Latest news with #StevenB.Hedlund
Yahoo
3 days ago
- Business
- Yahoo
Lincoln Electric to Ring the Nasdaq Opening Bell on June 10, 2025
Event Honors the Company's 30th Year Listed on the NASDAQ and its 130th Anniversary CLEVELAND, June 10, 2025--(BUSINESS WIRE)--Lincoln Electric Holdings, Inc. (Nasdaq: LECO) ("the Company"), the leading global manufacturer of advanced arc welding solutions, announced today that the Company will ring the Nasdaq Stock Market opening bell on Tuesday, June 10, 2025, which will begin at approximately 9:15am ET. Chair, President and CEO, Steven B. Hedlund, along with members of the Company's Board of Directors and its leadership team, will participate in the ceremonial bell ringing at the Nasdaq MarketSite in Times Square. The event recognizes the Company's 30th anniversary listed on the NASDAQ and marks the Company's 130 years of innovative leadership in the arc welding industry since its founding in 1895. "We are honored to be invited to Nasdaq to participate in the opening bell ceremony to mark two exciting milestones in Lincoln Electric's storied history," said Hedlund. "The event provides a meaningful occasion to recognize our organization's long standing success and the superior value we continue to generate. This would not be possible without the hard work and ingenuity of our dedicated team, as well as the trust and unwavering support of our customers, partners and shareholders." The live broadcast will begin at 9:15 am ET and will be live-streamed at from the Nasdaq MarketSite Tower in New York City and is also available on Nasdaq's X and Facebook pages. 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 Cleveland, Ohio, Lincoln operates 71 manufacturing and automation system integration locations across 20 countries and maintains a worldwide network of distributors and sales offices serving customers in over 160 countries. For more information about Lincoln Electric and its products and services, visit the Company's website at View source version on Contacts Amanda ButlerVice President, Investor Relations & CommunicationsTel: 216.383.2534Email: Amanda_Butler@ Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Business Wire
3 days ago
- Business
- Business Wire
Lincoln Electric to Ring the Nasdaq Opening Bell on June 10, 2025
CLEVELAND--(BUSINESS WIRE)--Lincoln Electric Holdings, Inc. (Nasdaq: LECO) ('the Company'), the leading global manufacturer of advanced arc welding solutions, announced today that the Company will ring the Nasdaq Stock Market opening bell on Tuesday, June 10, 2025, which will begin at approximately 9:15am ET. "We are honored to be invited to Nasdaq to participate in the opening bell ceremony to mark two exciting milestones in Lincoln Electric's storied history." Share Chair, President and CEO, Steven B. Hedlund, along with members of the Company's Board of Directors and its leadership team, will participate in the ceremonial bell ringing at the Nasdaq MarketSite in Times Square. The event recognizes the Company's 30 th anniversary listed on the NASDAQ and marks the Company's 130 years of innovative leadership in the arc welding industry since its founding in 1895. 'We are honored to be invited to Nasdaq to participate in the opening bell ceremony to mark two exciting milestones in Lincoln Electric's storied history,' said Hedlund. 'The event provides a meaningful occasion to recognize our organization's long standing success and the superior value we continue to generate. This would not be possible without the hard work and ingenuity of our dedicated team, as well as the trust and unwavering support of our customers, partners and shareholders.' The live broadcast will begin at 9:15 am ET and will be live-streamed at from the Nasdaq MarketSite Tower in New York City and is also available on Nasdaq's X and Facebook pages. 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 Cleveland, Ohio, Lincoln operates 71 manufacturing and automation system integration locations across 20 countries and maintains a worldwide network of distributors and sales offices serving customers in over 160 countries. For more information about Lincoln Electric and its products and services, visit the Company's website at
Yahoo
30-04-2025
- Business
- Yahoo
Lincoln Electric (NASDAQ:LECO) Beats Q1 Sales Targets
Welding equipment manufacturer Lincoln Electric (NASDAQ:LECO) reported revenue ahead of Wall Street's expectations in Q1 CY2025, with sales up 2.4% year on year to $1.00 billion. Its non-GAAP profit of $2.16 per share was 3.2% below analysts' consensus estimates. Is now the time to buy Lincoln Electric? Find out in our full research report. Revenue: $1.00 billion vs analyst estimates of $976.1 million (2.4% year-on-year growth, 2.9% beat) Adjusted EPS: $2.16 vs analyst expectations of $2.23 (3.2% miss) Adjusted EBITDA: $188.7 million vs analyst estimates of $197.6 million (18.8% margin, 4.5% miss) Operating Margin: 16.4%, in line with the same quarter last year Free Cash Flow Margin: 15.8%, up from 10.9% in the same quarter last year Organic Revenue fell 1.2% year on year (-6.2% in the same quarter last year) Market Capitalization: $10.31 billion 'We continued to execute well in the quarter with solid core operating results,' said Steven B. Hedlund, Chair, President and Chief Executive Officer. Headquartered in Ohio, Lincoln Electric (NASDAQ:LECO) manufactures and sells welding equipment for various industries. Reviewing a company's long-term sales performance reveals insights into its quality. Any business can put up a good quarter or two, but the best consistently grow over the long haul. Over the last five years, Lincoln Electric grew its sales at a mediocre 6.5% compounded annual growth rate. This fell short of our benchmark for the industrials sector and is a tough starting point for our analysis. We at StockStory place the most emphasis on long-term growth, but within industrials, a half-decade historical view may miss cycles, industry trends, or a company capitalizing on catalysts such as a new contract win or a successful product line. Lincoln Electric's recent performance shows its demand has slowed as its annualized revenue growth of 2% over the last two years was below its five-year trend. We can dig further into the company's sales dynamics by analyzing its organic revenue, which strips out one-time events like acquisitions and currency fluctuations that don't accurately reflect its fundamentals. Over the last two years, Lincoln Electric's organic revenue averaged 2.5% year-on-year declines. Because this number is lower than its normal revenue growth, we can see that some mixture of acquisitions and foreign exchange rates boosted its headline results. This quarter, Lincoln Electric reported modest year-on-year revenue growth of 2.4% but beat Wall Street's estimates by 2.9%. Looking ahead, sell-side analysts expect revenue to grow 1.1% over the next 12 months, similar to its two-year rate. This projection is underwhelming and implies its newer products and services will not catalyze better top-line performance yet. Today's young investors likely haven't read the timeless lessons in Gorilla Game: Picking Winners In High Technology because it was written more than 20 years ago when Microsoft and Apple were first establishing their supremacy. But if we apply the same principles, then enterprise software stocks leveraging their own generative AI capabilities may well be the Gorillas of the future. So, in that spirit, we are excited to present our Special Free Report on a profitable, fast-growing enterprise software stock that is already riding the automation wave and looking to catch the generative AI next. Lincoln Electric has been an efficient company over the last five years. It was one of the more profitable businesses in the industrials sector, boasting an average operating margin of 15.4%. This result isn't too surprising as its gross margin gives it a favorable starting point. Analyzing the trend in its profitability, Lincoln Electric's operating margin rose by 4.5 percentage points over the last five years, as its sales growth gave it operating leverage. In Q1, Lincoln Electric generated an operating profit margin of 16.4%, in line with the same quarter last year. This indicates the company's cost structure has recently been stable. We track the long-term change in earnings per share (EPS) for the same reason as long-term revenue growth. Compared to revenue, however, EPS highlights whether a company's growth is profitable. Lincoln Electric's EPS grew at a spectacular 15.3% compounded annual growth rate over the last five years, higher than its 6.5% annualized revenue growth. This tells us the company became more profitable on a per-share basis as it expanded. We can take a deeper look into Lincoln Electric's earnings to better understand the drivers of its performance. As we mentioned earlier, Lincoln Electric's operating margin was flat this quarter but expanded by 4.5 percentage points over the last five years. On top of that, its share count shrank by 7%. These are positive signs for shareholders because improving profitability and share buybacks turbocharge EPS growth relative to revenue growth. Like with revenue, we analyze EPS over a more recent period because it can provide insight into an emerging theme or development for the business. For Lincoln Electric, its two-year annual EPS growth of 5.4% was lower than its five-year trend. We hope its growth can accelerate in the future. In Q1, Lincoln Electric reported EPS at $2.16, down from $2.23 in the same quarter last year. This print missed analysts' estimates, but we care more about long-term EPS growth than short-term movements. Over the next 12 months, Wall Street expects Lincoln Electric's full-year EPS of $9.21 to grow 2.5%. We enjoyed seeing Lincoln Electric beat analysts' revenue expectations this quarter. We were also happy its organic revenue narrowly outperformed Wall Street's estimates. On the other hand, its EBITDA missed and its EPS fell short of Wall Street's estimates. Overall, this was a mixed quarter. The stock remained flat at $184 immediately after reporting. Is Lincoln Electric an attractive investment opportunity right now? We think that the latest quarter is just one piece of the longer-term business quality puzzle. Quality, when combined with valuation, can help determine if the stock is a buy. We cover that in our actionable full research report which you can read here, it's free. Sign in to access your portfolio
Associated Press
13-02-2025
- Business
- Associated Press
Lincoln Electric Reports Fourth Quarter and Full Year 2024 Results
Lincoln Electric Holdings, Inc. (the 'Company') (Nasdaq: LECO) today reported fourth quarter 2024 net income of $140.2 million, or diluted earnings per share (EPS) of $2.47, which included special item after-tax net charges of $5.8 million, or $0.10 EPS. This compares with prior year period net income of $156.6 million, or $2.70 EPS, which included special item after-tax net gains of $14.6 million, or $0.25 EPS. Excluding special items, fourth quarter 2024 adjusted net income was $146.0 million, or $2.57 adjusted EPS. This compares with adjusted net income of $142.0 million, or $2.45 adjusted EPS, in the prior year period. Fourth quarter 2024 sales decreased 3.4% to $1,022.0 million reflecting a 7.5% decrease in organic sales and 1.1% unfavorable foreign exchange, partially offset by a 5.2% benefit from acquisitions. Operating income for the fourth quarter 2024 was $177.0 million, or 17.3% of sales, as compared with operating income of $204.0 million, or 19.3% of sales, in the prior year period. Excluding special items, adjusted operating income was $185.6 million, or 18.2% of sales, as compared with $182.1 million, or 17.2% of sales, in the prior year period. 'We are pleased with fourth quarter and full year operating profit margin and earnings performance despite challenging industrial sector demand as diligent price/cost management, strong execution of our cost saving actions and operational improvements advanced performance towards our 2025 Higher Standard Strategy goals,' stated Steven B. Hedlund, Chair, President and Chief Executive Officer. 'Our focus on serving customers, driving employee engagement, and investing in long-term growth positions us well to capitalize on the next growth cycle and deliver superior value for our stakeholders.' Twelve Months 2024 Summary Net income for the twelve months ended December 31, 2024 was $466.1 million, or $8.15 EPS, which included special item after-tax net charges of $65.2 million, or $1.14 EPS. This compares with prior year period net income of $545.2 million, or $9.37 EPS, which included special item after-tax net charges of $2.7 million, or $0.04 EPS. Excluding these items, adjusted net income for the twelve months ended December 31, 2024 decreased 3.0% to $531.3 million, or $9.29 EPS, compared with $547.9 million, or $9.41 EPS, in the prior year period. Sales decreased 4.4% to $4,008.7 million in the twelve months ended December 31, 2024 reflecting a 6.5% decrease in organic sales and a 2.5% benefit from acquisitions. Operating income for the twelve months ended December 31, 2024 was $636.5 million, or 15.9% of sales. This compares with operating income of $717.8 million, or 17.1% of sales, in the comparable 2023 period. Excluding special items, adjusted operating income was $704.4 million, or 17.6% of sales, as compared with $718.8 million, or 17.1% of sales, in the prior year period. Webcast Information A conference call to discuss fourth quarter 2024 financial results will be webcast live today, February 13, 2025, 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 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 Cleveland, Ohio, Lincoln operates 71 manufacturing and automation system integration locations across 20 countries and maintains a worldwide network of distributors and sales offices serving customers in over 160 countries. For more information about Lincoln Electric and its products and services, visit the Company's website at 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; the effectiveness of information systems and cybersecurity programs; presence of artificial intelligence technologies; 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; the Company's ability to complete 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, including but not limited to, the ongoing conflicts between Russia and Ukraine and in the Middle East, political unrest, acts of terror, natural disasters and pandemics on the Company or its customers, suppliers and the economy in general. For additional discussion, see 'Item 1A. Risk Factors' in the Company's Annual Report on Form 10-K for the year ended December 31, 2023. (In thousands, except per share amounts) (Unaudited) Consolidated Statements of Income Fav (Unfav) to Three Months Ended December 31, Prior Year 2024 % of Sales 2023 % of Sales $ % Net sales $ 1,022,031 100.0 % $ 1,058,514 100.0 % $ (36,483) (3.4) % Cost of goods sold 653,409 63.9 % 687,484 64.9 % 34,075 5.0 % Gross profit 368,622 36.1 % 371,030 35.1 % (2,408) (0.6) % Selling, general & administrative expenses 187,067 18.3 % 188,931 17.8 % 1,864 1.0 % Rationalization and asset impairment net charges 4,538 0.4 % (21,932) (2.1) % (26,470) 120.7 % Operating income 177,017 17.3 % 204,031 19.3 % (27,014) (13.2) % Interest expense, net 11,372 1.1 % 8,663 0.8 % (2,709) (31.3) % Other income 1,408 0.1 % 1,662 0.2 % (254) (15.3) % Income before income taxes 167,053 16.3 % 197,030 18.6 % (29,977) (15.2) % Income taxes 26,824 2.6 % 40,386 3.8 % 13,562 33.6 % Effective tax rate 16.1 % 20.5 % 4.4 % Net income $ 140,229 13.7 % $ 156,644 14.8 % $ (16,415) (10.5) % Basic earnings per share $ 2.49 $ 2.75 $ (0.26) (9.5) % Diluted earnings per share $ 2.47 $ 2.70 $ (0.23) (8.5) % Weighted average shares (basic) 56,309 57,063 Weighted average shares (diluted) 56,818 57,911 Fav (Unfav) to Twelve Months Ended December 31, Prior Year 2024 % of Sales 2023 % of Sales $ % Net sales $ 4,008,670 100.0 % $ 4,191,636 100.0 % $ (182,966) (4.4) % Cost of goods sold 2,535,758 63.3 % 2,726,191 65.0 % 190,433 7.0 % Gross profit 1,472,912 36.7 % 1,465,445 35.0 % 7,467 0.5 % Selling, general & administrative expenses 780,590 19.5 % 758,910 18.1 % (21,680) (2.9) % Rationalization and asset impairment net charges 55,860 1.4 % (11,314) (0.3) % (67,174) 593.7 % Operating income 636,462 15.9 % 717,849 17.1 % (81,387) (11.3) % Interest expense, net 42,786 1.1 % 44,371 1.1 % 1,585 3.6 % Other income 473 0.0 % 13,388 0.3 % (12,915) (96.5) % Income before income taxes 594,149 14.8 % 686,866 16.4 % (92,717) (13.5) % Income taxes 128,041 3.2 % 141,618 3.4 % 13,577 9.6 % Effective tax rate 21.6 % 20.6 % (1.0) % Net income $ 466,108 11.6 % $ 545,248 13.0 % $ (79,140) (14.5) % Basic earnings per share $ 8.23 $ 9.50 $ (1.27) (13.4) % Diluted earnings per share $ 8.15 $ 9.37 $ (1.22) (13.0) % Weighted average shares (basic) 56,639 57,364 Weighted average shares (diluted) 57,194 58,221 Lincoln Electric Holdings, Inc. Financial Highlights (In thousands) (Unaudited) Balance Sheet Highlights Selected Consolidated Balance Sheet Data December 31, 2024 December 31, 2023 Cash and cash equivalents $ 377,262 $ 393,787 Accounts receivable, net 481,979 538,830 Inventories 544,037 562,864 Total current assets 1,645,281 1,693,111 Property, plant and equipment, net 619,181 575,316 Total assets 3,520,142 3,377,297 Trade accounts payable 296,590 325,435 Total current liabilities (1) 878,802 754,610 Long-term debt, less current portion 1,150,551 1,102,771 Total equity 1,327,433 1,308,852 Operating Working Capital December 31, 2024 December 31, 2023 Average operating working capital to Net sales (2) 16.9 % 17.1 % Invested Capital December 31, 2024 December 31, 2023 Short-term debt (1) $ 110,524 $ 2,439 Long-term debt, less current portion 1,150,551 1,102,771 Total debt 1,261,075 1,105,210 Total equity 1,327,433 1,308,852 Invested capital $ 2,588,508 $ 2,414,062 Total debt / invested capital 48.7 % 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. Financial Highlights (In thousands, except per share amounts) (Unaudited) Non-GAAP Financial Measures Three Months Ended December 31, Twelve Months Ended December 31, 2024 2023 2024 2023 Operating income as reported $ 177,017 $ 204,031 $ 636,462 $ 717,849 Special items (pre-tax): Rationalization and asset impairment net charges (2) 4,538 (21,932) 55,860 (11,314) Acquisition transaction costs (3) 2,491 — 7,042 — Amortization of step up in value of acquired inventories (5) 1,552 — 5,026 12,252 Adjusted operating income (1) $ 185,598 $ 182,099 $ 704,390 $ 718,787 As a percent of total sales 18.2 % 17.2 % 17.6 % 17.1 % Net income as reported $ 140,229 $ 156,644 $ 466,108 $ 545,248 Special items: Rationalization and asset impairment net charges (2) 4,538 (21,932) 55,860 (11,314) Acquisition transaction costs (3) 2,491 — 7,042 — Pension settlement net (gains) charges (4) (174) 845 3,792 845 Amortization of step up in value of acquired inventories (5) 1,552 — 5,026 12,252 Loss (gain) on asset disposal (6) — — 4,950 (1,646) Tax effect of Special items (7) (2,655) 6,445 (11,513) 2,537 Adjusted net income (1) 145,981 142,002 531,265 547,922 Interest expense, net 11,372 8,663 42,786 44,371 Income taxes as reported 26,824 40,386 128,041 141,618 Tax effect of Special items (7) 2,655 (6,445) 11,513 (2,537) Adjusted EBIT (1) $ 186,832 $ 184,606 $ 713,605 $ 731,374 Effective tax rate as reported 16.1 % 20.5 % 21.6 % 20.6 % Net special item tax impact 0.7 % (1.2) % (0.8) % (0.4) % Adjusted effective tax rate (1) 16.8 % 19.3 % 20.8 % 20.2 % Diluted earnings per share as reported $ 2.47 $ 2.70 $ 8.15 $ 9.37 Special items per share 0.10 (0.25) 1.14 0.04 Adjusted diluted earnings per share (1) $ 2.57 $ 2.45 $ 9.29 $ 9.41 Weighted average shares (diluted) 56,818 57,911 57,194 58,221 (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) 2024 charges 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. 2023 net gains primarily relates the gain on sale of a property, partially offset by charges within International Welding. (3) Transaction costs related to acquisitions which are included in Selling, general & administrative expenses. (4) Pension settlement net (gains) charges primarily due to the final settlement associated with the termination of pension plans and are included in Other income. (5) Costs related to acquisitions which are included in Cost of goods sold. (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 December 31, Return on Invested Capital 2024 2023 Net income as reported $ 466,108 $ 545,248 Plus: Interest expense (after-tax) 39,665 38,050 Less: Interest income (after-tax) 7,593 5,033 Net operating profit after taxes $ 498,180 $ 578,265 Special items: Rationalization and asset impairment net charges 55,860 (11,314) Acquisition transaction costs 7,042 — Pension settlement net charges 3,792 845 Amortization of step up in value of acquired inventories 5,026 12,252 Loss (gain) on asset disposal 4,950 (1,646) Tax effect of Special items (2) (11,513) 2,537 Adjusted net operating profit after taxes (1) $ 563,337 $ 580,939 Invested Capital December 31, 2024 December 31, 2023 Short-term debt $ 110,524 $ 2,439 Long-term debt, less current portion 1,150,551 1,102,771 Total debt 1,261,075 1,105,210 Total equity 1,327,433 1,308,852 Invested capital $ 2,588,508 $ 2,414,062 Return on invested capital as reported 19.2 % 24.0 % Adjusted return on invested capital (1) 21.8 % 24.1 % (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 December 31, 2024 2023 OPERATING ACTIVITIES: Net income $ 140,229 $ 156,644 Adjustments to reconcile Net income to Net cash provided by operating activities: Rationalization and asset impairment net charges (5,032) 3,651 Depreciation and amortization 23,143 21,969 Gain on sale of property — (36,187) Pension settlement (gains) charges (174) 845 Other non-cash items, net (32,540) (34,431) Changes in operating assets and liabilities, net of effects from acquisitions: Decrease in accounts receivable 16,663 8,285 Decrease in inventories 47,051 64,313 Net change in other current assets (21,647) (20,879) Decrease in trade accounts payable (20,301) (7,356) Net change in other current liabilities (34,607) (47,919) Net change in other long-term assets and liabilities (16,990) 12,727 NET CASH PROVIDED BY OPERATING ACTIVITIES 95,795 121,662 INVESTING ACTIVITIES: Capital expenditures (31,486) (24,528) Proceeds from sale of property, plant and equipment 5,292 44,898 Other investing activities 320 6,010 NET CASH (USED BY) PROVIDED BY INVESTING ACTIVITIES (25,874) 26,380 FINANCING ACTIVITIES: Proceeds from (payments on) short-term borrowings 2,928 (5,057) Payments on long-term borrowings (169) (112) Proceeds from exercise of stock options 1,524 9,068 Purchase of shares for treasury (52,539) (68,176) Cash dividends paid to shareholders (40,164) (36,733) Other financing activities (3,922) — NET USED BY USED BY FINANCING ACTIVITIES (92,342) (101,010) Effect of exchange rate changes on Cash and cash equivalents (4,535) 4,088 (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (26,956) 51,120 Cash and cash equivalents at beginning of period 404,218 342,667 Cash and cash equivalents at end of period $ 377,262 $ 393,787 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 Year Ended December 31, 2024 2023 OPERATING ACTIVITIES: Net income $ 466,108 $ 545,248 Adjustments to reconcile Net income to Net cash provided by operating activities: Rationalization and asset impairment net charges 20,887 4,779 Depreciation and amortization 88,238 86,670 Gain on sale of property — (36,187) Pension settlement charges 3,792 845 Other non-cash items, net (23,056) (13,004) Changes in operating assets and liabilities, net of effects from acquisitions: Decrease in accounts receivable 52,829 14,980 Decrease in inventories 25,355 122,094 Net change in other current assets (41,558) (35,608) Decrease in trade accounts payable (27,189) (32,028) Net change in other current liabilities 32,703 10,056 Net change in other long-term assets and liabilities 868 (303) NET CASH PROVIDED BY OPERATING ACTIVITIES 598,977 667,542 INVESTING ACTIVITIES: Capital expenditures (116,603) (90,987) Acquisition of businesses, net of cash acquired (252,746) (32,685) Proceeds from sale of property, plant and equipment 7,798 49,494 Other investing activities 320 (551) NET CASH USED BY INVESTING ACTIVITIES (361,231) (74,729) FINANCING ACTIVITIES: Proceeds from (payments on) short-term borrowings 8,449 (79,873) Proceeds from long-term borrowings 550,000 — Payments on long-term borrowings (400,677) (8,109) Proceeds from exercise of stock options 27,404 22,365 Purchase of shares for treasury (263,751) (198,765) Cash dividends paid to shareholders (162,143) (148,010) Other financing activities (3,922) — NET CASH USED BY FINANCING ACTIVITIES (244,640) (412,392) Effect of exchange rate changes on Cash and cash equivalents (9,631) 16,216 (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (16,525) 196,637 Cash and cash equivalents at beginning of period 393,787 197,150 Cash and cash equivalents at end of period $ 377,262 $ 393,787 Cash dividends paid per share $ 2.84 $ 2.56 Lincoln Electric Holdings, Inc. Segment Highlights (1) (In thousands) (Unaudited) Americas International The Harris Corporate / Welding Welding Products Group Eliminations Consolidated Three months ended December 31, 2024 Net sales $ 654,786 $ 242,979 $ 124,266 $ — $ 1,022,031 Inter-segment sales 37,134 11,233 2,801 (51,168) — Total sales $ 691,920 $ 254,212 $ 127,067 $ (51,168) $ 1,022,031 Net income $ 140,229 As a percent of total sales 13.7 % EBIT (1) $ 127,813 $ 32,013 $ 20,278 $ (1,679) $ 178,425 As a percent of total sales 18.5 % 12.6 % 16.0 % 17.5 % Special items charges (3) 4,110 517 1,289 2,491 8,407 Adjusted EBIT (2) $ 131,923 $ 32,530 $ 21,567 $ 812 $ 186,832 As a percent of total sales 19.1 % 12.8 % 17.0 % 18.3 % Three months ended December 31, 2023 Net sales $ 654,707 $ 292,177 $ 111,630 $ — $ 1,058,514 Inter-segment sales 35,493 11,557 2,578 (49,628) — Total sales $ 690,200 $ 303,734 $ 114,208 $ (49,628) $ 1,058,514 Net income $ 156,644 As a percent of total sales 14.8 % EBIT (1) $ 129,409 $ 64,035 $ 15,246 $ (2,997) $ 205,693 As a percent of total sales 18.7 % 21.1 % 13.3 % 19.4 % Special items charges (gains) (4) 60 (21,147) — — (21,087) Adjusted EBIT (2) $ 129,469 $ 42,888 $ 15,246 $ (2,997) $ 184,606 As a percent of total sales 18.8 % 14.1 % 13.3 % 17.4 % (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 and asset impairments net charges of $2,319 in Americas Welding, $930 in International Welding and $1,289 in Harris Products Group. In addition, there was an amortization of step up in value of acquired inventories of $1,552 in Americas Welding, pension settlement charge of $239 in Americas Welding and a gain of $413 in International Welding, and acquisition transaction costs of $2,491 in Corporate/Eliminations. (4) Special items in 2023 primarily reflect a net gain of $21,992 related to the sale of a property, partially offset by rationalization and asset impairment charges, and pension settlement charges of $845 in International Welding. Lincoln Electric Holdings, Inc. Segment Highlights (In thousands) (Unaudited) Americas International The Harris Corporate / Welding Welding Products Group Eliminations Consolidated Year ended December 31, 2024 Net sales $ 2,564,847 $ 933,722 $ 510,101 $ — $ 4,008,670 Inter-segment sales 135,758 35,861 12,321 (183,940) — Total sales $ 2,700,605 $ 969,583 $ 522,422 $ (183,940) $ 4,008,670 Net income $ 466,108 As a percent of total sales 11.6 % EBIT (1) $ 502,367 $ 68,370 $ 84,373 $ (18,175) $ 636,935 As a percent of total sales 18.6 % 7.1 % 16.2 % 15.9 % Special items charges (3) 27,821 37,747 3,955 7,147 76,670 Adjusted EBIT (2) $ 530,188 $ 106,117 $ 88,328 $ (11,028) $ 713,605 As a percent of total sales 19.6 % 10.9 % 16.9 % 17.8 % Year ended December 31, 2023 Net sales $ 2,655,546 $ 1,040,006 $ 496,084 $ — $ 4,191,636 Inter-segment sales 127,536 31,498 10,641 (169,675) — Total sales $ 2,783,082 $ 1,071,504 $ 506,725 $ (169,675) $ 4,191,636 Net income $ 545,248 As a percent of total sales 13.0 % EBIT (1) $ 528,411 $ 146,218 $ 74,144 $ (17,536) $ 731,237 As a percent of total sales 19.0 % 13.6 % 14.6 % 17.4 % Special items charges (gain) (4) 9,858 (9,721) — 137 Adjusted EBIT (2) $ 538,269 $ 136,497 $ 74,144 $ (17,536) $ 731,374 As a percent of total sales 19.3 % 12.7 % 14.6 % 17.4 % (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 $18,840 in Americas Welding, $32,960 in International Welding, including the impact of the Company's disposition of its Russian entity, and $3,955 in Harris Products Group. In addition, there was a loss on asset disposal of $4,950 recorded to Other income in International Welding, an amortization of step up in value of acquired inventories of $4,776 and $250 in Americas Welding and International Welding, respectively, pension settlement charge of $4,205 and gain of $413 in Americas Welding and International Welding, respectively, and acquisition transaction costs of $7,042 in Corporate/Eliminations. (4) Special items in 2023 primarily reflect amortization of step up in value of acquired inventories of $9,390 and $2,862 in Americas and International Welding, respectively, Rationalization and asset impairment net charges of $468 and net gains of $11,782 in Americas and International Welding, respectively, pension settlement charges of $845 in International Welding and gain on asset disposal of $1,646 in International Welding. Lincoln Electric Holdings, Inc. Change in Net Sales by Segment (In thousands) (Unaudited) Three Months Ended December 31 st 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 $ 654,707 $ (46,844) $ 54,301 $ (541) $ (6,837) $ 654,786 International Welding 292,177 (45,930) 539 95 (3,902) 242,979 The Harris Products Group 111,630 3,057 — 10,972 (1,393) 124,266 Consolidated $ 1,058,514 $ (89,717) $ 54,840 $ 10,526 $ (12,132) $ 1,022,031 % Change Americas Welding (7.2) % 8.3 % (0.1) % (1.0) % 0.0 % International Welding (15.7) % 0.2 % 0.0 % (1.3) % (16.8) % The Harris Products Group 2.7 % — 9.8 % (1.2) % 11.3 % Consolidated (8.5) % 5.2 % 1.0 % (1.1) % (3.4) % Twelve Months Ended December 31 st 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 $ 2,655,546 $ (192,454) $ 101,097 $ 10,770 $ (10,112) $ 2,564,847 International Welding 1,040,006 (96,658) 1,660 (8,413) (2,873) 933,722 The Harris Products Group 496,084 (12,049) — 28,041 (1,975) 510,101 Consolidated $ 4,191,636 $ (301,161) $ 102,757 $ 30,398 $ (14,960) $ 4,008,670 % Change Americas Welding (7.2) % 3.8 % 0.4 % (0.4) % (3.4) % International Welding (9.3) % 0.2 % (0.8) % (0.3) % (10.2) % The Harris Products Group (2.4) % — 5.7 % (0.4) % 2.8 % Consolidated (7.2) % 2.5 % 0.7 % (0.4) % (4.4) % View source version on CONTACT: Amanda Butler Vice President, Investor Relations & Communications Tel: 216.383.2534 Email: [email protected] KEYWORD: UNITED STATES NORTH AMERICA OHIO INDUSTRY KEYWORD: OTHER MANUFACTURING TECHNOLOGY STEEL ENGINEERING MANUFACTURING SOFTWARE MACHINERY MACHINE TOOLS, METALWORKING & METALLURGY ELECTRONIC DESIGN AUTOMATION SOURCE: Lincoln Electric Holdings, Inc. Copyright Business Wire 2025. PUB: 02/13/2025 07:30 AM/DISC: 02/13/2025 07:32 AM
