Business
Lincoln Electric Reports Fourth Quarter and Full Year 2020 Results
Fourth Quarter 2020 Highlights Net sales decline 5.8% to $693.8 million on 5.6% lower organic sales Operating income margin of 12.0%; Adjusted operating
About this update from Lincoln Electric Holdings, Inc.
[{"type":"text","content":" Fourth Quarter 2020 Highlights Net sales decline 5.8% to $693.8 million on 5.6% lower organic sales Operating income margin of 12.0%; Adjusted operating income margin of 13.4% EPS increases 4.9% to $1.08; Adjusted EPS increases 7.8% to $1.24 Record fourth quarter cash flows from operations of $135.8 million with 152% cash conversion CLEVELAND, Feb. 12, 2021 (GLOBE NEWSWIRE) -- Lincoln Electric Holdings, Inc. (the “Company”) (Nasdaq: LECO) today reported fourth quarter 2020 net income of $65.1 million, or diluted earnings per share (EPS) of $1.08, which includes special item after-tax charges of $9.9 million, or $0.16 EPS. This compares with prior year period net income of $63.7 million, or $1.03 EPS, which included special item after-tax charges of $7.3 million, or $0.12 EPS. Excluding these items, fourth quarter 2020 Adjusted net income was $75.0 million, or $1.24 Adjusted EPS. This compares with Adjusted net income of $71.0 million, or $1.15 Adjusted EPS in the prior year period. Fourth quarter 2020 sales decreased 5.8% to $693.8 million from a 5.6% decrease in organic sales and 0.2% unfavorable foreign exchange. Operating income for the fourth quarter 2020 was $83.4 million, or 12.0% of sales, including $9.5 million in rationalization charges. This compares with operating income of $82.7 million, or 11.2% of sales, in the prior year period. Excluding special items, Adjusted operating income was $92.9 million, or 13.4% of sales, as compared with $91.6 million, or 12.4% of sales, in the prior year period. “I am proud of our organization’s outstanding teamwork during this challenging year as we have been focused on safely serving our customers with improving demand through the fourth quarter,\" stated Christopher L. Mapes, Chairman, President and Chief Executive Officer. “Strong execution of our strategic initiatives and cost reduction actions generated record cash flows, strong cash conversion performance and earnings growth in the quarter while also delivering record safety and environmental performance.” Mapes continued, “Looking ahead, we are well-positioned to capitalize on growth and increase profitability and returns as we focus on achieving our long-term Higher Standard 2025 Strategy goals and superior long-term value for our stakeholders.” Twelve Months 2020 Summary Net income for the twelve months ended December 31, 2...