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Lincoln Electric Reports First Quarter 2017 Results

 

CLEVELAND, April 18, 2017 — Lincoln Electric Holdings, Inc. (the “Company”) (Nasdaq:LECO) today reported first quarter 2017 net income of $55.8 million, or diluted earnings per share (EPS) of $0.84 which includes acquisition transaction costs of $3.6 million, $2.7 million after-tax, or $0.04 EPS, related to the proposed acquisition of Air Liquide Welding.  This compares with net income of $53.6 million, or $0.76 EPS in the comparable 2016 period.

First quarter 2017 sales increased 5.5% to $580.9 million primarily due to 2.9% higher volumes, a 2.1% increase in price and a 0.6% benefit from acquisitions.  Excluding Venezuela from prior year results due to the deconsolidation of the operation, sales increased 6.4%, primarily from 3.9% higher volumes and a 2.1% increase in price.

Operating income for first quarter 2017 was $81.5 million, or 14.0% of sales. Adjusted operating income margin was 14.6% of sales, reflecting higher volumes and favorable mix.  This compares with operating income of $75.3 million, or 13.7% of sales, in the comparable 2016 period.

“We achieved a solid start to the year on improving demand, favorable prior year comparisons and higher profitability across all of our segments,” stated Christopher L. Mapes, chairman, president and chief executive officer. “As markets continue to recover in 2017, we are advancing our ‘2020 Strategy’ with exciting product launches and an active M&A pipeline with the proposed acquisition of Air Liquide Welding. We expect these investments will enhance our portfolio of solutions and provide us with a stronger, broader organization to serve our global customers.”

On March 2, 2017, the Company entered into exclusive negotiations to acquire the Air Liquide Welding businesses, which generated sales of approximately $400 million in 2016. The proposed acquisition is subject to the execution of a definitive agreement between the parties and customary conditions and provisions for a transaction of this type, including the “information-consultation” process with employee representative bodies and applicable competition authorities’ approval.

 

Read the full article at: www.econotimes.com

CLEVELAND — Lincoln Electric Holdings, Inc. (the “Company”) (Nasdaq:LECO) today reported first quarter 2017 net income of $55.8 million, or diluted earnings per share (EPS) of $0.84 which includes acquisition transaction costs of $3.6 million, $2.7 million after-tax, or $0.04 EPS, related to the proposed acquisition of Air Liquide Welding.  This compares with net income of $53.6 million, or $0.76 EPS in the comparable 2016 period.

First quarter 2017 sales increased 5.5% to $580.9 million primarily due to 2.9% higher volumes, a 2.1% increase in price and a 0.6% benefit from acquisitions.  Excluding Venezuela from prior year results due to the deconsolidation of the operation, sales increased 6.4%, primarily from 3.9% higher volumes and a 2.1% increase in price.

Operating income for first quarter 2017 was $81.5 million, or 14.0% of sales. Adjusted operating income margin was 14.6% of sales, reflecting higher volumes and favorable mix.  This compares with operating income of $75.3 million, or 13.7% of sales, in the comparable 2016 period.

“We achieved a solid start to the year on improving demand, favorable prior year comparisons and higher profitability across all of our segments,” stated Christopher L. Mapes, chairman, president and chief executive officer. “As markets continue to recover in 2017, we are advancing our ‘2020 Strategy’ with exciting product launches and an active M&A pipeline with the proposed acquisition of Air Liquide Welding. We expect these investments will enhance our portfolio of solutions and provide us with a stronger, broader organization to serve our global customers.”

On March 2, 2017, the Company entered into exclusive negotiations to acquire the Air Liquide Welding businesses, which generated sales of approximately $400 million in 2016. The proposed acquisition is subject to the execution of a definitive agreement between the parties and customary conditions and provisions for a transaction of this type, including the “information-consultation” process with employee representative bodies and applicable competition authorities’ approval.

 

Read the full article at: www.econotimes.com

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