배당금과 자사주 매입을 통해 주주에게 9천1백만 달러를 반환했습니다. 이사회는 주당 0.75달러로 5.6%의 분기 배당금 인상을 선언했습니다.
Lincoln Electric (LECO) a annoncé les résultats financiers du troisième trimestre 2024, avec des ventes nettes de 983,8 millions de dollars, en baisse de 4,8 % par rapport à l'année précédente, reflétant une diminution de 7,7 % des ventes organiques, partiellement compensée par un avantage de 3,0 % provenant d'acquisitions. Le revenu net s'élevait à 100,8 millions de dollars avec un BPA de 1,77 $, contre 129,3 millions de dollars et un BPA de 2,22 $ l'année précédente. Le BPA ajusté était de 2,14 $, en baisse par rapport à 2,40 $. La marge de résultat opérationnel était de 14,8 %, avec une marge opérationnelle ajustée de 17,3 %. L'entreprise a généré de forts flux de trésorerie de 199 millions de dollars avec une conversion de trésorerie de 134 % et a retourné 91 millions de dollars aux actionnaires par le biais de dividendes et de rachats d'actions. Le Conseil a déclaré une augmentation de dividende trimestriel de 5,6 % à 0,75 $ par action.
Lincoln Electric (LECO) hat die Finanzzahlen für das 3. Quartal 2024 veröffentlicht, mit Nettoumsätzen von 983,8 Millionen US-Dollar, was einem Rückgang von 4,8 % im Jahresvergleich entspricht, und einen Rückgang der organischen Umsätze um 7,7 % widerspiegelt, der teilweise durch einen Gewinn von 3,0 % aus Akquisitionen ausgeglichen wurde. Der Nettogewinn betrug 100,8 Millionen US-Dollar mit einem EPS von 1,77 US-Dollar, verglichen mit 129,3 Millionen US-Dollar und einem EPS von 2,22 US-Dollar im Vorjahr. Das bereinigte EPS betrug 2,14 US-Dollar, ein Rückgang von 2,40 US-Dollar. Die operative Gewinnmarge betrug 14,8 %, die bereinigte operative Marge lag bei 17,3 %. Das Unternehmen erzielte starke Cashflows von 199 Millionen US-Dollar mit einer Cash-Conversion-Rate von 134 % und gab 91 Millionen US-Dollar an die Aktionäre durch Dividenden und Aktienrückkäufe zurück. Der Vorstand hat eine Erhöhung der vierteljährlichen Dividende um 5,6 % auf 0,75 US-Dollar pro Aktie erklärt.
- Strong cash flow generation with $199 million and 134% cash conversion
- Increased quarterly dividend by 5.6% to $0.75 per share
- Solid adjusted operating margin of 17.3%
- Returned $91 million to shareholders through dividends and share repurchases
- Net sales declined 4.8% to $983.8 million
- Organic sales decreased 7.7%
- Net income dropped from $129.3 million to $100.8 million year-over-year
- Adjusted EPS decreased from $2.40 to $2.14 year-over-year
Insights
Lincoln Electric's Q3 2024 results reveal a mixed performance with some concerning trends. Net sales declined 4.8% to
Notable positives include strong cash flow performance with
However, the declining organic sales trend and implementation of broader cost-saving measures indicate challenging market conditions. The adjusted EPS of
Third Quarter 2024 Highlights
-
Net sales of
$984 million
-
Operating income margin of
14.8% ; Adjusted operating income margin of17.3%
-
EPS of
$1.77 $2.14
-
Cash flows from operations of
$199 million 134% cash conversion
-
Returned
$91 million
Third quarter 2024 sales decreased
“Third quarter results demonstrated the resilience of our business as benefits from our strategic initiatives, diligent cost management, and lower employee-related costs generated solid profitability and cash flow performance,” stated Steven B. Hedlund, President and Chief Executive Officer. “During the quarter we initiated broader cost saving measures to address slowing organic sales trends, while investing in long-term growth and operational excellence, which will position the Company to outperform through the cycle.”
Nine Months 2024 Summary
Net income for the nine months ended September 30, 2024 was
Sales decreased
Dividend
The Company’s Board of Directors declared a quarterly cash dividend of
Webcast Information
A conference call to discuss third quarter 2024 financial results will be webcast live today, October 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. 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 September 30, |
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Prior Year |
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2024 |
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% of Sales |
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2023 |
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% of Sales |
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$ |
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% |
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Net sales |
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$ |
983,759 |
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100.0 |
|
% |
$ |
1,033,214 |
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100.0 |
% |
$ |
(49,455 |
) |
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(4.8 |
) |
% |
Cost of goods sold |
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631,681 |
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64.2 |
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% |
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667,584 |
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64.6 |
% |
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35,903 |
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5.4 |
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% |
Gross profit |
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352,078 |
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35.8 |
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% |
|
365,630 |
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35.4 |
% |
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(13,552 |
) |
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(3.7 |
) |
% |
Selling, general & administrative expenses |
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186,291 |
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18.9 |
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% |
|
187,115 |
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18.1 |
% |
|
824 |
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0.4 |
|
% |
Rationalization and asset impairment charges |
|
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20,227 |
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2.1 |
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% |
|
7,074 |
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0.7 |
% |
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(13,153 |
) |
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(185.9 |
) |
% |
Operating income |
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145,560 |
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14.8 |
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% |
|
171,441 |
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16.6 |
% |
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(25,881 |
) |
|
(15.1 |
) |
% |
Interest expense, net |
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11,974 |
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|
1.2 |
|
% |
|
10,809 |
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1.0 |
% |
|
(1,165 |
) |
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(10.8 |
) |
% |
Other (expense) income |
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|
(1,644 |
) |
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(0.2 |
) |
% |
|
801 |
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0.1 |
% |
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(2,445 |
) |
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(305.2 |
) |
% |
Income before income taxes |
|
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131,942 |
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|
13.4 |
|
% |
|
161,433 |
|
15.6 |
% |
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(29,491 |
) |
|
(18.3 |
) |
% |
Income taxes |
|
|
31,186 |
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|
3.2 |
|
% |
|
32,090 |
|
3.1 |
% |
|
904 |
|
|
2.8 |
|
% |
Effective tax rate |
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23.6 |
|
% |
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19.9 |
% |
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(3.7 |
) |
% |
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Net income |
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$ |
100,756 |
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10.2 |
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% |
$ |
129,343 |
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12.5 |
% |
$ |
(28,587 |
) |
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(22.1 |
) |
% |
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Basic earnings per share |
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$ |
1.78 |
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$ |
2.26 |
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$ |
(0.48 |
) |
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(21.2 |
) |
% |
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Diluted earnings per share |
|
$ |
1.77 |
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|
|
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|
$ |
2.22 |
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|
$ |
(0.45 |
) |
|
(20.3 |
) |
% |
|
Weighted average shares (basic) |
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|
56,565 |
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|
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|
57,320 |
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Weighted average shares (diluted) |
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|
57,066 |
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|
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|
58,136 |
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Fav (Unfav) to |
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Nine Months Ended September 30, |
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Prior Year |
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2024 |
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% of Sales |
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2023 |
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% of Sales |
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$ |
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% |
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Net sales |
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$ |
2,986,639 |
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100.0 |
% |
$ |
3,133,122 |
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100.0 |
% |
$ |
(146,483 |
) |
|
(4.7 |
) |
% |
Cost of goods sold |
|
|
1,882,349 |
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|
63.0 |
% |
|
2,038,707 |
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65.1 |
% |
|
156,358 |
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|
7.7 |
|
% |
Gross profit |
|
|
1,104,290 |
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|
37.0 |
% |
|
1,094,415 |
|
34.9 |
% |
|
9,875 |
|
|
0.9 |
|
% |
Selling, general & administrative expenses |
|
|
593,523 |
|
|
|
19.9 |
% |
|
569,979 |
|
18.2 |
% |
|
(23,544 |
) |
|
(4.1 |
) |
% |
Rationalization and asset impairment charges |
|
|
51,322 |
|
|
|
1.7 |
% |
|
10,618 |
|
0.3 |
% |
|
(40,704 |
) |
|
(383.3 |
) |
% |
Operating income |
|
|
459,445 |
|
|
|
15.4 |
% |
|
513,818 |
|
16.4 |
% |
|
(54,373 |
) |
|
(10.6 |
) |
% |
Interest expense, net |
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|
31,414 |
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|
1.1 |
% |
|
35,708 |
|
1.1 |
% |
|
4,294 |
|
|
12.0 |
|
% |
Other (expense) income |
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(935 |
) |
|
|
— |
% |
|
11,727 |
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0.4 |
% |
|
(12,662 |
) |
|
(108.0 |
) |
% |
Income before income taxes |
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|
427,096 |
|
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|
14.3 |
% |
|
489,837 |
|
15.6 |
% |
|
(62,741 |
) |
|
(12.8 |
) |
% |
Income taxes |
|
|
101,217 |
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|
|
3.4 |
% |
|
101,232 |
|
3.2 |
% |
|
15 |
|
|
0.0 |
|
% |
Effective tax rate |
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23.7 |
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% |
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20.7 |
% |
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(3.0 |
) |
% |
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Net income |
|
$ |
325,879 |
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|
10.9 |
% |
$ |
388,605 |
|
12.4 |
% |
$ |
(62,726 |
) |
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(16.1 |
) |
% |
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Basic earnings per share |
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$ |
5.74 |
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|
|
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$ |
6.76 |
|
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|
$ |
(1.02 |
) |
|
(15.1 |
) |
% |
Diluted earnings per share |
|
$ |
5.68 |
|
|
|
|
|
$ |
6.67 |
|
|
|
$ |
(0.99 |
) |
|
(14.8 |
) |
% |
Weighted average shares (basic) |
|
|
56,749 |
|
|
|
|
|
|
57,465 |
|
|
|
|
|
|
|
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||
Weighted average shares (diluted) |
|
|
57,349 |
|
|
|
|
|
|
58,277 |
|
|
|
|
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Lincoln Electric Holdings, Inc. Financial Highlights (In thousands) (Unaudited) |
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Balance Sheet Highlights |
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Selected Consolidated Balance Sheet Data |
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September 30, 2024 |
|
December 31, 2023 |
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Cash and cash equivalents |
|
$ |
404,218 |
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$ |
393,787 |
|
Accounts receivable, net |
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|
517,035 |
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|
538,830 |
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Inventories |
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|
612,412 |
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|
562,864 |
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Total current assets |
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1,757,101 |
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|
1,693,111 |
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Property, plant and equipment, net |
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|
624,403 |
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|
575,316 |
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Total assets |
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|
3,664,545 |
|
|
3,377,297 |
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Trade accounts payable |
|
|
323,584 |
|
|
325,435 |
|
Total current liabilities |
|
|
951,336 |
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|
754,610 |
|
Short-term debt (1) |
|
|
111,993 |
|
|
2,439 |
|
Long-term debt, less current portion |
|
|
1,150,616 |
|
|
1,102,771 |
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Total equity |
|
|
1,339,190 |
|
|
1,308,852 |
|
|
|
|
|
|
|
|
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Operating Working Capital |
|
September 30, 2024 |
|
December 31, 2023 |
|
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Average operating working capital to Net sales (2) |
|
|
19.1 |
% |
|
17.1 |
% |
|
|
|
|
|
|
|
|
Invested Capital |
|
September 30, 2024 |
|
December 31, 2023 |
|
||
Short-term debt (1) |
|
$ |
111,993 |
|
$ |
2,439 |
|
Long-term debt, less current portion |
|
|
1,150,616 |
|
|
1,102,771 |
|
Total debt |
|
|
1,262,609 |
|
|
1,105,210 |
|
Total equity |
|
|
1,339,190 |
|
|
1,308,852 |
|
Invested capital |
|
$ |
2,601,799 |
|
$ |
2,414,062 |
|
|
|
|
|
|
|
|
|
Total debt / invested capital |
|
|
48.5 |
% |
|
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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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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||||||||||||
|
|
2024 |
|
2023 |
|
|
2024 |
|
2023 |
|
||||||||
Operating income as reported |
|
$ |
145,560 |
|
|
$ |
171,441 |
|
|
|
$ |
459,445 |
|
|
$ |
513,818 |
|
|
Special items (pre-tax): |
|
|
|
|
|
|
|
|
|
|
|
|
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|
||||
Rationalization and asset impairment charges (2) |
|
|
20,227 |
|
|
|
7,074 |
|
|
|
|
51,322 |
|
|
|
10,618 |
|
|
Acquisition transaction costs (3) |
|
|
610 |
|
|
|
— |
|
|
|
|
4,551 |
|
|
|
— |
|
|
Amortization of step up in value of acquired inventories (5) |
|
|
3,359 |
|
|
|
4,852 |
|
|
|
|
3,474 |
|
|
|
12,252 |
|
|
Adjusted operating income (1) |
|
$ |
169,756 |
|
|
$ |
183,367 |
|
|
|
$ |
518,792 |
|
|
$ |
536,688 |
|
|
As a percent of net sales |
|
|
17.3 |
|
% |
|
17.7 |
|
% |
|
|
17.4 |
|
% |
|
17.1 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income as reported |
|
$ |
100,756 |
|
|
$ |
129,343 |
|
|
|
$ |
325,879 |
|
|
$ |
388,605 |
|
|
Special items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Rationalization and asset impairment charges (2) |
|
|
20,227 |
|
|
|
7,074 |
|
|
|
|
51,322 |
|
|
|
10,618 |
|
|
Acquisition transaction costs (3) |
|
|
610 |
|
|
|
— |
|
|
|
|
4,551 |
|
|
|
— |
|
|
Pension settlement charges (4) |
|
|
3,966 |
|
|
|
— |
|
|
|
|
3,966 |
|
|
|
— |
|
|
Amortization of step up in value of acquired inventories (5) |
|
|
3,359 |
|
|
|
4,852 |
|
|
|
|
3,474 |
|
|
|
12,252 |
|
|
Loss (gain) on asset disposal (6) |
|
|
— |
|
|
|
— |
|
|
|
|
4,950 |
|
|
|
(1,646 |
) |
|
Tax effect of Special items (7) |
|
|
(6,550 |
) |
|
|
(1,780 |
) |
|
|
|
(8,858 |
) |
|
|
(3,908 |
) |
|
Adjusted net income (1) |
|
|
122,368 |
|
|
|
139,489 |
|
|
|
|
385,284 |
|
|
|
405,921 |
|
|
Interest expense, net |
|
|
11,974 |
|
|
|
10,809 |
|
|
|
|
31,414 |
|
|
|
35,708 |
|
|
Income taxes as reported |
|
|
31,186 |
|
|
|
32,090 |
|
|
|
|
101,217 |
|
|
|
101,232 |
|
|
Tax effect of Special items (7) |
|
|
6,550 |
|
|
|
1,780 |
|
|
|
|
8,858 |
|
|
|
3,908 |
|
|
Adjusted EBIT (1) |
|
$ |
172,078 |
|
|
$ |
184,168 |
|
|
|
$ |
526,773 |
|
|
$ |
546,769 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Effective tax rate as reported |
|
|
23.6 |
|
% |
|
19.9 |
|
% |
|
|
23.7 |
|
% |
|
20.7 |
|
% |
Net special item tax impact |
|
|
— |
|
% |
|
(0.4 |
) |
% |
|
|
(1.5 |
) |
% |
|
(0.1 |
) |
% |
Adjusted effective tax rate (1) |
|
|
23.6 |
|
% |
|
19.5 |
|
% |
|
|
22.2 |
|
% |
|
20.6 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Diluted earnings per share as reported |
|
$ |
1.77 |
|
|
$ |
2.22 |
|
|
|
$ |
5.68 |
|
|
$ |
6.67 |
|
|
Special items per share |
|
|
0.37 |
|
|
|
0.18 |
|
|
|
|
1.04 |
|
|
|
0.30 |
|
|
Adjusted diluted earnings per share (1) |
|
$ |
2.14 |
|
|
$ |
2.40 |
|
|
|
$ |
6.72 |
|
|
$ |
6.97 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Weighted average shares (diluted) |
|
|
57,066 |
|
|
|
58,136 |
|
|
|
|
57,349 |
|
|
|
58,277 |
|
|
(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) |
Items in 2024 primarily relate to rationalization plans initiated during the third quarter of 2024 in all three segments, as well as previously initiated plans and the disposition of the Company’s Russian entity in International Welding. Items in 2023 primarily relate to plans previously initiated within International Welding. |
|
|
(3) |
Related to acquisitions and are included in Selling, general & administrative expenses. |
|
|
(4) |
Pension settlement charges primarily due to the final settlement associated with the termination of a pension plan and are included in Other (expense) income. |
|
|
(5) |
Related to acquisitions and are included in Cost of goods sold. |
|
|
(6) |
Loss (gain) on asset disposal is included in Other (expense) income. |
|
|
(7) |
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 September 30, |
|
||||||
Return on Invested Capital |
|
2024 |
|
2023 |
|
||||
Net income as reported |
|
$ |
482,523 |
|
|
$ |
497,751 |
|
|
Plus: Interest expense (after-tax) |
|
|
37,665 |
|
|
|
36,283 |
|
|
Less: Interest income (after-tax) |
|
|
7,845 |
|
|
|
3,104 |
|
|
Net operating profit after taxes |
|
$ |
512,343 |
|
|
$ |
530,930 |
|
|
Special Items: |
|
|
|
|
|
|
|
||
Rationalization and asset impairment charges |
|
|
29,390 |
|
|
|
13,001 |
|
|
Acquisition transaction costs |
|
|
4,554 |
|
|
|
2,935 |
|
|
Pension settlement charges |
|
|
4,811 |
|
|
|
— |
|
|
Amortization of step up in value of acquired inventories |
|
|
3,471 |
|
|
|
12,253 |
|
|
Loss (gain) on asset disposal |
|
|
4,950 |
|
|
|
(1,646 |
) |
|
Tax effect of Special items (2) |
|
|
(2,413 |
) |
|
|
(5,159 |
) |
|
Adjusted net operating profit after taxes (1) |
|
$ |
557,106 |
|
|
$ |
552,314 |
|
|
|
|
|
|
|
|
|
|
||
Invested Capital |
|
September 30, 2024 |
|
September 30, 2023 |
|
||||
Short-term debt |
|
$ |
111,993 |
|
|
$ |
7,700 |
|
|
Long-term debt, less current portion |
|
|
1,150,616 |
|
|
|
1,102,858 |
|
|
Total debt |
|
|
1,262,609 |
|
|
|
1,110,558 |
|
|
Total equity |
|
|
1,339,190 |
|
|
|
1,225,582 |
|
|
Invested capital |
|
$ |
2,601,799 |
|
|
$ |
2,336,140 |
|
|
|
|
|
|
|
|
|
|
||
Return on invested capital as reported |
|
|
19.7 |
|
% |
|
22.7 |
|
% |
Adjusted return on invested capital (1) |
|
|
21.4 |
|
% |
|
23.6 |
|
% |
(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 September 30, |
||||||
|
2024 |
|
2023 |
||||
OPERATING ACTIVITIES: |
|
|
|
|
|
||
Net income |
$ |
100,756 |
|
|
$ |
129,343 |
|
Adjustments to reconcile Net income to Net cash provided by operating activities: |
|
|
|
|
|
||
Rationalization and asset impairment net charges |
|
2,168 |
|
|
|
(6 |
) |
Depreciation and amortization |
|
22,644 |
|
|
|
21,489 |
|
Pension settlement net charges |
|
3,966 |
|
|
|
— |
|
Other non-cash items, net |
|
(7,051 |
) |
|
|
41 |
|
Changes in operating assets and liabilities, net of effects from acquisitions: |
|
|
|
|
|
||
Decrease in accounts receivable |
|
50,650 |
|
|
|
25,585 |
|
Decrease in inventories |
|
5,930 |
|
|
|
51,514 |
|
Net change in other current assets |
|
(14,758 |
) |
|
|
(1,454 |
) |
Decrease in trade accounts payable |
|
(35,844 |
) |
|
|
(26,238 |
) |
Net change in other current liabilities |
|
72,402 |
|
|
|
29,226 |
|
Net change in other long-term assets and liabilities |
|
(1,662 |
) |
|
|
(6,396 |
) |
NET CASH PROVIDED BY OPERATING ACTIVITIES |
|
199,201 |
|
|
|
223,104 |
|
|
|
|
|
|
|
||
INVESTING ACTIVITIES: |
|
|
|
|
|
||
Capital expenditures |
|
(35,722 |
) |
|
|
(25,907 |
) |
Acquisition of businesses, net of cash acquired |
|
(100,092 |
) |
|
|
(28 |
) |
Proceeds from sale of property, plant and equipment |
|
1,203 |
|
|
|
704 |
|
Purchase of marketable securities |
|
— |
|
|
|
468 |
|
NET CASH USED BY INVESTING ACTIVITIES |
|
(134,611 |
) |
|
|
(24,763 |
) |
|
|
|
|
|
|
||
FINANCING ACTIVITIES: |
|
|
|
|
|
||
Proceeds from (payments on) short-term borrowings |
|
6,099 |
|
|
|
(2,594 |
) |
Proceeds from long-term borrowings |
|
150,000 |
|
|
|
— |
|
Payments on long-term borrowings |
|
(169 |
) |
|
|
(1,019 |
) |
Proceeds from exercise of stock options |
|
899 |
|
|
|
1,289 |
|
Purchase of shares for treasury |
|
(50,392 |
) |
|
|
(45,355 |
) |
Cash dividends paid to shareholders |
|
(40,283 |
) |
|
|
(36,805 |
) |
NET CASH PROVIDED (USED) BY FINANCING ACTIVITIES |
|
66,154 |
|
|
|
(84,484 |
) |
|
|
|
|
|
|
||
Effect of exchange rate changes on Cash and cash equivalents |
|
802 |
|
|
|
8,327 |
|
INCREASE IN CASH AND CASH EQUIVALENTS |
|
131,546 |
|
|
|
122,184 |
|
Cash and cash equivalents at beginning of period |
|
272,672 |
|
|
|
220,483 |
|
Cash and cash equivalents at end of period |
$ |
404,218 |
|
|
$ |
342,667 |
|
|
|
|
|
|
|
||
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 |
||||||||
|
|
|
|
|
|
|
||
|
|
Nine Months Ended September 30, |
||||||
|
|
2024 |
|
2023 |
||||
OPERATING ACTIVITIES: |
|
|
|
|
|
|
||
Net income |
|
$ |
325,879 |
|
|
$ |
388,605 |
|
Adjustments to reconcile Net income to Net cash provided by operating activities: |
|
|
|
|
|
|
||
Rationalization and asset impairment net charges |
|
|
25,919 |
|
|
|
1,128 |
|
Depreciation and amortization |
|
|
65,095 |
|
|
|
64,701 |
|
Pension settlement net charges |
|
|
3,966 |
|
|
|
— |
|
Other non-cash items, net |
|
|
9,484 |
|
|
|
21,427 |
|
Changes in operating assets and liabilities, net of effects from acquisitions: |
|
|
|
|
|
|
||
Increase in accounts receivable |
|
|
36,166 |
|
|
|
6,695 |
|
(Increase) decrease in inventories |
|
|
(21,696 |
) |
|
|
57,781 |
|
Net change in other current assets |
|
|
(19,911 |
) |
|
|
(14,729 |
) |
Increase in trade accounts payable |
|
|
(6,888 |
) |
|
|
(24,672 |
) |
Net change in other current liabilities |
|
|
67,310 |
|
|
|
57,975 |
|
Net change in other long-term assets and liabilities |
|
|
17,858 |
|
|
|
(13,031 |
) |
NET CASH PROVIDED BY OPERATING ACTIVITIES |
|
|
503,182 |
|
|
|
545,880 |
|
|
|
|
|
|
|
|
||
INVESTING ACTIVITIES: |
|
|
|
|
|
|
||
Capital expenditures |
|
|
(85,117 |
) |
|
|
(66,459 |
) |
Acquisition of businesses, net of cash acquired |
|
|
(252,746 |
) |
|
|
(32,685 |
) |
Proceeds from sale of property, plant and equipment |
|
|
2,506 |
|
|
|
4,596 |
|
Purchase of marketable securities |
|
|
— |
|
|
|
(6,561 |
) |
NET CASH USED BY INVESTING ACTIVITIES |
|
|
(335,357 |
) |
|
|
(101,109 |
) |
|
|
|
|
|
|
|
||
FINANCING ACTIVITIES: |
|
|
|
|
|
|
||
Proceeds from (payments on) short-term borrowings |
|
|
5,521 |
|
|
|
(74,818 |
) |
Proceeds from long-term borrowings |
|
|
550,000 |
|
|
|
— |
|
Payments on long-term borrowings |
|
|
(400,508 |
) |
|
|
(7,997 |
) |
Proceeds from exercise of stock options |
|
|
25,880 |
|
|
|
13,299 |
|
Purchase of shares for treasury |
|
|
(211,212 |
) |
|
|
(130,589 |
) |
Cash dividends paid to shareholders |
|
|
(121,979 |
) |
|
|
(111,277 |
) |
NET CASH USED BY FINANCING ACTIVITIES |
|
|
(152,298 |
) |
|
|
(311,382 |
) |
|
|
|
|
|
|
|
||
Effect of exchange rate changes on Cash and cash equivalents |
|
|
(5,096 |
) |
|
|
12,128 |
|
INCREASE IN CASH AND CASH EQUIVALENTS |
|
|
10,431 |
|
|
|
145,517 |
|
Cash and cash equivalents at beginning of period |
|
|
393,787 |
|
|
|
197,150 |
|
Cash and cash equivalents at end of period |
|
$ |
404,218 |
|
|
$ |
342,667 |
|
|
|
|
|
|
|
|
||
Cash dividends paid per share |
|
$ |
2.13 |
|
|
$ |
1.92 |
|
Lincoln Electric Holdings, Inc. Segment Highlights (1) (In thousands) (Unaudited) |
|||||||||||||||||
|
|
|
|
International |
|
The Harris |
|
Corporate / |
|
|
|
|
|||||
|
|
Welding |
|
Welding |
|
Products Group |
|
Eliminations |
|
Consolidated |
|
||||||
Three months ended September 30, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
$ |
637,026 |
|
$ |
216,224 |
|
$ |
130,509 |
|
$ |
— |
|
|
$ |
983,759 |
|
Inter-segment sales |
|
|
30,845 |
|
|
7,371 |
|
|
3,155 |
|
|
(41,371 |
) |
|
|
— |
|
Total sales |
|
$ |
667,871 |
|
$ |
223,595 |
|
$ |
133,664 |
|
$ |
(41,371 |
) |
|
$ |
983,759 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
100,756 |
|
|
As a percent of total sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBIT (1) |
|
$ |
102,158 |
|
$ |
17,175 |
|
$ |
20,690 |
|
$ |
3,893 |
|
|
$ |
143,916 |
|
As a percent of total sales |
|
|
15.3 |
% |
|
7.7 |
% |
|
15.5 |
% |
|
|
|
|
14.6 |
% |
|
Special items charges (3) |
|
|
23,357 |
|
|
2,926 |
|
|
1,269 |
|
|
610 |
|
|
|
28,162 |
|
Adjusted EBIT (2) |
|
$ |
125,515 |
|
$ |
20,101 |
|
$ |
21,959 |
|
$ |
4,503 |
|
|
$ |
172,078 |
|
As a percent of total sales |
|
|
18.8 |
% |
|
9.0 |
% |
|
16.4 |
% |
|
|
|
|
17.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended September 30, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
$ |
665,228 |
|
$ |
242,010 |
|
$ |
125,976 |
|
$ |
— |
|
|
$ |
1,033,214 |
|
Inter-segment sales |
|
|
28,875 |
|
|
4,896 |
|
|
2,299 |
|
|
(36,070 |
) |
|
|
— |
|
Total sales |
|
$ |
694,103 |
|
$ |
246,906 |
|
$ |
128,275 |
|
$ |
(36,070 |
) |
|
$ |
1,033,214 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
129,343 |
|
|
As a percent of total sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBIT (1) |
|
$ |
132,420 |
|
$ |
22,369 |
|
$ |
20,405 |
|
$ |
(2,952 |
) |
|
$ |
172,242 |
|
As a percent of total sales |
|
|
19.1 |
% |
|
9.1 |
% |
|
15.9 |
% |
|
|
|
|
16.7 |
% |
|
Special items charges (4) |
|
|
4,056 |
|
|
7,870 |
|
|
— |
|
|
— |
|
|
|
11,926 |
|
Adjusted EBIT (2) |
|
$ |
136,476 |
|
$ |
30,239 |
|
$ |
20,405 |
|
$ |
(2,952 |
) |
|
$ |
184,168 |
|
As a percent of total sales |
|
|
19.7 |
% |
|
12.2 |
% |
|
15.9 |
% |
|
|
|
|
17.8 |
% |
|
(1) |
EBIT is defined as Operating income plus Other (expense) 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 |
|
||||||
Nine months ended September 30, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
$ |
1,910,061 |
|
$ |
690,743 |
|
$ |
385,835 |
|
$ |
— |
|
|
$ |
2,986,639 |
|
Inter-segment sales |
|
|
98,624 |
|
|
24,628 |
|
|
9,520 |
|
|
(132,772 |
) |
|
|
— |
|
Total sales |
|
$ |
2,008,685 |
|
$ |
715,371 |
|
$ |
395,355 |
|
$ |
(132,772 |
) |
|
$ |
2,986,639 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
325,879 |
|
|
As a percent of total sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBIT (1) |
|
$ |
374,554 |
|
$ |
36,357 |
|
$ |
64,095 |
|
$ |
(16,496 |
) |
|
$ |
458,510 |
|
As a percent of total sales |
|
|
18.6 |
% |
|
5.1 |
% |
|
16.2 |
% |
|
|
|
|
15.4 |
% |
|
Special items charges (3) |
|
|
23,711 |
|
|
37,230 |
|
|
2,666 |
|
|
4,656 |
|
|
|
68,263 |
|
Adjusted EBIT (2) |
|
$ |
398,265 |
|
$ |
73,587 |
|
$ |
66,761 |
|
$ |
(11,840 |
) |
|
$ |
526,773 |
|
As a percent of total sales |
|
|
19.8 |
% |
|
10.3 |
% |
|
16.9 |
% |
|
|
|
|
17.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended September 30, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
$ |
2,000,839 |
|
$ |
747,829 |
|
$ |
384,454 |
|
$ |
— |
|
|
$ |
3,133,122 |
|
Inter-segment sales |
|
|
92,043 |
|
|
19,941 |
|
|
8,063 |
|
|
(120,047 |
) |
|
|
— |
|
Total sales |
|
$ |
2,092,882 |
|
$ |
767,770 |
|
$ |
392,517 |
|
$ |
(120,047 |
) |
|
$ |
3,133,122 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
388,605 |
|
|
As a percent of total sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBIT (1) |
|
$ |
399,002 |
|
$ |
82,183 |
|
$ |
58,898 |
|
$ |
(14,538 |
) |
|
$ |
525,545 |
|
As a percent of total sales |
|
|
19.1 |
% |
|
10.7 |
% |
|
15.0 |
% |
|
|
|
|
16.8 |
% |
|
Special items charges (4) |
|
|
9,798 |
|
|
11,426 |
|
|
— |
|
|
— |
|
|
|
21,224 |
|
Adjusted EBIT (2) |
|
$ |
408,800 |
|
$ |
93,609 |
|
$ |
58,898 |
|
$ |
(14,538 |
) |
|
$ |
546,769 |
|
As a percent of total sales |
|
|
19.5 |
% |
|
12.2 |
% |
|
15.0 |
% |
|
|
|
|
17.5 |
% |
|
(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 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 September 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 |
$ |
665,228 |
|
$ |
(57,292 |
) |
|
$ |
30,212 |
|
$ |
2,505 |
|
|
$ |
(3,627 |
) |
|
$ |
637,026 |
|
|
International Welding |
|
242,010 |
|
|
(28,899 |
) |
|
|
1,064 |
|
|
(1,349 |
) |
|
|
3,398 |
|
|
|
216,224 |
|
|
The Harris Products Group |
|
125,976 |
|
|
(3,727 |
) |
|
|
— |
|
|
8,898 |
|
|
|
(638 |
) |
|
|
130,509 |
|
|
Consolidated |
$ |
1,033,214 |
|
$ |
(89,918 |
) |
|
$ |
31,276 |
|
$ |
10,054 |
|
|
$ |
(867 |
) |
|
$ |
983,759 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
% Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Americas Welding |
|
|
|
|
(8.6 |
) |
% |
|
4.5 |
% |
|
0.4 |
|
% |
|
(0.5 |
) |
% |
|
(4.2 |
) |
% |
International Welding |
|
|
|
|
(11.9 |
) |
% |
|
0.4 |
% |
|
(0.6 |
) |
% |
|
1.4 |
|
% |
|
(10.7 |
) |
% |
The Harris Products Group |
|
|
|
|
(3.0 |
) |
% |
|
— |
|
|
7.1 |
|
% |
|
(0.5 |
) |
% |
|
3.6 |
|
% |
Consolidated |
|
|
|
|
(8.7 |
) |
% |
|
3.0 |
% |
|
1.0 |
|
% |
|
(0.1 |
) |
% |
|
(4.8 |
) |
% |
Nine Months Ended September 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 |
|
$ |
2,000,839 |
|
$ |
(145,610 |
) |
|
$ |
46,796 |
|
$ |
11,311 |
|
|
$ |
(3,275 |
) |
|
$ |
1,910,061 |
|
|
International Welding |
|
|
747,829 |
|
|
(50,728 |
) |
|
|
1,121 |
|
|
(8,508 |
) |
|
|
1,029 |
|
|
|
690,743 |
|
|
The Harris Products Group |
|
|
384,454 |
|
|
(15,106 |
) |
|
|
— |
|
|
17,069 |
|
|
|
(582 |
) |
|
|
385,835 |
|
|
Consolidated |
|
$ |
3,133,122 |
|
$ |
(211,444 |
) |
|
$ |
47,917 |
|
$ |
19,872 |
|
|
$ |
(2,828 |
) |
|
$ |
2,986,639 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
% Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Americas Welding |
|
|
|
|
|
(7.3 |
) |
% |
|
2.3 |
% |
|
0.6 |
|
% |
|
(0.2 |
) |
% |
|
(4.5 |
) |
% |
International Welding |
|
|
|
|
|
(6.8 |
) |
% |
|
0.1 |
% |
|
(1.1 |
) |
% |
|
0.1 |
|
% |
|
(7.6 |
) |
% |
The Harris Products Group |
|
|
|
|
|
(3.9 |
) |
% |
|
— |
|
|
4.4 |
|
% |
|
(0.2 |
) |
% |
|
0.4 |
|
% |
Consolidated |
|
|
|
|
|
(6.7 |
) |
% |
|
1.5 |
% |
|
0.6 |
|
% |
|
(0.1 |
) |
% |
|
(4.7 |
) |
% |
View source version on businesswire.com: https://www.businesswire.com/news/home/20241031404876/en/
Amanda Butler
Vice President, Investor Relations & Communications
Tel: 216.383.2534
Email: Amanda_Butler@lincolnelectric.com
Source: Lincoln Electric Holdings, Inc.
FAQ
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