Business
Lincoln Electric Reports Second Quarter 2022 Results
Second Quarter 2022 Highlights Net sales increase 17.3% to record $969.6 million on 20.5% higher organic sales Record Operating and Adjusted operating income
About this update from Lincoln Electric Holdings, Inc.
[{"type":"text","content":" Second Quarter 2022 Highlights Net sales increase 17.3% to record $969.6 million on 20.5% higher organic sales Record Operating and Adjusted operating income margin of 17.3% EPS increases 36.3% to record $2.18; Adjusted EPS increases 30.5% to record $2.18 ROIC increases 490 basis points to 26.3% Returned $57.7 million in the quarter and $195.6 million year-to-date to shareholders through dividends and share repurchases CLEVELAND, July 28, 2022 (GLOBE NEWSWIRE) -- Lincoln Electric Holdings, Inc. (the “Company”) (Nasdaq: LECO) today reported second quarter 2022 net income of $127.8 million, or diluted earnings per share (EPS) of $2.18, which includes special item after-tax net charges of $0.4 million. This compares with prior year period net income of $96.1 million, or $1.60 EPS, which included special item after-tax charges of $4.5 million, or $0.07 EPS. Excluding these items, second quarter 2022 Adjusted net income was $128.2 million, or $2.18 Adjusted EPS. This compares with Adjusted net income of $100.6 million, or $1.67 Adjusted EPS, in the prior year period. Second quarter 2022 sales increased 17.3% to $969.6 million from a 20.5% increase in organic sales and a 2.9% benefit from acquisitions, partially offset by 6.1% unfavorable foreign exchange. Operating income for the second quarter 2022 was $167.5 million, or 17.3% of sales. This compares with operating income of $121.8 million, or 14.7% of sales, in the prior year period. Excluding special items, Adjusted operating income was $168.1 million, or 17.3% of sales, as compared with $125.1 million, or 15.1% of sales, in the prior year period. “I am pleased to report that we maintained strong momentum in the second quarter – achieving record sales, adjusted operating profit margin, earnings, and returns,” stated Christopher L. Mapes, Lincoln’s Chairman, President and Chief Executive Officer. “Solid industrial demand and automation sales in Americas Welding led growth and we achieved strong margin performance across both welding segments despite challenging operating conditions in International Welding.” Mapes continued, “I am proud of the continued success of our regional operating teams in mitigating the unprecedented headwinds we have been managing to effectively serve our customers and achieve our Higher Standard 2025 strategy goals.” Six Months 2022 Summary Net income for...