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Lincoln Electric Reports Third Quarter 2013 Results

Third Quarter Highlights vs. Prior Year
  • Operating income up 7% to $95 million, or 13.8% of sales, despite 1% lower sales
  • Adjusted operating income up 11% to $101 million and up 150 bps to 14.7% of sales
  • Cash flow from operations up 88% to $155 million
  • Returned $60 million to shareholders through share repurchases and dividends

CLEVELAND, Oct. 31, 2013 (GLOBE NEWSWIRE) -- Lincoln Electric Holdings, Inc. (the "Company") (Nasdaq:LECO) today reported third quarter 2013 net income of $66.0 million, or $0.80 per diluted share, compared to net income of $64.8 million, or $0.77 per diluted share, in the comparable 2012 period. Adjusted net income was $71.1 million, or $0.86 per diluted share, compared to adjusted net income of $67.5 million, or $0.80 per diluted share, in the comparable 2012 period.

Sales were $691.9 million in the third quarter 2013 versus $697.6 million in the comparable 2012 period, a decrease of 0.8%. Operating income for the third quarter increased $6.5 million to $95.2 million, or 13.8% of sales, from $88.7 million, or 12.7% of sales, in the comparable 2012 period. Special items that impacted operating income in the third quarter 2013 included pre-tax charges of $6.3 million associated with rationalization and non-cash asset impairment charges.

Sales for the nine months ended September 30, 2013 were $2.1 billion versus $2.2 billion in the comparable 2012 period, a decrease of 1.4%. Operating income for the nine months ended September 30, 2013 increased $11.7 million to $288.1 million, or 13.5% of sales, from $276.4 million, or 12.7% of sales, in the comparable 2012 period.

Net income for the nine months ended September 30, 2013 was $205.5 million, or $2.47 per diluted share, compared with net income of $195.3 million, or $2.32 per diluted share, in 2012. Adjusted net income was $224.0 million, or $2.69 per diluted share, compared to adjusted net income of $199.9 million, or $2.37 per diluted share, in 2012. The effective tax rate for the nine months ended September 30, 2013 was 31.0% compared with 30.8% in 2012.

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