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Lincoln Electric Holdings (LECO) delivers innovative welding and cutting solutions for global manufacturing sectors. This news hub provides investors and industry professionals with authoritative updates on corporate developments, technological advancements, and market positioning.
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Lincoln Electric Holdings has announced a quarterly cash dividend of $0.51 per common share, set to be paid on April 15, 2021. Shareholders must be on record by March 31, 2021. The company is a leader in arc welding products, with a significant global presence and 55 manufacturing facilities across 18 countries. Lincoln Electric's extensive distribution network spans over 160 countries.
Lincoln Electric reported fourth quarter 2020 net sales of $693.8 million, down 5.8% year-over-year due to a decline in organic sales and foreign exchange impacts. However, net income rose to $65.1 million, or $1.08 EPS, marking an increase from $63.7 million, or $1.03 EPS, in the prior year. Adjusted EPS also grew by 7.8% to $1.24. Operating income margin improved to 12.0%, with record cash flows from operations of $135.8 million. For the full year, net income was $206.1 million, down from $293.1 million in 2019, but adjusted income demonstrated resilience despite a sales drop of 11.6%.
Lincoln Electric Holdings, Inc. (Nasdaq: LECO) will release its fourth quarter and full year 2020 results on February 12, 2021, before market open. An investor conference call and webcast are scheduled for 10:00 a.m. (ET) that same day. Investors can access the live webcast on the company's Investor Relations webpage. For those unable to join online, a telephone option is available by dialing (877) 344-3899 domestically or (315) 625-3087 internationally, using confirmation code 7190715. A replay of the earnings call will be accessible on the company's website.
Lincoln Electric Holdings has scheduled its 2021 Annual Meeting of Shareholders as a virtual event on April 22, 2021, at 11:00 a.m. ET. This meeting will engage shareholders in discussions relevant to the company's strategic direction and performance. The company is recognized as a global leader in welding, cutting systems, and related products, operating 59 manufacturing sites across 18 countries, with a broad distribution network in over 160 countries.
Lincoln Electric Holdings (Nasdaq: LECO) has announced the promotion of Peter Pletcher to Senior Vice President, President International effective December 15, 2020. Peter will oversee the Company's operations in Europe, Russia, and Turkey, reporting to Steve Hedlund. His leadership is credited with advancing growth initiatives within the company. Pletcher has been with Lincoln Electric since 1995, holding various leadership roles, and possesses a strong educational background in Mechanical Engineering and an MBA. Lincoln Electric is a global leader in arc welding products and automated manufacturing.
Lincoln Electric Holdings, Inc. (Nasdaq: LECO) will participate in three virtual events in November 2020 aimed at the financial community. These events include the Baird 2020 Global Industrial Conference on November 10, the Bernstein Operational Decisions Conference on November 16, and the Northcoast Research Fall Management Forum on November 17. Key executives, including Chairman and CEO Christopher L. Mapes and CFO Gabriel Bruno, will represent the company. Lincoln Electric is recognized as a global leader in welding products and has a broad manufacturing presence with 59 locations across 18 countries.
Lincoln Electric reported a third quarter 2020 net income of $58.5 million, or $0.97 EPS, reflecting an 8.5% decline in net sales to $668.9 million compared to the previous year. Adjusted EPS stood at $1.10. Operating income margin was 11.6%, with an adjusted margin of 12.6%. The company anticipates cost reduction benefits between $80 million and $85 million for the year. For the nine months ending September 30, net income decreased to $141 million, or $2.34 EPS, amid an overall 13.5% decline in sales. A quarterly dividend was raised 4.1% to $0.51 per share.
Lincoln Electric Holdings (Nasdaq: LECO) announced Steven B. Hedlund as Executive Vice President and President of the Americas and International Welding segments. Hedlund will spearhead the company's Higher Standard 2025 Strategy, focusing on growth and margin enhancement. Key initiatives include strategic investments in IT systems, operational processes, and joint product development, which are expected to improve alignment across regional welding businesses. This role aims to accelerate commercial growth and drive long-term stakeholder value.
Lincoln Electric Holdings, Inc. (Nasdaq: LECO) has announced the appointment of Kellye L. Walker to its Board of Directors, effective October 20, 2020. Walker, Executive Vice President and Chief Legal Officer of Eastman Chemical Company, brings extensive experience in corporate governance and strategy development, which will benefit Lincoln Electric's Higher Standard 2025 Strategy. The company now has 12 directors, 11 of whom are non-employee directors. Lincoln Electric, a leader in welding products and systems, operates 59 manufacturing locations globally.
