LINCOLN ELECTRIC HOLDINGS, INC. CLEVELAND, July 27, 2014 /PRNewswire/ --
Second Quarter 2014 Highlights
Reported sales were steady, up 2.1% excluding
unfavorable foreign exchange translation
Operating
income increased 7.7% to $112 million, or 15.4% of
sales
Adjusted operating income increased 8.3% to
$117 million and up 120 bps to 16.0% of sales
Returned $87 million to shareholders through share
repurchases and dividends
----------------------------------------------------
Lincoln Electric Holdings, Inc. (the "Company") (Nasdaq: LECO) today reported second quarter 2014 net income of $77.3 million, or $0.96 per diluted share. Net income was $72.6 million, or $0.87 per diluted share, in the comparable 2013 period. Adjusted net income was $81.5 million, or $1.01 per diluted share, compared to adjusted net income of $75.7 million, or $0.91 per diluted share, in the comparable 2013 period. Adjusted net income in the second quarter of 2014 includes earnings of $0.04 per diluted share from the Company's Venezuelan operations.
Sales were relatively steady at $728.5 million in the second quarter 2014 versus $727.4 million in the comparable 2013 period. Operating income for the second quarter increased 7.7% to $112.3 million, or 15.4% of sales, from $104.3 million, or 14.3% of sales, in the comparable 2013 period. Adjusted operating income increased 8.3% to $116.6 million or 16.0% of sales, compared with $107.7 million, or 14.8% of sales in 2013. Operating income and Adjusted operating income include a $3.9 million gain, $2.5 million after-tax or $0.03 per diluted share, from an insurance settlement.
Christopher L. Mapes, Chairman, President and Chief Executive Officer stated, "We are pleased to report improving trends in our business from growth in our innovative solutions and benefits from acquisitions. We achieved a 16.0% adjusted operating income margin in the quarter, reinforcing the solid execution of our '2020 Vision and Strategy' by improving mix, operating leverage and driving continuous improvement throughout our operations. Cash returned to shareholders accelerated in the quarter and we now expect to achieve $250 million in share repurchases this year."
Net income for the six months ended June 30, 2014 was $133.8 million, or $1.65 per diluted share, compared with net income of $139.4 million, or $1.67 per diluted share, in 2013. Adjusted net income was $155.6 million, or $1.92 per diluted share, compared to adjusted net income of $152.9 million, or $1.83 per diluted share, in 2013. Adjusted net income for the six months ended June 30, 2014 includes earnings of $0.18 per diluted share from the Company's Venezuelan operations.
Sales decreased 2.2% to $1.41 billion in the six months ended June 30, 2014 versus $1.45 billion in the comparable 2013 period. This decrease reflects lower volumes and unfavorable foreign exchange translation, partially offset by acquisitions. Operating income for the six months ended June 30, 2014 remained relatively flat at $192.7 million, or 13.6% of sales, compared to $192.9 million, or 13.3% of sales, in the comparable 2013 period. Results in 2014 include charges of $21.2 million from Venezuelan foreign exchange remeasurement losses related to the adoption of a new foreign exchange mechanism in the first quarter. Adjusted operating income increased 3.7% to $214.7 million or 15.2% of sales, compared with $207.0 million, or 14.3% of sales in 2013. Operating income and Adjusted operating income include a $3.9 million gain, $2.5 million after-tax or $0.03 per diluted share, from an insurance settlement.
The Company's Board of Directors declared a quarterly cash dividend of $0.23 per share, which was paid on July 15, 2014 to holders of record on June 30, 2014. During the quarter, the Company returned $68.3 million to shareholders through the repurchase of 1,009,353 of the Company's common shares.
Webcast Information
A conference call to discuss second quarter 2014 financial results will be webcast live on Monday, July 28, 2014, at 10:00 a.m., Eastern Time. This webcast is accessible at http://ir.lincolnelectric.com. Listeners should go to the web site prior to the call to register and download and install any necessary audio software. A replay of the webcast will be available on the Company's web site.
Investors who are unable to access the webcast may listen to the conference call live by telephone by dialing (877) 344-3899 (domestic) or (315) 625-3087 (international) and use confirmation code 68746760. Telephone participants are asked to dial in 10-15 minutes prior to the start of the conference call.
Financial results for the second quarter 2014 can also be obtained at http://ir.lincolnelectric.com.
About Lincoln Electric
Lincoln Electric is the world leader in the design, development and manufacture of arc welding products, robotic arc welding systems, plasma and oxy-fuel cutting equipment and has a leading global position in the brazing and soldering alloys market. Headquartered in Cleveland, Ohio, Lincoln has 48 manufacturing locations, including operations and joint ventures in 19 countries and a worldwide network of distributors and sales offices covering more than 160 countries. For more information about Lincoln Electric and its products and services, visit the Company's website at http://www.lincolnelectric.com.
Non-GAAP Information
Adjusted operating income, Adjusted net income and Adjusted diluted earnings per share are non-GAAP financial measures that management believes are important to investors to evaluate and compare the Company's financial performance from period to period. Management uses this information in assessing and evaluating the Company's underlying operating performance. Non-GAAP financial measures should be read in conjunction with the GAAP financial measures, as non-GAAP measures are a supplement to, and not a replacement for, GAAP financial measures. Please refer to the attached schedule for a reconciliation of non-GAAP financial measures to the related GAAP financial measures.
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 and market conditions; the effectiveness of operating initiatives; interest rates; currency exchange rates and devaluations, including in highly inflationary countries such as Venezuela; adverse outcome of pending or potential litigation; actual costs of the Company's rationalization plans; possible acquisitions; market risks and price fluctuations related to the purchase of commodities and energy; global regulatory complexity; and the possible effects of events beyond our control, such as political unrest, acts of terror and natural disasters, 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.
Lincoln Electric Holdings, Inc.
Financial Highlights
(In thousands, except per share amounts) (Unaudited)
Consolidated Statements of Income
Three months ended June 30, Fav (Unfav) to Prior Year
--------------------------- -------------------------
2014 % of Sales 2013 % of Sales $ %
---- ---------- ---- ---------- --- ---
Net sales $728,531 100.0% $727,432 100.0% $1,099 0.2%
Cost of goods sold 478,264 65.6% 487,094 67.0% 8,830 1.8%
------- ------- -----
Gross profit 250,267 34.4% 240,338 33.0% 9,929 4.1%
Selling, general & administrative expenses 137,156 18.8% 135,215 18.6% (1,941) (1.4)%
Rationalization and asset impairment charges 836 0.1% 851 0.1% 15 1.8%
--- --- ---
Operating income 112,275 15.4% 104,272 14.3% 8,003 7.7%
Interest income 924 0.1% 890 0.1% 34 3.8%
Equity earnings in affiliates 1,575 0.2% 1,258 0.2% 317 25.2%
Other income 1,078 0.1% 913 0.1% 165 18.1%
Interest expense (986) (0.1)% (799) (0.1)% (187) (23.4)%
---- ---- ----
Income before income taxes 114,866 15.8% 106,534 14.6% 8,332 7.8%
Income taxes 37,577 5.2% 34,007 4.7% (3,570) (10.5)%
------ ------ ------
Effective tax rate 32.7% 31.9% (0.8) %
Net income including non-controlling interests 77,289 10.6% 72,527 10.0% 4,762 6.6%
Non-controlling interests in subsidiaries' loss (43) - (79) - 36 45.6%
Net income $77,332 10.6% $72,606 10.0% $4,726 6.5%
======= ======= ======
Basic earnings per share $0.97 $0.88 $0.09 10.2%
Diluted earnings per share $0.96 $0.87 $0.09 10.3%
Weighted average shares (basic) 79,873 82,419
Weighted average shares (diluted) 80,773 83,411
Six months ended June 30, Fav (Unfav) to Prior Year
------------------------- -------------------------
2014 % of Sales 2013 % of Sales $ %
---- ---------- ---- ---------- --- ---
Net sales $1,413,593 100.0% $1,446,005 100.0% $(32,412) (2.2)%
Cost of goods sold 936,990 66.3% 979,095 67.7% 42,105 4.3%
------- ------- ------
Gross profit 476,603 33.7% 466,910 32.3% 9,693 2.1%
Selling, general & administrative expenses 283,071 20.0% 272,106 18.8% (10,965) (4.0)%
Rationalization and asset impairment charges 819 0.1% 1,902 0.1% 1,083 56.9%
--- ----- -----
Operating income 192,713 13.6% 192,902 13.3% (189) (0.1)%
Interest income 1,838 0.1% 1,916 0.1% (78) (4.1)%
Equity earnings in affiliates 3,136 0.2% 2,517 0.2% 619 24.6%
Other income 2,161 0.2% 1,627 0.1% 534 32.8%
Interest expense (2,556) (0.2)% (1,749) (0.1)% (807) (46.1)%
------ ------ ----
Income before income taxes 197,292 14.0% 197,213 13.6% 79 -
Income taxes 63,579 4.5% 57,843 4.0% (5,736) (9.9)%
------ ------ ------
Effective tax rate 32.2% 29.3% (2.9) %
Net income including non-controlling interests 133,713 9.5% 139,370 9.6% (5,657) (4.1)%
Non-controlling interests in subsidiaries' loss (72) - (42) - (30) (71.4)%
Net income $133,785 9.5% $139,412 9.6% $(5,627) (4.0)%
======== ======== =======
Basic earnings per share $1.67 $1.69 $(0.02) (1.2)%
Diluted earnings per share $1.65 $1.67 $(0.02) (1.2)%
Weighted average shares (basic) 80,260 82,569
Weighted average shares (diluted) 81,194 83,606
Lincoln Electric Holdings, Inc.
Financial Highlights
(In thousands, except per share amounts)
(Unaudited)
Non-GAAP Financial Measures
Three months ended June 30, Six months ended June 30,
--------------------------- -------------------------
2014 2013 2014 2013
---- ---- ---- ----
Operating income as reported $112,275 $104,272 $192,713 $192,902
Special items (pre-tax):
Rationalization and asset
impairment charges (1) 836 851 819 1,902
Venezuela foreign exchange losses
(2) 3,468 2,538 21,133 12,198
-----
Adjusted operating income (3) $116,579 $107,661 $214,665 $207,002
======== ======== ======== ========
Net income as reported $77,332 $72,606 $133,785 $139,412
Special items (after-tax):
Rationalization and asset
impairment charges (1) 698 579 691 1,252
Venezuela foreign exchange losses
(2) 3,468 2,538 21,133 12,198
-----
Adjusted net income (3) $81,498 $75,723 $155,609 $152,862
======= ======= ======== ========
Diluted earnings per share as
reported $0.96 $0.87 $1.65 $1.67
Special items 0.05 0.04 0.27 0.16
Adjusted diluted earnings per
share (3) $1.01 $0.91 $1.92 $1.83
===== ===== ===== =====
Weighted average shares (diluted) 80,773 83,411 81,194 83,606
(1) The three and six months ended June 30,
2014 and 2013 include net charges
associated with severance and other
related costs from the consolidation of
manufacturing operations partially
offset by gains related to the sale of
assets at rationalized operations.
(2) The three and six months ended June 30,
2014 represents the impact of the
Venezuelan remeasurement loss related
to the adoption of a new foreign
exchange mechanism in the first
quarter. The three and six months
ended June 30, 2013 represents the
impact of the devaluation of the
Venezuelan currency.
(3) Adjusted operating income, Adjusted net
income and Adjusted diluted earnings
per share are non-GAAP financial
measures that management believes are
important to investors to evaluate and
compare the Company's financial
performance from period to period.
Management uses this information in
assessing and evaluating the Company's
underlying operating performance. Non-
GAAP financial measures should be read
in conjunction with the GAAP financial
measures, as non-GAAP measures are a
supplement to, and not a replacement
for, GAAP financial measures.
Lincoln Electric Holdings, Inc.
Financial Highlights
(In thousands)
(Unaudited)
Balance Sheet Highlights
Selected Consolidated Balance Sheet Data June 30, 2014 December 31, 2013
------------- -----------------
Cash and cash equivalents $204,285 $299,825
Total current assets 1,105,739 1,130,775
Property, plant and equipment, net 481,861 484,005
Total assets 2,144,839 2,151,867
Total current liabilities 464,489 456,917
Short-term debt (1) 6,908 15,296
Long-term debt 1,159 3,791
Total equity 1,521,473 1,530,688
Net Operating Working Capital June 30, 2014 December 31, 2013
------------- -----------------
Accounts receivable $407,223 $367,134
Inventory 368,027 349,963
Trade accounts payable 196,929 212,799
------- -------
Net operating working capital $578,321 $504,298
======== ========
Net operating working capital to net sales (2) 19.8% 17.6%
Invested Capital June 30, 2014 December 31, 2013
------------- -----------------
Short-term debt (1) $6,908 $15,296
Long-term debt 1,159 3,791
----- -----
Total debt 8,067 19,087
Total equity 1,521,473 1,530,688
--------- ---------
Invested capital $1,529,540 $1,549,775
========== ==========
Total debt / invested capital 0.5% 1.2%
Return on invested capital (3) 18.9% 18.9%
(1) Includes current portion of
long-term debt.
(2) Net operating working capital
to net sales is defined as
net operating working
capital divided by
annualized rolling three
months of sales.
(3) Return on invested capital is
defined as rolling 12 months
of earnings excluding tax-
effected interest divided by
invested capital.
Lincoln Electric Holdings, Inc.
Financial Highlights
(In thousands, except per share amounts)
(Unaudited)
Condensed
Consolidated
Statements of Cash
Flows Three months ended June 30,
---------------------------
2014 2013
---- ----
OPERATING ACTIVITIES:
Net income $77,332 $72,606
Non-controlling
interests in
subsidiaries' loss (43) (79)
--- ---
Net income including
non-controlling
interests 77,289 72,527
Adjustments to reconcile Net income
including non-controlling
interests to Net cash provided by
operating activities:
Rationalization and
asset impairment
charges 894 240
Depreciation and
amortization 17,969 17,158
Equity earnings in
affiliates, net (701) (446)
Pension expense 2,676 7,320
Pension
contributions and
payments (2,083) (26,030)
Other non-cash
items, net (3,325) 9,991
Changes in operating assets and
liabilities, net of effects from
acquisitions:
Decrease in accounts
receivable 544 23,218
(Increase) decrease
in inventories (2,298) 4,026
Decrease in trade
accounts payable (3,341) (20,108)
Net change in other
current assets and
liabilities 21,833 21,439
Net change in other
long-term assets
and liabilities (4,483) (2,136)
------ ------
NET CASH PROVIDED BY
OPERATING
ACTIVITIES 104,974 107,199
INVESTING ACTIVITIES:
Capital expenditures (25,441) (15,910)
Acquisition of
businesses, net of
cash acquired - (4,127)
Proceeds from sale
of property, plant
and equipment 4,443 487
Other investing
activities 205 (4,217)
--- ------
NET CASH USED BY
INVESTING
ACTIVITIES (20,793) (23,767)
FINANCING ACTIVITIES:
Net change in
borrowings (2,087) (1,263)
Proceeds from
exercise of stock
options 1,054 3,546
Excess tax benefits
from stock-based
compensation 826 1,476
Purchase of shares
for treasury (68,312) (56,897)
Cash dividends paid
to shareholders (18,496) (16,580)
Transactions with
non-controlling
interests - (2,809)
NET CASH USED BY
FINANCING
ACTIVITIES (87,015) (72,527)
Effect of exchange
rate changes on
Cash and cash
equivalents 1,732 (2,971)
----- ------
(DECREASE) INCREASE
IN CASH AND CASH
EQUIVALENTS (1,102) 7,934
Cash and cash
equivalents at
beginning of period 205,387 248,455
-------
Cash and cash
equivalents at end
of period $204,285 $256,389
======== ========
Cash dividends paid
per share $0.23 $0.20
Lincoln Electric Holdings, Inc.
Financial Highlights
(In thousands, except per share amounts)
(Unaudited)
Condensed
Consolidated
Statements of Cash
Flows Six months ended June 30,
-------------------------
2014 2013
---- ----
OPERATING ACTIVITIES:
Net income $133,785 $139,412
Non-controlling
interests in
subsidiaries' loss (72) (42)
--- ---
Net income including
non-controlling
interests 133,713 139,370
Adjustments to reconcile Net income
including non-controlling
interests to Net cash provided by
operating activities:
Rationalization and
asset impairment
charges 859 354
Depreciation and
amortization 35,900 34,555
Equity earnings in
affiliates, net (1,497) (882)
Pension expense 5,476 14,935
Pension
contributions and
payments (24,164) (81,351)
Other non-cash
items, net 20,659 24,336
Changes in operating assets and
liabilities, net of effects from
acquisitions:
Increase in accounts
receivable (43,341) (43,367)
Increase in
inventories (17,455) (12,308)
Decrease in trade
accounts payable (15,449) (11,840)
Net change in other
current assets and
liabilities 27,380 25,621
Net change in other
long-term assets
and liabilities (3,476) (2,372)
------ ------
NET CASH PROVIDED BY
OPERATING
ACTIVITIES 118,605 87,051
INVESTING ACTIVITIES:
Capital expenditures (39,947) (31,048)
Acquisition of
businesses, net of
cash acquired (892) (4,676)
Proceeds from sale
of property, plant
and equipment 5,509 592
Other investing
activities 778 (4,217)
NET CASH USED BY
INVESTING
ACTIVITIES (34,552) (39,349)
FINANCING ACTIVITIES:
Net change in
borrowings (10,143) (2,755)
Proceeds from
exercise of stock
options 4,010 13,204
Excess tax benefits
from stock-based
compensation 2,478 5,465
Purchase of shares
for treasury (119,333) (69,677)
Cash dividends paid
to shareholders (37,119) (16,580)
Transactions with
non-controlling
interests (2,330) (2,809)
NET CASH USED BY
FINANCING
ACTIVITIES (162,437) (73,152)
Effect of exchange
rate changes on
Cash and cash
equivalents (17,156) (4,625)
------- ------
DECREASE IN CASH AND
CASH EQUIVALENTS (95,540) (30,075)
Cash and cash
equivalents at
beginning of period 299,825 286,464
Cash and cash
equivalents at end
of period $204,285 $256,389
======== ========
Cash dividends paid
per share $0.46 $0.20
Lincoln Electric Holdings, Inc.
Segment Highlights
(In thousands)
(Unaudited)
North Europe Asia Pacific South The Harris Corporate / Consolidated
America Welding Welding America Products Eliminations
Welding Welding Group
------- ------- -----
Three months ended June 30, 2014
Net sales $429,490 $115,574 $66,997 $39,051 $77,419 $728,531
Inter-segment sales 33,360 5,494 3,600 35 2,262 (44,751) -
Total $462,850 $121,068 $70,597 $39,086 $79,681 $(44,751) $728,531
======== ======== ======= ======= ======= ======== ========
EBIT (1) $91,216 $13,934 $473 $1,527 $7,178 $600 $114,928
As a percent of total sales 19.7% 11.5% 0.7% 3.9% 9.0% 15.8%
Special items (gain) charge (2) $(21) $965 $(108) $3,468 $ - $ - $4,304
EBIT, as adjusted (4) $91,195 $14,899 $365 $4,995 $7,178 $600 $119,232
As a percent of total sales 19.7% 12.3% 0.5% 12.8% 9.0% 16.4%
Three months ended June 30, 2013
Net sales $419,069 $108,661 $69,239 $44,503 $85,960 $ - $727,432
Inter-segment sales 35,529 4,330 4,374 51 2,674 (46,958) -
Total $454,598 $112,991 $73,613 $44,554 $88,634 $(46,958) $727,432
======== ======== ======= ======= ======= ======== ========
EBIT (1) $82,511 $9,457 $143 $8,527 $7,343 $(1,538) $106,443
As a percent of total sales 18.2% 8.4% 0.2% 19.1% 8.3% 14.6%
Special items (gain) charge (3) $266 $75 $510 $2,538 $ - $ - $3,389
EBIT, as adjusted (4) $82,777 $9,532 $653 $11,065 $7,343 $(1,538) $109,832
As a percent of total sales 18.2% 8.4% 0.9% 24.8% 8.3% 15.1%
Six months ended June 30, 2014
Net sales $831,396 $220,980 $128,283 $83,044 $149,890 $ - $1,413,593
Inter-segment sales 66,303 11,354 8,049 64 4,380 (90,150) -
Total $897,699 $232,334 $136,332 $83,108 $154,270 $(90,150) $1,413,593
======== ======== ======== ======= ======== ======== ==========
EBIT (1) $162,627 $23,187 $(158) $(4,373) $13,236 $3,491 $198,010
As a percent of total sales 18.1% 10.0% (0.1)% (5.3)% 8.6% 14.0%
Special items (gain) charge (2) $(68) $1,004 $(117) $21,133 $ - $ - $21,952
EBIT, as adjusted (4) $162,559 $24,191 $(275) $16,760 $13,236 $3,491 $219,962
As a percent of total sales 18.1% 10.4% (0.2)% 20.2% 8.6% 15.6%
Six months ended June 30, 2013
Net sales $838,623 $219,152 $139,278 $80,877 $168,075 $ - $1,446,005
Inter-segment sales 64,514 8,609 8,758 71 4,898 (86,850) -
Total $903,137 $227,761 $148,036 $80,948 $172,973 $(86,850) $1,446,005
======== ======== ======== ======= ======== ======== ==========
EBIT (1) $158,311 $20,164 $2,239 $3,979 $14,494 $(2,141) $197,046
As a percent of total sales 17.5% 8.9% 1.5% 4.9% 8.4% 13.6%
Special items (gain) charge (3) $1,126 $69 $707 $12,198 $ - $ - $14,100
EBIT, as adjusted (4) $159,437 $20,233 $2,946 $16,177 $14,494 $(2,141) $211,146
As a percent of total sales 17.7% 8.9% 2.0% 20.0% 8.4% 14.6%
(1) EBIT is defined as Operating income plus
Equity earnings in affiliates and Other
income.
(2) Special items in the three and six
months ended June 30, 2014 include net
charges primarily related to severance
and other related costs from the
consolidation of manufacturing
operations partially offset by gains
related to the sale of assets at
rationalized operations and the impact
of the Venezuelan remeasurement losses
related to the adoption of a new
foreign exchange mechanism in the first
quarter.
(3) Special items in the three and six
months ended June 30, 2013 include net
rationalization and asset impairment
charges and the impact of the
devaluation of the Venezuelan currency.
(4) The primary profit measure used by
management to assess segment
performance is EBIT, as adjusted. EBIT
for each operating segment is adjusted
for special items to derive EBIT, as
adjusted.
Lincoln Electric Holdings, Inc.
Change in Net Sales by Segment
(In thousands)
(Unaudited)
Three Months Ended June 30th Change in Net Sales by Segment
Change in Net Sales due to:
---------------------------
Net Sales Volume Acquisitions Price Foreign Net Sales
2013 Exchange 2014
---- -------- ----
Operating Segments
North America Welding $419,069 $(794) $8,462 $4,435 $(1,682) $429,490
Europe Welding 108,661 3,410 - (212) 3,715 115,574
Asia Pacific Welding 69,239 (264) - 370 (2,348) 66,997
South America Welding 44,503 (8,770) - 16,709 (13,391) 39,051
The Harris Products Group 85,960 (3,984) - (4,571) 14 77,419
------ ------ --- ------ ---
Consolidated $727,432 $(10,402) $8,462 $16,731 $(13,692) $728,531
======== ======== ====== ======= ======== ========
% Change
North America Welding (0.2)% 2.0% 1.1% (0.4)% 2.5%
Europe Welding 3.1% - (0.2)% 3.4% 6.4%
Asia Pacific Welding (0.4)% - 0.5% (3.4)% (3.2)%
South America Welding (19.7)% - 37.5% (30.1)% (12.3)%
The Harris Products Group (4.6)% - (5.3)% - (9.9)%
Consolidated (1.4)% 1.2% 2.3% (1.9)% 0.2%
Six Months Ended June 30th Change in Net Sales by Segment
Change in Net Sales due to:
---------------------------
Net Sales Volume Acquisitions Price Foreign Net Sales
2013 Exchange 2014
---- -------- ----
Operating Segments
North America Welding $838,623 $(24,204) $16,331 $5,675 $(5,029) $831,396
Europe Welding 219,152 (2,077) - (1,762) 5,667 220,980
Asia Pacific Welding 139,278 (5,650) - 45 (5,390) 128,283
South America Welding 80,877 (10,796) - 30,410 (17,447) 83,044
The Harris Products Group 168,075 (3,584) - (13,775) (826) 149,890
------- ------ --- ------- ----
Consolidated $1,446,005 $(46,311) $16,331 $20,593 $(23,025) $1,413,593
========== ======== ======= ======= ======== ==========
% Change
North America Welding (2.9)% 1.9% 0.7% (0.6) v (0.9)%
Europe Welding (0.9)% - (0.8)% 2.6% 0.8%
Asia Pacific Welding (4.1)% - - (3.9)% (7.9)%
South America Welding (13.3)% - 37.6% (21.6)% 2.7%
The Harris Products Group (2.1)% - (8.2)% (0.5)% (10.8)%
Consolidated (3.2)% 1.1% 1.4% (1.6)% (2.2)%
SOURCE Lincoln Electric Holdings, Inc.
