Lincoln Electric Reports 3Q'12 Sales of $697.6 Million; 3Q Operating income increase of 18.5%; 3Q EPS of $0.77, $0.80 as adjusted, an increase of 16.7%, 21.2% as adjusted Oct 31 2012 PDF Version CLEVELAND, Oct. 31, 2012 /PRNewswire/ -- Third Quarter and Nine Month Highlights Sales were $697.6 million in the Third Quarter 2012; Sales were $2.2 billion for the nine months ended September 30, 2012, an increase of 8.4% from 2011 Operating income increased 18.5% to $88.7 million, or 12.7% of sales, from $74.8 million, or 10.7% of sales, in the Third Quarter 2011; Adjusted operating income increased 22.6% to $91.8 million or 13.2% of sales Operating income increased 29.0% to $276.4 million, or 12.7% of sales, from $214.3 million, or 10.7% of sales, in the nine months ended September 30, 2011; Adjusted operating income increased 31.4% to $282.1 million, or 13.0% of sales Net income increased 16.6% to $64.8 million, or $0.77 per diluted share, from $55.5 million, or $0.66 per diluted share, in the Third Quarter 2011; Adjusted net income increased 21.5% to $67.5 million, or $0.80 per diluted share, from $55.5 million, or $0.66 per diluted share, in the Third Quarter 2011 Net cash provided by operating activities was $82.5 million in the Third Quarter 2012; Net cash provided by operating activities in the nine months ended September 30, 2012 increased $112.9 million, or 86.6%, to $243.3 millionLincoln Electric Holdings, Inc. (the "Company") (Nasdaq: LECO) today reported third quarter 2012 net income of $64.8 million, or $0.77 per diluted share. Adjusted net income was $67.5 million, or $0.80 per diluted share, compared to adjusted net income of $55.5 million, or $0.66 per diluted share, in the comparable 2011 period. Sales were $697.6 million in the third quarter 2012 versus $701.6 million in the comparable 2011 period, a decrease of 0.6%. Operating income for the third quarter increased $13.9 million to $88.7 million, or 12.7% of sales, from $74.8 million, or 10.7% of sales, in the comparable 2011 period. The effective tax rate for the third quarter 2012 was 28.8% compared with 27.0% in the same period of 2011. Sales for the nine months ended September 30, 2012 were $2.2 billion versus $2.0 billion in the comparable 2011 period, an increase of 8.4%. Operating income for the nine months ended September 30, 2012 increased $62.1 million to $276.4 million, or 12.7% of sales, from $214.3 million, or 10.7% of sales, in the comparable 2011 period. Net income for the nine months ended September 30, 2012 was $195.3 million, or $2.32 per diluted share, compared with net income of $159.5 million, or $1.88 per diluted share, in the comparable 2011 period. Adjusted net income was $199.9 million, or $2.37 per diluted share, compared to adjusted net income of $154.8 million, or $1.83 per diluted share, in the comparable 2011 period. The effective tax rate for the nine months ended September 30, 2012 was 30.8% compared with 26.9% in 2011. The nine months ended September 30, 2011 included a favorable $4.8 million tax adjustment for tax audit settlements. "The Company delivered excellent operating results this quarter," said John M. Stropki, Chairman and Chief Executive Officer. "We expanded margins significantly, drove our return on invested capital to almost 19% and generated strong operating cash flows which we will continue to deploy to increase shareholder value. "Our strong operating performance was delivered in spite of the challenges associated with a weaker macroeconomic environment in international markets and the slowing growth rates in our North America Welding segment. Despite these headwinds, we saw stabilization in orders and revenues. Although we remain cautious for the near term, we are mildly optimistic that the global economy could show moderate improvement in 2013. "Our overall performance reflects the successful execution of our global growth and operational improvement strategies. We will continue to explore attractive acquisitions that will shape our product portfolio and grow our global reach. We plan to continue our strong investment in new product development and global commercial infrastructure. We remain well positioned to execute our long-term strategic objectives, achieving significant earnings growth and superior returns on invested capital." Net cash provided by operating activities decreased $2.3 million to $82.5 million in the third quarter from $84.8 million for the comparable period in 2011. Third quarter cash flows from operations was reduced by a $56.0 million deposit related to a Canadian income tax dispute. During the quarter, the Company returned $34.2 million to shareholders through the payment of $14.2 million in dividends and the repurchase of $20.0 million, or 481,300 of the Company's common shares, for treasury. The Company also invested $3.5 million in acquisitions and voluntarily contributed $17.3 million to its U.S. pension plans during the quarter. Net cash provided by operating activities increased $112.9 million to $243.3 million in the nine months ended September 30, 2012 from $130.4 million for the comparable period in 2011. The 2012 cash flows from operations was reduced by a $56.0 million deposit related to a Canadian income tax dispute. During the period, the Company repaid its $80.0 million senior unsecured note. The Company also returned $102.7 million to shareholders through the payment of $42.5 million in dividends and the repurchase of $60.2 million, or 1,341,984 of the Company's common shares, for treasury during the period. The Company also invested $52.9 million in acquisitions and voluntarily contributed $53.3 million to its U.S. pension plans. The Company's Board of Directors declared a quarterly cash dividend of $0.17 per share, which was paid on October 15, 2012 to holders of record on September 28, 2012. Financial results for the third quarter 2012 can also be obtained at http://www.lincolnelectric.com/InvestorNews. A conference call to discuss the third quarter 2012 financial results is scheduled for today, Wednesday, October 31, 2012, at 10:00 a.m., Eastern Time. An audio webcast of the call is accessible through the Company's website at http://www.lincolnelectric.com/InvestorWebcasts/. 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. Lincoln Electric is the world leader in the design, development and manufacture of arc welding products, robotic arc welding systems, plasma and oxyfuel cutting equipment and has a leading global position in the brazing and soldering alloys market. Headquartered in Cleveland, Ohio, Lincoln has 45 manufacturing locations, including operations and joint ventures in 20 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. 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; currency exchange and interest rates; adverse outcome of pending or potential litigation; 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 September 30, Fav (Unfav) to Prior Year 2012 % of Sales 2011 % of Sales $ % Net sales $ 697,552 100.0% $ 701,624 100.0% $ (4,072) (0.6%) Cost of goods sold 484,190 69.4% 516,172 73.6% 31,982 6.2% Gross profit 213,362 30.6% 185,452 26.4% 27,910 15.0% Selling, general & administrative expenses 121,602 17.4% 110,629 15.8% (10,973) (9.9%) Rationalization and asset impairment charges (gains) 3,059 0.4% - - (3,059) (100.0%) Operating income 88,701 12.7% 74,823 10.7% 13,878 18.5% Interest income 916 0.1% 1,167 0.2% (251) (21.5%) Equity earnings in affiliates 1,566 0.2% 1,488 0.2% 78 5.2% Other income 746 0.1% 147 - 599 407.5% Interest expense (1,040) (0.1%) (1,752) (0.2%) 712 40.6% Income before income taxes 90,889 13.0% 75,873 10.8% 15,016 19.8% Income taxes 26,153 3.7% 20,515 2.9% (5,638) (27.5%) Effective tax rate 28.8% 27.0% (1.7%) Net income including noncontrolling interests 64,736 9.3% 55,358 7.9% 9,378 16.9% Noncontrolling interests in subsidiaries' loss (29) - (172) - 143 83.1% Net income $ 64,765 9.3% $ 55,530 7.9% $ 9,235 16.6% Basic earnings per share $ 0.78 $ 0.66 $ 0.12 18.2% Diluted earnings per share $ 0.77 $ 0.66 $ 0.11 16.7% Weighted average shares (basic) 82,918 83,613 Weighted average shares (diluted) 83,916 84,549 Nine Months Ended September 30, Fav (Unfav) to Prior Year 2012 % of Sales 2011 % of Sales $ % Net sales $ 2,168,719 100.0% $ 2,000,096 100.0% $ 168,623 8.4% Cost of goods sold 1,515,095 69.9% 1,457,702 72.9% (57,393) (3.9%) Gross profit 653,624 30.1% 542,394 27.1% 111,230 20.5% Selling, general & administrative expenses 372,931 17.2% 327,794 16.4% (45,137) (13.8%) Rationalization and asset impairment charges (gains) 4,317 0.2% 282 - (4,035) (1430.9%) Operating income 276,376 12.7% 214,318 10.7% 62,058 29.0% Interest income 2,648 0.1% 2,436 0.1% 212 8.7% Equity earnings in affiliates 4,264 0.2% 4,033 0.2% 231 5.7% Other income 2,015 0.1% 2,154 0.1% (139) (6.5%) Interest expense (3,338) (0.2%) (5,037) (0.3%) 1,699 33.7% Income before income taxes 281,965 13.0% 217,904 10.9% 64,061 29.4% Income taxes 86,715 4.0% 58,582 2.9% (28,133) (48.0%) Effective tax rate 30.8% 26.9% (3.9%) Net income including noncontrolling interests 195,250 9.0% 159,322 8.0% 35,928 22.6% Noncontrolling interests in subsidiaries' loss (77) - (131) - 54 41.2% Net income $ 195,327 9.0% $ 159,453 8.0% $ 35,874 22.5% Basic earnings per share $ 2.35 $ 1.90 $ 0.45 23.7% Diluted earnings per share $ 2.32 $ 1.88 $ 0.44 23.4% Weighted average shares (basic) 83,233 83,781 Weighted average shares (diluted) 84,326 84,826 Lincoln Electric Holdings, Inc. Financial Highlights (In thousands, except per share amounts) (Unaudited) Non-GAAP Financial Measures Three Months Ended September 30, Nine Months Ended September 30, 2012 2011 2012 2011 Operating income as reported $ 88,701 $ 74,823 $ 276,376 $ 214,318 Special items (pre-tax): Rationalization and asset impairment charges (gains) (1) 3,059 - 4,317 282 Venezuelan statutory severance obligation (2) - - 1,381 - Adjusted operating income (4) $ 91,760 $ 74,823 $ 282,074 $ 214,600 Net income as reported $ 64,765 $ 55,530 $ 195,327 $ 159,453 Special items (after-tax): Rationalization and asset impairment charges (gains) (1) 2,704 - 3,619 237 Venezuelan statutory severance obligation (2) - - 906 - Adjustment for tax audit settlements (3) - - - (4,844) Adjusted net income (4) $ 67,469 $ 55,530 $ 199,852 $ 154,846 Diluted earnings per share as reported $ 0.77 $ 0.66 $ 2.32 $ 1.88 Special items 0.03 - 0.05 (0.05) Adjusted diluted earnings per share (4) $ 0.80 $ 0.66 $ 2.37 $ 1.83 Weighted average shares (diluted) 83,916 84,549 84,326 84,826 (1) The three and nine month periods ended September 30, 2012 include net charges associated with severance, impairment and other costs from the consolidation of manufacturing operations initiated in 2012 partially offset by gains related to the sale of assets at rationalized operations. The nine month period ended Septembr 30, 2011 includes charges associated with severance and other costs from the consolidation of manufacturing operations initiated in 2009 partially offset by gains related to the sale of assets at rationalized operations. (2) Represents an unfavorable adjustment due to a change in Venezuelan labor law which provides for increased employee severance obligations. (3) Represents a favorable adjustment for tax audit settlements. (4) 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 September 30, December 31, Selected Consolidated Balance Sheet Data 2012 2011 Cash and cash equivalents $ 340,675 $ 361,101 Total current assets 1,239,631 1,219,270 Property, plant and equipment, net 479,024 470,451 Total assets 2,091,522 1,976,776 Total current liabilities 492,702 471,042 Short-term debt (1) 19,494 101,418 Long-term debt 1,680 1,960 Total equity 1,336,191 1,193,242 September 30, December 31, Net Operating Working Capital 2012 2011 Accounts receivable $ 391,360 $ 386,197 Inventory 390,948 373,238 Trade accounts payable 186,545 176,312 Net operating working capital $ 595,763 $ 583,123 Net operating working capital to net sales(2) 21.4% 21.0% September 30, December 31, Invested Capital 2012 2011 Short-term debt (1) $ 19,494 $ 101,418 Long-term debt 1,680 1,960 Total debt 21,174 103,378 Total equity 1,336,191 1,193,242 Invested capital $ 1,357,365 $ 1,296,620 Total debt / invested capital 1.6% 8.0% Return on invested capital (3) 18.7% 16.9% (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) Consolidated Statements of Cash Flows Three Months Ended September 30, 2012 2011 OPERATING ACTIVITIES: Net income $ 64,765 $ 55,530 Noncontrolling interests in subsidiaries' loss (29) (172) Net income including noncontrolling interests 64,736 55,358 Adjustments to reconcile Net income including noncontrolling interests to Net cash provided by operating activities: Rationalization and asset impairment charges 357 - Depreciation and amortization 16,435 15,740 Equity earnings in affiliates, net (738) (758) Other non-cash items, net (6,515) 3,624 Changes in operating assets and liabilities, net of effects from acquisitions: Decrease in accounts receivable 35,299 3,436 Decrease in inventories 13,870 13,000 Decrease in trade accounts payable (17,565) (31,049) Decrease in accrued pensions (17,615) (13,946) Net change in other current assets and liabilities 50,929 39,699 Net change in other long-term assets and liabilities (56,738) (302) NET CASH PROVIDED BY OPERATING ACTIVITIES 82,455 84,802 INVESTING ACTIVITIES: Capital expenditures (13,060) (21,380) Acquisition of businesses, net of cash acquired (3,516) (44,459) Proceeds from sale of property, plant and equipment 200 154 NET CASH USED BY INVESTING ACTIVITIES (16,376) (65,685) FINANCING ACTIVITIES: Net change in borrowings (2,632) (1,392) Proceeds from exercise of stock options 483 1,012 Tax benefit from exercise of stock options 140 300 Purchase of shares for treasury (20,017) (14,321) Cash dividends paid to shareholders (14,147) (12,996) NET CASH USED BY FINANCING ACTIVITIES (36,173) (27,397) Effect of exchange rate changes on Cash and cash equivalents 2,806 (8,175) INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 32,712 (16,455) Cash and cash equivalents at beginning of period 307,963 337,915 Cash and cash equivalents at end of period $ 340,675 $ 321,460 Cash dividends paid per share $ 0.17 $ 0.155 Lincoln Electric Holdings, Inc. Financial Highlights (In thousands, except per share amounts) (Unaudited) Consolidated Statements of Cash Flows Nine Months Ended September 30, 2012 2011 OPERATING ACTIVITIES: Net income $ 195,327 $ 159,453 Noncontrolling interests in subsidiaries' loss (77) (131) Net income including noncontrolling interests 195,250 159,322 Adjustments to reconcile Net income including noncontrolling interests to Net cash provided by operating activities: Rationalization and asset impairment charges 357 23 Depreciation and amortization 48,220 47,089 Equity earnings in affiliates, net (1,449) (1,316) Other non-cash items, net 29,159 28,056 Changes in operating assets and liabilities, net of effects from acquisitions: Decrease (increase) in accounts receivable 13,750 (72,287) Increase in inventories (6,832) (98,727) (Decrease) increase in trade accounts payable (1,182) 34,988 Decrease in accrued pensions (54,472) (30,490) Net change in other current assets and liabilities 73,413 67,084 Net change in other long-term assets and liabilities (52,873) (3,364) NET CASH PROVIDED BY OPERATING ACTIVITIES 243,341 130,378 INVESTING ACTIVITIES: Capital expenditures (39,307) (50,750) Acquisition of businesses, net of cash acquired (52,851) (62,340) Proceeds from sale of property, plant and equipment 538 1,003 Other investing activities (1,541) - NET CASH USED BY INVESTING ACTIVITIES (93,161) (112,087) FINANCING ACTIVITIES: Net change in borrowings (88,001) (2,878) Proceeds from exercise of stock options 12,695 7,211 Tax benefit from exercise of stock options 5,594 2,327 Purchase of shares for treasury (60,155) (27,630) Cash dividends paid to shareholders (42,510) (39,001) NET CASH USED BY FINANCING ACTIVITIES (172,377) (59,971) Effect of exchange rate changes on Cash and cash equivalents 1,771 (3,053) DECREASE IN CASH AND CASH EQUIVALENTS (20,426) (44,733) Cash and cash equivalents at beginning of period 361,101 366,193 Cash and cash equivalents at end of period $ 340,675 $ 321,460 Cash dividends paid per share $ 0.51 $ 0.465 Lincoln Electric Holdings, Inc. Segment Highlights (In thousands) (Unaudited) North South The Harris America Europe Asia Pacific America Products Corporate / Welding Welding Welding Welding Group Eliminations Consolidated Three months ended September 30, 2012 Net sales $ 390,327 $ 104,480 $ 76,263 $ 44,545 $ 81,937 $ - $ 697,552 Inter-segment sales 28,186 3,261 2,748 27 1,869 (36,091) - Total $ 418,513 $ 107,741 $ 79,011 $ 44,572 $ 83,806 $ (36,091) $ 697,552 EBIT(1) $ 70,320 $ 6,641 $ 1,346 $ 7,587 $ 7,739 $ (2,620) $ 91,013 As a percent of total sales 16.8% 6.2% 1.7% 17.0% 9.2% 13.0% Special items charge (gain)(2) 477 1,874 708 - - - 3,059 EBIT, as adjusted(4) $ 70,797 $ 8,515 $ 2,054 $ 7,587 $ 7,739 $ (2,620) $ 94,072 As a percent of total sales 16.9% 7.9% 2.6% 17.0% 9.2% 13.5% Three months ended September 30, 2011 Net sales $ 345,182 $ 128,294 $ 97,790 $ 44,169 $ 86,189 $ - $ 701,624 Inter-segment sales 33,070 3,238 4,111 254 2,485 (43,158) - Total $ 378,252 $ 131,532 $ 101,901 $ 44,423 $ 88,674 $ (43,158) $ 701,624 EBIT(1) $ 53,436 $ 10,282 $ 1,899 $ 4,025 $ 5,010 $ 1,806 $ 76,458 As a percent of total sales 14.1% 7.8% 1.9% 9.1% 5.6% 10.9% Special items charge (gain)(3) - - - - - - - EBIT, as adjusted(4) $ 53,436 $ 10,282 $ 1,899 $ 4,025 $ 5,010 $ 1,806 $ 76,458 As a percent of total sales 14.1% 7.8% 1.9% 9.1% 5.6% 10.9% Nine months ended September 30, 2012 Net sales $ 1,187,879 $ 344,720 $ 254,259 $ 121,552 $ 260,309 $ - $ 2,168,719 Inter-segment sales 101,386 12,178 11,641 38 6,605 (131,848) - Total $ 1,289,265 $ 356,898 $ 265,900 $ 121,590 $ 266,914 $ (131,848) $ 2,168,719 EBIT(1) $ 216,318 $ 29,851 $ 7,344 $ 12,091 $ 23,933 $ (6,882) $ 282,655 As a percent of total sales 16.8% 8.4% 2.8% 9.9% 9.0% 13.0% Special items charge (gain)(2) 554 2,466 1,297 1,381 - - 5,698 EBIT, as adjusted(4) $ 216,872 $ 32,317 $ 8,641 $ 13,472 $ 23,933 $ (6,882) $ 288,353 As a percent of total sales 16.8% 9.1% 3.2% 11.1% 9.0% 13.3% Nine months ended September 30, 2011 Net sales $ 947,594 $ 381,750 $ 288,072 $ 116,011 $ 266,669 $ - $ 2,000,096 Inter-segment sales 105,419 13,375 10,721 374 6,735 (136,624) - Total $ 1,053,013 $ 395,125 $ 298,793 $ 116,385 $ 273,404 $ (136,624) $ 2,000,096 EBIT(1) $ 158,192 $ 26,875 $ 3,391 $ 9,600 $ 20,750 $ 1,697 $ 220,505 As a percent of total sales 15.0% 6.8% 1.1% 8.2% 7.6% 11.0% Special items charge (gain)(3) - 392 (110) - - - 282 EBIT, as adjusted(4) $ 158,192 $ 27,267 $ 3,281 $ 9,600 $ 20,750 $ 1,697 $ 220,787 As a percent of total sales 15.0% 6.9% 1.1% 8.2% 7.6% 11.0% (1) EBIT is defined as Operating income plus Equity earnings in affiliates and Other income. (2) Special items in the three and nine month periods ended September 30, 2012 include rationalization and asset impairment charges (gains). Special items in the nine months ended September 30, 2012 also include an unfavorable adjustment due to a change in Venezuelan labor law which provides for increased employee severance obligations. (3) Special items include rationalization and asset impairment charges (gains). (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 September 30th Change in Net Sales by Segment Change in Net Sales due to: Net Sales Foreign Net Sales 2011 Volume Acquisitions Price Exchange 2012 Operating Segments North America Welding $ 345,182 $ 9,479 $ 26,804 $ 9,267 $ (405) $ 390,327 Europe Welding 128,294 (11,366) - (630) (11,818) 104,480 Asia Pacific Welding 97,790 (18,989) - (1,035) (1,503) 76,263 South America Welding 44,169 (1,237) - 5,114 (3,501) 44,545 The Harris Products Group 86,189 6,440 - (7,220) (3,472) 81,937 Consolidated $ 701,624 $ (15,673) $ 26,804 $ 5,496 $ (20,699) $ 697,552 % Change North America Welding 2.7% 7.8% 2.7% (0.1%) 13.1% Europe Welding (8.9%) - (0.5%) (9.2%) (18.6%) Asia Pacific Welding (19.4%) - (1.1%) (1.5%) (22.0%) South America Welding (2.8%) - 11.6% (7.9%) 0.9% The Harris Products Group 7.5% - (8.4%) (4.0%) (4.9%) Consolidated (2.2%) 3.8% 0.8% (3.0%) (0.6%) Nine Months Ended September 30th Change in Net Sales by Segment Change in Net Sales due to: Net Sales Foreign Net Sales 2011 Volume Acquisitions Price Exchange 2012 Operating Segments North America Welding $ 947,594 $ 115,620 $ 98,361 $ 31,052 $ (4,748) $ 1,187,879 Europe Welding 381,750 (20,247) 8,322 7,126 (32,231) 344,720 Asia Pacific Welding 288,072 (36,151) - 2,075 263 254,259 South America Welding 116,011 416 - 12,690 (7,565) 121,552 The Harris Products Group 266,669 15,741 - (14,131) (7,970) 260,309 Consolidated $ 2,000,096 $ 75,379 $ 106,683 $ 38,812 $ (52,251) $ 2,168,719 % Change North America Welding 12.2% 10.4% 3.3% (0.5%) 25.4% Europe Welding (5.3%) 2.2% 1.9% (8.4%) (9.7%) Asia Pacific Welding (12.5%) - 0.7% 0.1% (11.7%) South America Welding 0.4% - 10.9% (6.5%) 4.8% The Harris Products Group 5.9% - (5.3%) (3.0%) (2.4%) Consolidated 3.8% 5.3% 1.9% (2.6%) 8.4% SOURCE Lincoln Electric Holdings, Inc. Roy L. Morrow, +1-216-383-4893, Roy_Morrow@lincolnelectric.com
