This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

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.

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,086.63 -26.91 -0.16%
S&P 500 1,987.01 +3.48 0.18%
NASDAQ 4,473.6970 +17.6810 0.40%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs