SEC Filings

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

PART I. FINANCIAL INFORMATION
 
ITEM 1. FINANCIAL STATEMENTS
 
LINCOLN ELECTRIC HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
(In thousands, except per share amounts)
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2017
 
2016
 
2017
 
2016
Net sales
$
669,491

 
$
567,646

 
$
1,877,246

 
$
1,710,786

Cost of goods sold
449,975

 
367,834

 
1,236,386

 
1,118,945

Gross profit
219,516

 
199,812

 
640,860

 
591,841

Selling, general & administrative expenses
132,748

 
117,983

 
384,964

 
352,290

Pension settlement charges (Note 11)
5,283

 

 
5,283

 

Loss on deconsolidation of Venezuelan subsidiary (Note 1)

 

 

 
34,348

Bargain purchase gain (Note 3)
(51,585
)
 

 
(51,585
)
 

Operating income
133,070

 
81,829

 
302,198

 
205,203

 
 
 
 
 
 
 
 
Other income (expense):
 

 
 

 
 

 
 

Interest income
1,327

 
360

 
3,349

 
1,225

Equity earnings in affiliates
766

 
619

 
2,001

 
2,084

Other income
1,401

 
1,303

 
3,293

 
2,552

Interest expense
(5,922
)
 
(3,815
)
 
(18,333
)
 
(11,828
)
Total other income (expense)
(2,428
)
 
(1,533
)
 
(9,690
)
 
(5,967
)
Income before income taxes
130,642

 
80,296

 
292,508

 
199,236

Income taxes (Note 12)
24,531

 
20,257

 
69,218

 
54,264

Net income including non-controlling interests
106,111

 
60,039

 
223,290

 
144,972

Non-controlling interests in subsidiaries’ loss
(15
)
 
(10
)
 
(32
)
 
(32
)
Net income
$
106,126

 
$
60,049

 
$
223,322

 
$
145,004

 
 
 
 
 
 
 
 
Basic earnings per share (Note 2)
$
1.61

 
$
0.90

 
$
3.40

 
$
2.13

Diluted earnings per share (Note 2)
$
1.59

 
$
0.89

 
$
3.35

 
$
2.11

Cash dividends declared per share
$
0.35

 
$
0.32

 
$
1.05

 
$
0.96

 
See notes to these consolidated financial statements.

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