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Lincoln Electric Reports Second Quarter 2015 Results

Jul 27 2015

Lincoln Electric Reports Second Quarter 2015 Results


Q2 EPS of $0.94, Adjusted EPS of $0.95

CLEVELAND, July 27, 2015 /PRNewswire/ --

 


Second Quarter 2015 Key Metric Highlights


  • Sales decreased 8.8% to $665 million, down 2.9% excluding unfavorable foreign exchange on weaker volumes
  • Operating income margin of 14.6% of net sales, or 14.7% on an adjusted basis
  • Net operating working capital at 18.0% of net sales
  • Cash flows from operations for first half 2015 up 9.7% to $130 million

 

Lincoln Electric Holdings, Inc. (the "Company") (Nasdaq: LECO) today reported second quarter 2015 net income of $70.9 million, or $0.94 diluted earnings per share (EPS).  This compares with net income of $77.3 million, or EPS of $0.96 in the comparable 2014 period.  Adjusted net income was $71.8 million, or Adjusted EPS of $0.95, compared to $81.5 million, or Adjusted EPS of $1.01, in the comparable 2014 period.  The 2014 adjusted EPS includes $0.04 of earnings from our Venezuelan operations, which operates in a hyper-inflationary environment.  This compares with earnings of $0.02 per share from our Venezuelan operations in the second quarter 2015.

Sales decreased 8.8% to $664.7 million in the second quarter 2015 versus $728.5 million in the comparable 2014 period primarily due to lower volumes and unfavorable foreign currency translation.  Operating income for the second quarter decreased 13.8% to $96.8 million, or 14.6% of sales, from $112.3 million, or 15.4% of sales, in the comparable 2014 period.  Adjusted operating income decreased 15.9% to $98.0 million or 14.7% of sales, compared with $116.6 million, or 16.0% of sales in 2014.  The Company recognized charges to interest expense of $2.1 million or $0.03 per diluted share, representing adjustments in the quarter to the amount expected to be paid to acquire additional interests of a majority-owned subsidiary.  Income taxes in the quarter ending June 30, 2015 include discrete tax benefits of $3.4 million, or $0.05 per diluted share.  Operating Income and Adjusted operating income in the second quarter 2014 included 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, "Business conditions were challenging in the quarter as growth in automation was offset by weaker oil and gas and U.S. export demand.  We initiated a number of actions during the quarter to align our cost structure with softer market conditions, which helped generate modest sequential improvements in our profit margins and operating working capital ratio to net sales.  While we remain cautious on 2015 demand trends, we continue to invest in our strategic programs and expect our efforts will help maximize profitability and shareholder returns through the economic cycle."

Dividend and Share Repurchases

The Company's Board of Directors declared a quarterly cash dividend of $0.29 per share, which was paid on July 15, 2015 to shareholders of record as of June 30, 2015.  During the quarter, the Company returned $55.6 million to shareholders through the repurchase of the Company's common shares.

Six Months 2015 Summary

Net income for the six months ended June 30, 2015 was $139.3 million, or EPS of $1.82.  This compares with net income of $133.8 million, or EPS of $1.65, in 2014.  Adjusted net income for the six months ended June 30, 2015 was $140.2 million, or Adjusted EPS of $1.83, compared with Adjusted net income of $155.6 million, or Adjusted EPS of $1.92, in 2014.  Adjusted net income for the six months ended June 30, 2015 includes earnings of $0.04 per diluted share from the Company's Venezuelan operations as compared with $0.18 per diluted share in the comparable 2014 period. 

Sales decreased 6.4% to $1.3 billion in the six months ended June 30, 2015 as compared with $1.4 billion in the comparable 2014 period.  This result primarily reflects unfavorable foreign exchange translation.  Operating income for the six months ended June 30, 2015 decreased to $187.3 million, or 14.2% of sales, compared with $192.7 million, or 13.6% of sales, in the comparable 2014 period.  Adjusted operating income was $188.5 million or 14.3% of sales, compared with $214.7 million, or 15.2% of sales in 2014.

Webcast Information

A conference call to discuss second quarter 2015 financial results will be webcast live today, July 27, 2015, 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 76673627.  Telephone participants are asked to dial in 10-15 minutes prior to the start of the conference call.

Financial results for the second quarter 2015 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 47 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 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; 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, 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 for the year ended December 31, 2014.

 

 

 

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



2015


% of Sales


2014


% of Sales


$


%

Net sales


$

664,740



100.0%



$

728,531



100.0%



$

(63,791)



(8.8%)


Cost of goods sold


438,959



66.0%



478,264



65.6%



39,305



8.2%


Gross profit


225,781



34.0%



250,267



34.4%



(24,486)



(9.8%)


Selling, general & administrative expenses


127,755



19.2%



137,156



18.8%



9,401



6.9%


Rationalization and asset impairment charges


1,239



0.2%



836



0.1%



(403)



(48.2%)


Operating income


96,787



14.6%



112,275



15.4%



(15,488)



(13.8%)


Interest income


738



0.1%



924



0.1%



(186)



(20.1%)


Equity earnings in affiliates


979



0.1%



1,575



0.2%



(596)



(37.8%)


Other income


317





1,078



0.1%



(761)



(70.6%)


Interest expense


(4,387)



(0.7%)



(986)



(0.1%)



(3,401)



(344.9%)


Income before income taxes


94,434



14.2%



114,866



15.8%



(20,432)



(17.8%)


Income taxes


23,558



3.5%



37,577



5.2%



14,019



37.3%


Effective tax rate


24.9%





32.7%





7.8%




Net income including non-controlling interests


70,876



10.7%



77,289



10.6%



(6,413)



(8.3%)


Non-controlling interests in subsidiaries' loss


(22)





(43)





21



48.8%


Net income


$

70,898



10.7%



$

77,332



10.6%



$

(6,434)



(8.3%)















Basic earnings per share


$

0.95





$

0.97





$

(0.02)



(2.1%)


Diluted earnings per share


$

0.94





$

0.96





$

(0.02)



(2.1%)


Weighted average shares (basic)


75,000





79,873








Weighted average shares (diluted)


75,773





80,773










Six months ended June 30,


Fav (Unfav) to Prior Year



2015


% of Sales


2014


% of Sales


$


%

Net sales


$

1,322,640



100.0%



$

1,413,593



100.0%



$

(90,953)



(6.4%)


Cost of goods sold


876,469



66.3%



936,990



66.3%



60,521



6.5%


Gross profit


446,171



33.7%



476,603



33.7%



(30,432)



(6.4%)


Selling, general & administrative expenses


257,646



19.5%



283,071



20.0%



25,425



9.0%


Rationalization and asset impairment charges


1,239



0.1%



819



0.1%



(420)



51.3%


Operating income


187,286



14.2%



192,713



13.6%



(5,427)



(2.8%)


Interest income


1,331



0.1%



1,838



0.1%



(507)



(27.6%)


Equity earnings in affiliates


1,828



0.1%



3,136



0.2%



(1,308)



(41.7%)


Other income


2,927



0.2%



2,161



0.2%



766



35.4%


Interest expense


(6,231)



(0.5%)



(2,556)



(0.2%)



(3,675)



(143.8%)


Income before income taxes


187,141



14.1%



197,292



14.0%



(10,151)



(5.1%)


Income taxes


47,947



3.6%



63,579



4.5%



15,632



24.6%


Effective tax rate


25.6%





32.2%





6.6%




Net income including non-controlling interests


139,194



10.5%



133,713



9.5%



5,481



4.1%


Non-controlling interests in subsidiaries' loss


(58)





(72)





14



19.4%


Net income


$

139,252



10.5%



$

133,785



9.5%



$

5,467



4.1%















Basic earnings per share


$

1.84





$

1.67





$

0.17



10.2%


Diluted earnings per share


$

1.82





$

1.65





$

0.17



10.3%


Weighted average shares (basic)


75,621





80,260








Weighted average shares (diluted)


76,416





81,194








 

 

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,



2015


2014


2015


2014

Operating income as reported


$

96,787



$

112,275



$

187,286



$

192,713


Special items (pre-tax):









Rationalization and asset impairment charges (1)


1,239



836



1,239



819


Venezuela foreign exchange losses (2)




3,468





21,133


Adjusted operating income (3)


$

98,026



$

116,579



$

188,525



$

214,665











Net income as reported


$

70,898



$

77,332



$

139,252



$

133,785


Special items (after-tax):









Rationalization and asset impairment charges (1)


900



698



900



691


Venezuela foreign exchange losses (2)




3,468





21,133


Adjusted net income (3)


$

71,798



$

81,498



$

140,152



$

155,609











Diluted earnings per share as reported


$

0.94



$

0.96



$

1.82



$

1.65


Special items


0.01



0.05



0.01



0.27


Adjusted diluted earnings per share (3)


$

0.95



$

1.01



$

1.83



$

1.92











Weighted average shares (diluted)


75,773



80,773



76,416



81,194


 

(1)

The three and six months ended June 30, 2015 and 2014 include net charges primarily related to severance and other related costs.  Rationalization charges in 2014 are 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.

(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, 2015


December 31, 2014

Cash and cash equivalents


$

312,737



$

278,379


Total current assets


1,089,236



1,098,677


Property, plant and equipment, net


429,329



437,209


Total assets


1,950,166



1,939,215


Total current liabilities


470,556



492,419


Short-term debt (1)


62,595



68,166


Long-term debt


151,563



2,488


Total equity


1,196,658



1,285,781







Net Operating Working Capital


June 30, 2015


December 31, 2014

Accounts receivable


$

329,223



$

321,862


Inventory


321,723



330,840


Trade accounts payable


172,114



202,482


Net operating working capital


$

478,832



$

450,220







Net operating working capital to net sales (2)


18.0%



16.5%







Invested Capital


June 30, 2015


December 31, 2014

Short-term debt (1)


$

62,595



$

68,166


Long-term debt


151,563



2,488


Total debt


214,158



70,654


Total equity


1,196,658



1,285,781


Invested capital


$

1,410,816



$

1,356,435







Total debt / invested capital


15.2%



5.2%


Return on invested capital (3)


18.9%



19.1%


 

(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,



2015


2014

OPERATING ACTIVITIES:





Net income


$

70,898



$

77,332


Non-controlling interests in subsidiaries' loss


(22)



(43)


Net income including non-controlling interests


70,876



77,289


Adjustments to reconcile Net income including non-controlling interests to Net cash

   provided by operating activities:





Rationalization and asset impairment charges




894


Depreciation and amortization


15,686



17,969


Equity earnings in affiliates, net


(272)



(701)


Pension expense


4,925



2,676


Pension contributions and payments


(26,471)



(2,083)


Other non-cash items, net


12,772



(3,325)


Changes in operating assets and liabilities, net of effects from acquisitions:





  Decrease in accounts receivable


11,695



544


  Decrease (increase) in inventories


17,773



(2,298)


  Decrease in trade accounts payable


(18,301)



(3,341)


  Net change in other current assets and liabilities


(11,234)



21,833


  Net change in other long-term assets and liabilities


(163)



(4,483)


NET CASH PROVIDED BY OPERATING ACTIVITIES


77,286



104,974







INVESTING ACTIVITIES:





Capital expenditures


(16,761)



(25,441)


Proceeds from sale of property, plant and equipment


234



4,443


Other investing activities




205


NET CASH USED BY INVESTING ACTIVITIES


(16,527)



(20,793)







FINANCING ACTIVITIES:





Net change in borrowings


42,540



(2,087)


Proceeds from exercise of stock options


2,303



1,054


Excess tax benefits from stock-based compensation


756



826


Purchase of shares for treasury


(55,615)



(68,312)


Cash dividends paid to shareholders


(21,919)



(18,496)


Other financing activities


(7,976)




NET CASH USED BY FINANCING ACTIVITIES


(39,911)



(87,015)







Effect of exchange rate changes on Cash and cash equivalents


2,872



1,732


INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS


23,720



(1,102)


Cash and cash equivalents at beginning of period


289,017



205,387


Cash and cash equivalents at end of period


$

312,737



$

204,285







Cash dividends paid per share


$

0.29



$

0.23


 

  

 

Lincoln Electric Holdings, Inc.

Financial Highlights

(In thousands, except per share amounts)

(Unaudited)


Condensed Consolidated Statements of Cash Flows




Six months ended June 30,



2015


2014

OPERATING ACTIVITIES:





Net income


$

139,252



$

133,785


Non-controlling interests in subsidiaries' loss


(58)



(72)


Net income including non-controlling interests


139,194



133,713


Adjustments to reconcile Net income including non-controlling interests to Net cash

   provided by operating activities:





Rationalization and asset impairment charges


30



859


Depreciation and amortization


31,718



35,900


Equity earnings in affiliates, net


(488)



(1,497)


Pension expense


10,604



5,476


Pension contributions and payments


(47,705)



(24,164)


Other non-cash items, net


(5,790)



20,659


Changes in operating assets and liabilities, net of effects from acquisitions:





  Increase in accounts receivable


(13,682)



(43,341)


  Decrease (increase) in inventories


1,540



(17,455)


  Decrease in trade accounts payable


(31,217)



(15,449)


  Net change in other current assets and liabilities


43,835



27,380


  Net change in other long-term assets and liabilities


2,031



(3,476)


NET CASH PROVIDED BY OPERATING ACTIVITIES


130,070



118,605







INVESTING ACTIVITIES:





Capital expenditures


(29,217)



(39,947)


Acquisition of businesses, net of cash acquired




(892)


Proceeds from sale of property, plant and equipment


1,421



5,509


Other investing activities


2,024



778


NET CASH USED BY INVESTING ACTIVITIES


(25,772)



(34,552)







FINANCING ACTIVITIES:





Net change in borrowings


144,050



(10,143)


Proceeds from exercise of stock options


4,036



4,010


Excess tax benefits from stock-based compensation


1,293



2,478


Purchase of shares for treasury


(158,468)



(119,333)


Cash dividends paid to shareholders


(44,248)



(37,119)


Other financing activities


(7,996)



(2,330)


NET CASH USED BY FINANCING ACTIVITIES


(61,333)



(162,437)







Effect of exchange rate changes on Cash and cash equivalents


(8,607)



(17,156)


INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS


34,358



(95,540)


Cash and cash equivalents at beginning of period


278,379



299,825


Cash and cash equivalents at end of period


$

312,737



$

204,285







Cash dividends paid per share


$

0.58



$

0.46


 

 

Lincoln Electric Holdings, Inc.

Segment Highlights

(In thousands)

(Unaudited)




North

America

Welding


Europe

Welding


Asia Pacific

Welding


South

America

Welding


The Harris

Products

Group


Corporate /

Eliminations


Consolidated

Three months ended June 30, 2015













Net sales


$

415,075



$

90,903



$

49,043



$

37,907



$

71,812



$



$

664,740


Inter-segment sales


25,613



4,463



2,964



118



2,716



(35,874)




Total


$

440,688



$

95,366



$

52,007



$

38,025



$

74,528



$

(35,874)



$

664,740

















EBIT (1)


$

77,494



$

8,242



$

2,244



$

1,378



$

8,250



$

475



$

98,083


As a percent of total sales


17.6%



8.6%



4.3%



3.6%



11.1%





14.8%


Special items charge (gain) (2)


$



$

1,239



$



$



$



$



$

1,239


EBIT, as adjusted (4)


$

77,494



$

9,481



$

2,244



$

1,378



$

8,250



$

475



$

99,322


As a percent of total sales


17.6%



9.9%



4.3%



3.6%



11.1%





14.9%



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 charge (gain) (3)


$

(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%



Six months ended June 30, 2015













Net sales


$

828,063



$

179,319



$

98,293



$

75,337



$

141,628



$



$

1,322,640


Inter-segment sales


51,742



8,056



6,234



118



4,727



(70,877)




Total


$

879,805



$

187,375



$

104,527



$

75,455



$

146,355



$

(70,877)



$

1,322,640

















EBIT (1)


$

148,678



$

16,990



$

5,372



$

4,528



$

15,799



$

674



$

192,041


As a percent of total sales


16.9%



9.1%



5.1%



6.0%



10.8%





14.5%


Special items charge (gain) (2)


$



$

1,239



$



$



$



$



$

1,239


EBIT, as adjusted (4)


$

148,678



$

18,229



$

5,372



$

4,528



$

15,799



$

674



$

193,280


As a percent of total sales


16.9%



9.7%



5.1%



6.0%



10.8%





14.6%



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 charge (gain) (3)


$

(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%


 


(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, 2015 represent rationalization charges related to employee severance and other related costs. 


(3)

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.


(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

2014


Volume


Acquisitions


Price


Foreign

Exchange


Net Sales

2015

Operating Segments













North America Welding


$

429,490



$

(21,853)



$

14,250



$

1,457



$

(8,269)



$

415,075


Europe Welding


115,574



(3,343)





(582)



(20,746)



90,903


Asia Pacific Welding


66,997



(15,292)





(617)



(2,045)



49,043


South America Welding


39,051



(8,601)





15,696



(8,239)



37,907


The Harris Products Group


77,419



1,743





(3,981)



(3,369)



71,812


Consolidated


$

728,531



$

(47,346)



$

14,250



$

11,973



$

(42,668)



$

664,740


% Change













North America Welding




(5.1%)



3.3%



0.3%



(1.9%)



(3.4%)


Europe Welding




(2.9%)





(0.5%)



(18.0%)



(21.3%)


Asia Pacific Welding




(22.8%)





(0.9%)



(3.1%)



(26.8%)


South America Welding




(22.0%)





40.2%



(21.1%)



(2.9%)


The Harris Products Group




2.3%





(5.1%)



(4.4%)



(7.2%)


Consolidated




(6.5%)



2.0%



1.6%



(5.9%)



(8.8%)




























Six Months Ended June 30th Change in Net Sales by Segment












Change in Net Sales due to:





Net Sales

2014


Volume


Acquisitions


Price


Foreign

Exchange


Net Sales

2015

Operating Segments













North America Welding


$

831,396



$

(20,926)



$

26,721



$

5,480



$

(14,608)



$

828,063


Europe Welding


220,980



(141)





(883)



(40,637)



179,319


Asia Pacific Welding


128,283



(24,395)





(1,286)



(4,309)



98,293


South America Welding


83,044



(13,294)





37,170



(31,583)



75,337


The Harris Products Group


149,890



6,217





(8,570)



(5,909)



141,628


Consolidated


$

1,413,593



$

(52,539)



$

26,721



$

31,911



$

(97,046)



$

1,322,640


% Change













North America Welding




(2.5%)



3.2%



0.7%



(1.8%)



(0.4%)


Europe Welding




(0.1%)





(0.4%)



(18.4%)



(18.9%)


Asia Pacific Welding




(19.0%)





(1.0%)



(3.4%)



(23.4%)


South America Welding




(16.0%)





44.8%



(38.0%)



(9.3%)


The Harris Products Group




4.1%





(5.7%)



(3.9%)



(5.5%)


Consolidated




(3.7%)



1.9%



2.3%



(6.9%)



(6.4%)


 

 

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/lincoln-electric-reports-second-quarter-2015-results-300118815.html

SOURCE Lincoln Electric Holdings, Inc.

Amanda Butler, Director, Investor Relations , Tel: 216.383.2534, Email: Amanda_Butler@lincolnelectric.com