Business
Lincoln Electric Reports Second Quarter 2024 Results
Second Quarter 2024 Highlights Net sales of $1,022 million Operating income margin of 14.6%; Adjusted operating income margin of 17.4% EPS of $1.77; Adjusted
About this update from Lincoln Electric Holdings, Inc.
[{"type":"text","content":"\nSecond Quarter 2024 Highlights\n\n\n\nNet sales of $1,022 million\n\n\n\nOperating income margin of 14.6%; Adjusted operating income margin of 17.4%\n\n\n\nEPS of $1.77; Adjusted EPS of $2.34\n\n\n\nCash flows from operations of $171 million\n\n\n\nReturned $91 million to shareholders through dividends and share repurchases\n\n\n\n \n\n\n CLEVELAND--(BUSINESS WIRE)--\nLincoln Electric Holdings, Inc. (the “Company”) (Nasdaq: LECO) today reported second quarter 2024 net income of $101.7 million, or diluted earnings per share (EPS) of $1.77, which includes special item after-tax net charges of $32.6 million, or $0.57 EPS. This compares with prior year period net income of $137.3 million, or $2.36 EPS, which included special item after-tax net charges of $4.9 million, or $0.08 EPS. Excluding special items, second quarter 2024 adjusted net income was $134.3 million, or $2.34 adjusted EPS. This compares with adjusted net income of $142.2 million, or $2.44 adjusted EPS, in the prior year period.\n\n\nSecond quarter 2024 sales decreased 3.7% to $1,022 million reflecting a 4.4% decrease in organic sales and a 1.2% benefit from acquisitions. Operating income for the second quarter 2024 was $148.8 million, or 14.6% of sales, as compared with operating income of $178.0 million, or 16.8% of sales, in the prior year period. Excluding special items, adjusted operating income was $177.6 million, or 17.4% of sales, as compared with $184.2 million, or 17.4% of sales, in the prior year period.\n\n\n“Our solid second quarter profit, earnings and cash conversion results demonstrate the team’s effective cost management and execution of our strategic initiatives while navigating a more challenging portion of the cycle,” stated Steven B. Hedlund, President and Chief Executive Officer. “We continue to focus on long-term growth and margin enhancement through innovation, acquisitions, and operational excellence, which I am confident will extend Lincoln’s competitive position and generate superior value.”\n\n\nSix Months 2024 Summary\n\n\nNet income for the six months ended June 30, 2024 was $225.1 million, or $3.91 EPS, which includes special item after-tax net charges of $37.8 million, or $0.66 EPS. This compares with prior period net income of $259.3 million, or $4.44 EPS, which included special item after-tax net charges of $7.2 million, or $0.13 EPS...