Business
Lincoln Electric Reports Fourth Quarter and Full Year 2023 Results
Fourth Quarter 2023 Highlights Net sales increase 13.7% to record $1.1 billion Record operating income margin of 19.3% and adjusted operating income margin of
About this update from Lincoln Electric Holdings, Inc.
[{"type":"text","content":"Fourth Quarter 2023 Highlights Net sales increase 13.7% to record $1.1 billion Record operating income margin of 19.3% and adjusted operating income margin of 17.2% Record EPS of $2.70 and adjusted EPS of $2.45 Full Year 2023 Highlights Net sales increase 11.4% to record $4.2 billion Record operating income margin and adjusted operating income margin of 17.1% Record EPS of $9.37 and adjusted EPS of $9.41 Cash flows from operations increase 74% to record $668 million with 105% cash conversion(1) Returned $347 million to shareholders through dividends and share repurchases CLEVELAND, Feb. 15, 2024 (GLOBE NEWSWIRE) -- Lincoln Electric Holdings, Inc. (the “Company”) (Nasdaq: LECO) today reported fourth quarter 2023 net income of $156.6 million, or diluted earnings per share (EPS) of $2.70, which includes special item after-tax net gains of $14.6 million, or $0.25 EPS. This compares with prior year period net income of $109.1 million, or $1.87 EPS, which included special item after-tax net charges of $4.1 million. Excluding special items, fourth quarter 2023 adjusted net income was $142 million, or $2.45 adjusted EPS. This compares with adjusted net income of $113.2 million, or $1.94 adjusted EPS, in the prior year period. Fourth quarter 2023 sales increased 13.7% to $1.1 billion reflecting a 2.6% increase in organic sales, a 9.8% benefit from acquisitions and 1.3% favorable foreign exchange. Operating income for the fourth quarter 2023 was $204 million, or 19.3% of sales. This compares with operating income of $141.5 million, or 15.2% of sales, in the prior year period. Excluding special items, adjusted operating income was $182.1 million, or 17.2% of sales, as compared with $146.8 million, or 15.8% of sales, in the prior year period. “I am pleased to report that we achieved record performance in 2023, reflecting strong demand for our solutions and effective execution of our Higher Standard strategy,” commented Steven B. Hedlund, President and Chief Executive Officer. “This achievement is a fitting capstone to Chris Mapes’ eleven-year tenure leading the company. We finished the year with good momentum across most end markets.” Hedlund concluded, “Looking ahead, we will continue to advance the business by focusing on our customers, bringing innovative products to market and driving operational excellence.” Twelve Months 2023 Summary ...