Business
Lincoln Electric Reports Second Quarter 2023 Results
Second Quarter 2023 Highlights Net sales increase 9.4% to record $1,061 million on 4.5% higher organic sales Operating income margin of 16.8%; Adjusted
About this update from Lincoln Electric Holdings, Inc.
[{"type":"text","content":" Second Quarter 2023 Highlights Net sales increase 9.4% to record $1,061 million on 4.5% higher organic sales Operating income margin of 16.8%; Adjusted operating income margin of 17.4% Record EPS of $2.36; Record adjusted EPS of $2.44 Cash flows from operations increase 102% to record $199 million Returned $90 million to shareholders through dividends and share repurchases CLEVELAND, July 27, 2023 (GLOBE NEWSWIRE) -- Lincoln Electric Holdings, Inc. (the “Company”) (Nasdaq: LECO) today reported second quarter 2023 net income of $137.3 million, or diluted earnings per share (EPS) of $2.36, which includes special item after-tax net charges of $4.9 million, or $0.08 EPS. This compares with prior year period net income of $127.8 million, or $2.18 EPS, which included special item after-tax net charges of $0.4 million. Excluding special items, second quarter 2023 adjusted net income was $142.2 million, or $2.44 adjusted EPS. This compares with adjusted net income of $128.2 million, or $2.18 adjusted EPS, in the prior year period. Second quarter 2023 sales increased 9.4% to $1,060.6 million reflecting a 4.5% increase in organic sales and a 5.2% benefit from acquisitions, partially offset by 0.2% unfavorable foreign exchange. Operating income for the second quarter 2023 was $178.0 million, or 16.8% of sales. This compares with operating income of $167.5 million, or 17.3% of sales, in the prior year period. Excluding special items, adjusted operating income was $184.2 million, or 17.4% of sales, as compared with $168.1 million, or 17.3% of sales, in the prior year period. “Our record second quarter performance, including adjusted operating income margin and earnings, demonstrates continued strong momentum in the business and excellent execution of our Higher Standard 2025 Strategy,” commented Christopher L. Mapes, Chairman, President and Chief Executive Officer. “Our strong profit performance across all segments reflects how we are winning in the market with an industry-leading portfolio of differentiated solutions and application experts, disciplined cost management and improved operational efficiency from our Lincoln Business System initiatives.” Mapes continued, “As announced earlier today, I am confident that our year-end leadership transition with Steve Hedlund serving as President and CEO, will continue the Company’s momentum and s...