Business
Lincoln Electric Reports Fourth Quarter and Full Year 2022 Results
Fourth Quarter 2022 Highlights Net sales increase 10% to record $930.9 million on 14% higher organic sales Operating income margin of 15.2%; Adjusted
About this update from Lincoln Electric Holdings, Inc.
[{"type":"text","content":"Fourth Quarter 2022 Highlights Net sales increase 10% to record $930.9 million on 14% higher organic sales Operating income margin of 15.2%; Adjusted operating income margin of 15.8% EPS increases 50% to record $1.87; Adjusted EPS increases 21% to record $1.94 Full Year 2022 Highlights Net sales increase 16% to record $3.8 billion on 20% higher organic sales Record Operating income margin of 16.3%; Record Adjusted operating income margin of 16.8% EPS increases 75% to record $8.04; Adjusted EPS increases 33% to record $8.27 ROIC at 22.1%; Adjusted ROIC at 22.7% Returned $312 million to shareholders through dividends and share repurchases CLEVELAND, Feb. 21, 2023 (GLOBE NEWSWIRE) -- Lincoln Electric Holdings, Inc. (the “Company”) (Nasdaq: LECO) today reported fourth quarter 2022 net income of $109.1 million, or diluted earnings per share (EPS) of $1.87 which includes special item after-tax net charges of $4.1 million or $0.07 EPS. This compares with prior year period net income of $74.4 million, or $1.25 EPS, which included special item after-tax charges of $21.8 million, or $0.36 EPS. Excluding these items, fourth quarter 2022 Adjusted net income was $113.2 million, or $1.94 Adjusted EPS. This compares with Adjusted net income of $96.2 million, or $1.61 Adjusted EPS, in the prior year period. Fourth quarter 2022 sales increased 10.3% to $930.9 million as a result of a 14.3% increase in organic sales and a 0.7% benefit from acquisitions, partially offset by 4.7% unfavorable foreign exchange. Operating income for the fourth quarter 2022 was $141.5 million, or 15.2% of sales. This compares with operating income of $120.3 million, or 14.3% of sales, in the prior year period. Excluding special items, Adjusted operating income was $146.8 million, or 15.8% of sales, as compared with $122.2 million, or 14.5% of sales, in the prior year period. “I am pleased to report record 2022 sales, operating profit margin and earnings performance; demonstrating strong execution in a challenging environment,” stated Christopher L. Mapes, Chairman, President and Chief Executive Officer. “Our team is energized and focused on achieving our Higher Standard 2025 Strategy targets through our growth initiatives, operational excellence programs, and continued investment in our people.” Mapes continued, “We are well-positioned to capitalize on the opportunitie...