| Fourth Quarter 2024 Highlights |
- Net sales of $1,022 million
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- Operating income margin of 17.3%; Adjusted operating income margin of 18.2%
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- EPS of $2.47; Adjusted EPS of $2.57
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| Full Year 2024 Highlights |
- Net sales of $4.0 billion
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- Operating income margin of 15.9%; Adjusted operating income margin of 17.6%
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- EPS of $8.15; Adjusted EPS of $9.29
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- Cash flows from operations of $599 million
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- Returned $426 million to shareholders through dividends and share repurchases
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| Lincoln Electric Holdings, Inc. (the “Company”) (Nasdaq: LECO) today reported fourth quarter 2024 net income of $140.2 million, or diluted earnings per share (EPS) of $2.47, which included special item after-tax net charges of $5.8 million, or $0.10 EPS. This compares with the prior year's net income of $156.6 million, or $2.70 EPS, which included special item after-tax net gains of $14.6 million, or $0.25 EPS. Excluding special items, the fourth quarter of 2024 adjusted net income was $146.0 million, or $2.57 adjusted EPS. This compares with adjusted net income of $142.0 million, or $2.45 adjusted EPS, in the prior year period. |
| Fourth quarter 2024 sales decreased 3.4% to $1,022.0 million, reflecting a 7.5% decrease in organic sales and 1.1% unfavourable foreign exchange, partially offset by a 5.2% benefit from acquisitions. Operating income for the fourth quarter of 2024 was $177.0 million, or 17.3% of sales, as compared with operating income of $204.0 million, or 19.3% of sales, in the prior year period. Excluding special items, adjusted operating income was $185.6 million, or 18.2% of sales, as compared with $182.1 million, or 17.2% of sales, in the prior year period. |
| “We are pleased with fourth quarter and full-year operating profit margin and earnings performance despite challenging industrial sector demand as diligent price/cost management, strong execution of our cost saving actions and operational improvements advanced performance towards our 2025 Higher Standard Strategy goals,” stated Steven B. Hedlund, Chair, President and Chief Executive Officer. “Our focus on serving customers, driving employee engagement, and investing in long-term growth positions us well to capitalize on the next growth cycle and deliver superior value for our stakeholders.” |
| Twelve Months 2024 Summary |
| Net income for the twelve months ended December 31, 2024, was $466.1 million, or $8.15 EPS, which included special item after-tax net charges of $65.2 million, or $1.14 EPS. This compares with the prior year period net income of $545.2 million, or $9.37 EPS, which included special item after-tax net charges of $2.7 million, or $0.04 EPS. Excluding these items, adjusted net income for the twelve months ended December 31, 2024, decreased 3.0% to $531.3 million, or $9.29 EPS, compared with $547.9 million, or $9.41 EPS, in the prior year period. |
| Sales decreased 4.4% to $4,008.7 million in the twelve months ended December 31, 202,4, reflecting a 6.5% decrease in organic sales and a 2.5% benefit from acquisitions. Operating income for the twelve months ended December 31, 2024, was $636.5 million, or 15.9% of sales. This compares with operating income of $717.8 million, or 17.1% of sales, in the comparable 2023 period. Excluding special items, adjusted operating income was $704.4 million, or 17.6% of sales, as compared with $718.8 million, or 17.1% of sales, in the prior year period. |
| About Lincoln Electric |
| Lincoln Electric is the world leader in the engineering, design, and manufacturing of advanced arc welding solutions, automated joining, assembly and cutting systems, plasma and oxy-fuel cutting equipment, and has a leading global position in brazing and soldering alloys. Lincoln is recognized as the Welding Expert™ for its leading materials science, software development, automation engineering, and application expertise, which advance customers’ fabrication capabilities to help them build a better world. Headquartered in Cleveland, Ohio, Lincoln operates 71 manufacturing and automation system integration locations across 20 countries and maintains a worldwide network of distributors and sales offices serving customers in over 160 countries. For more information about Lincoln Electric and its products and services, visit the Company’s website at https://www.lincolnelectric.c. |
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| Lincoln Electric Holdings, Inc. |
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