SEC Filings

10-Q
LINCOLN ELECTRIC HOLDINGS INC filed this Form 10-Q on 10/30/2017
Entire Document
 

The following table presents Adjusted EBIT by segment for the nine months ended September 30, 2017:
 
Nine Months Ended September 30,
 
Increase (Decrease)
2017 vs. 2016
 
2017
 
2016
 
$
 
%
Americas Welding:
 

 
 

 
 

 
 

Net sales
$
1,186,760

 
$
1,124,900

 
61,860

 
5.5
%
Inter-segment sales
75,380

 
69,673

 
5,707

 
8.2
%
Total Sales
$
1,262,140

 
$
1,194,573

 
67,567

 
5.7
%
 
 
 
 
 
 
 
 
Adjusted EBIT (3)
$
217,317

 
$
194,924

 
22,393

 
11.5
%
As a percent of total sales (1)
17.2
%
 
16.3
%
 
 

 
0.9
%
International Welding:
 

 
 

 
 

 
 

Net sales
$
468,003

 
$
376,684

 
91,319

 
24.2
%
Inter-segment sales
15,214

 
11,955

 
3,259

 
27.3
%
Total Sales
$
483,217

 
$
388,639

 
94,578

 
24.3
%
 
 
 
 
 
 
 
 
Adjusted EBIT (4)
$
29,713

 
$
21,699

 
8,014

 
36.9
%
As a percent of total sales (2)
6.1
%
 
5.6
%
 
 

 
0.5
%
The Harris Products Group:
 

 
 

 
 

 
 

Net sales
$
222,483

 
$
209,202

 
13,281

 
6.3
%
Inter-segment sales
6,763

 
6,983

 
(220
)
 
(3.2
%)
Total Sales
$
229,246

 
$
216,185

 
13,061

 
6.0
%
 
 
 
 
 
 
 
 
Adjusted EBIT
$
27,491

 
$
25,752

 
1,739

 
6.8
%
As a percent of total sales
12.0
%
 
11.9
%
 
 

 
0.1
%
Corporate / Eliminations:
 
 
 
 
 
 
 
Inter-segment sales
$
(97,357
)
 
$
(88,611
)
 
8,746

 
9.9
%
Adjusted EBIT (5)
369

 
1,812

 
(1,443
)
 
(79.6
%)
Consolidated:
 
 
 
 
 
 
 
Net sales
$
1,877,246

 
$
1,710,786

 
166,460

 
9.7
%
 
 
 
 
 
 
 
 
Adjusted EBIT
$
274,890

 
$
244,187

 
30,703

 
12.6
%
 
 
 
 
 
 
 
 
As a percent of sales
14.6
%
 
14.3
%
 
 

 
0.3
%

(1)
Increase for the nine months ended September 30, 2017 as compared to September 30, 2016 driven by higher Net sales volumes, partially offset by rising input costs.
(2)
Increase for the nine months ended September 30, 2017 as compared to September 30, 2016 driven by higher Net sales volumes, partially offset by higher SG&A costs as a percent of sales related to acquisitions.
(3)
The nine months ended September 30, 2017 excludes pension settlement charges related to lump sum pension payments as discussed in Note 11 to the consolidated financial statements.
(4)
The nine months ended September 30, 2017 excludes amortization of step up in value of acquired inventories related to the Air Liquide Welding acquisition as discussed in Note 3 to the consolidated financial statements.
(5)
The nine months ended September 30, 2017 excludes a bargain purchase gain and acquisition transaction and integration costs related to the Air Liquide Welding acquisition as discussed in Note 3 to the consolidated financial statements. The nine months ended September 30, 2016 excludes the loss related to deconsolidation of the Company's Venezuelan subsidiary as discussed in Note 1 to the consolidated financial statements.

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