Business
Lincoln Electric Reports First Quarter 2024 Results
First Quarter 2024 Highlights Net sales of $981 million Operating income margin of 16.8%; Adjusted operating income margin of 17.5% Record EPS of $2.14;
About this update from Lincoln Electric Holdings, Inc.
[{"type":"text","content":"\nFirst Quarter 2024 Highlights\n\n\n\nNet sales of $981 million\n\n\n\n\nOperating income margin of 16.8%; Adjusted operating income margin of 17.5%\n\n\n\n\nRecord EPS of $2.14; record Adjusted EPS of $2.23\n\n\n\n\nCash flows from operations increase 8% to record $133 million\n\n\n\n\nReturned $152 million to shareholders through dividends and share repurchases\n\n\n\n CLEVELAND--(BUSINESS WIRE)--\nLincoln Electric Holdings, Inc. (the “Company”) (Nasdaq: LECO) today reported first quarter 2024 net income of $123.4 million, or diluted earnings per share (EPS) of $2.14, which includes special item after-tax net charges of $5.2 million, or $0.09 EPS. This compares with prior year period net income of $121.9 million, or $2.09 EPS, which included special item after-tax net charges of $2.3 million, or $0.04 EPS. Excluding special items, first quarter 2024 adjusted net income was $128.7 million, or $2.23 adjusted EPS. This compares with adjusted net income of $124.2 million, or $2.13 adjusted EPS, in the prior year period.\n\n\nFirst quarter 2024 sales decreased 5.6% to $981 million reflecting a 6.1% decrease in organic sales. Operating income for the first quarter 2024 was $165 million, or 16.8% of sales, as compared with operating income of $164.4 million, or 15.8% of sales, in the prior year period. Excluding special items, adjusted operating income was $171.4 million, or 17.5% of sales, as compared with $169.1 million, or 16.3% of sales, in the prior year period.\n\n\n“We achieved record first quarter earnings and cash flow generation as strong execution and effective cost management mitigated slower sales performance as we start the year,” commented Steven B. Hedlund, President and Chief Executive Officer. “We remain focused on our strategic growth initiatives as we navigate the cycle and are pleased to have reached our $1 billion automation sales run rate target with our recent RedViking® acquisition.”\n\n\nWebcast Information\n\n\nA conference call to discuss first quarter 2024 financial results will be webcast live today, April 25, 2024, at 10:00 a.m., Eastern Time. Those interested in participating via webcast in listen-only mode can access the event here or on the Company's Investor Relations home page at https://ir.lincolnelectric.com. For participants who would like to participate via telephone, please dial (888) 440-436...