Lincoln Electric Holdings

(LECO) - Get Report

said it expects 2002 sales to remain flat due to economic uncertainty and recession, while net income for the year will fall about 5%. The expected decline is due to pension costs and bonus expenses.

For the rest of 2001, the welding product maker said it will meet its internal earnings estimates for both the fourth quarter and the full fiscal year.

Shares of Lincoln Electric closed at $24.76 Friday on the Nasdaq.