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Lincoln Electric Holdings Inc. (LECO) is a global leader in the design, development, and manufacture of arc welding products, robotic welding systems, plasma and oxy-fuel cutting equipment, and brazing and soldering alloys. Headquartered in Cleveland, Ohio, Lincoln Electric boasts a vast network of manufacturing, distribution, sales, and technical support, covering more than 160 countries worldwide. With operations in 19 countries and a workforce of 11,000 employees, the company generated approximately $4.2 billion in sales in 2023.
Lincoln Electric serves a wide array of industries including general fabrication, heavy industries, automotive, construction, shipbuilding, energy, and process industries. The company's product portfolio includes advanced arc-welding solutions, cutting-edge plasma and oxy-fuel cutting systems, and a comprehensive range of brazing and soldering alloys. Additionally, Lincoln Electric is known for its automation solutions which enhance productivity and efficiency.
One of the company's recent notable achievements is the introduction of the Velion™ DC Fast Charger for Electric Vehicles. This Level 3 DC fast charger platform provides unparalleled charging speeds and reliability. The Velion™ is designed with industrial-grade components and leverages more than a century of Lincoln Electric’s expertise in designing and manufacturing high-quality industrial equipment. The charger meets and exceeds the requirements of the federal government's National Electric Vehicle Infrastructure Formula Program (NEVI), offering exceptional performance with an efficiency of 95% and the capability to operate in a wide temperature range.
Financially, Lincoln Electric has shown robust performance. In the fourth quarter of 2023, the company reported a net income of $156.6 million, and earnings per share (EPS) of $2.70. The company's sales increased by 13.7% to $1.1 billion, reflecting strong demand and effective execution of their strategic initiatives. For the full year of 2023, the net income was $545.2 million with a sales increase of 11.4% to $4.2 billion. The company continues to focus on advancements in engineering, materials science, software development, and automation to drive operational excellence.
For more detailed information about Lincoln Electric and its innovative products and services, please visit the company's website at http://www.lincolnelectric.com
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.
Lincoln Electric announced a 4.1% increase in its quarterly cash dividend, raising it from $0.49 to $0.51 per share, equivalent to $2.04 annually. This marks the 25th consecutive annual increase, highlighting the company's strong cash flow and commitment to shareholder value. The dividend will be payable on January 15, 2021, to shareholders of record as of December 31, 2020. The company continues to focus on long-term growth while maintaining its dividend strategy.
Lincoln Electric Holdings (Nasdaq: LECO) announced its third quarter 2020 results will be released on October 27, 2020, before market open. An investor conference call is scheduled for 10:00 a.m. (ET) on the same day, which will be available via webcast. Interested parties can access the webcast and participate by registering on the Company's Investor Relations website.
Lincoln Electric, a leader in welding products and automation, operates in 18 countries with a strong global distribution network.
Lincoln Electric Holdings (LECO) reported a 24.0% decline in net sales for the second quarter of 2020, totaling $590.7 million. Operating income was 6.7% of sales, down from 13.5% in the prior year, affected by $23.2 million in rationalization charges. Adjusted EPS was $0.80, compared to $1.28 the previous year. The company expects $55 to $65 million in cost reductions for 2020. Six-month net income was $82.6 million, with a notable decrease in revenue and earnings compared to 2019.
Lincoln Electric Holdings, Inc. (Nasdaq: LECO) has declared a quarterly cash dividend of $0.49 per common share, set for payment on October 15, 2020, to shareholders of record as of September 30, 2020. As a leader in arc welding products and automated systems, Lincoln Electric is headquartered in Cleveland, Ohio, with 59 manufacturing locations across 18 countries. The company has a vast distribution network that spans over 160 countries.
CLEVELAND, July 21, 2020 (GLOBE NEWSWIRE) -- Lincoln Electric Holdings, Nasdaq: LECO, will participate in key financial events this August. The company will present at the Jefferies Virtual Industrials Conference on August 5, 2020, at 9:10 a.m. ET, with CEO Christopher L. Mapes. Additionally, Gabriel Bruno, CFO, will represent Lincoln at the Seaport Global Annual Virtual Summer Investor Conference on August 26, 2020. Lincoln Electric is a global leader in arc welding products and has a robust presence with 59 manufacturing locations across 18 countries.
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