Lincoln Electric 3Q Profit Falls, Tops Views

CLEVELAND (AP) — Lincoln Electric Holdings Inc. said Friday that its profit plunged 82 percent in the third quarter, pulled down by some charges and lower North American sales.

The welding products maker earned $12.8 million, or 30 cents per share, for the three months ended Sept. 30. That's down from $69.2 million, or $1.60 per share, a year earlier.

Excluding some charges and a loss of $7.9 million on the acquisition of Jinzhou Jin Tai Welding and Metal Co., profit was 63 cents per share.

The results beat the 41 cents-per-share estimate of analysts polled by Thomson Reuters. Analysts' estimates generally exclude one-time items.

Revenue dropped 30 percent to $441.8 million from $632.9 million on lower sales from its North American operations and declining U.S. export sales. International sales also fell, but the dropoff was smaller than that in North America.

Analysts predicted revenue of $406.8 million for the quarter.

Shares of Lincoln Electric gained $2.72, or 6.1 percent, to $47.02 in afternoon trading. The stock has traded in a 52-week range of $26.32 to $56.22.