| Lincoln Electric Holdings, Inc. (the “Company”) (Nasdaq: LECO) today reported third quarter 2024 net income of $100.8 million, or diluted earnings per share (EPS) of $1.77, which includes special item after-tax net charges of $21.6 million, or $0.37 EPS. This compares with the prior year period net income of $129.3 million, or $2.22 EPS, which included special item after-tax net charges of $10.1 million, or $0.18 EPS. Excluding special items, the third quarter of 2024 adjusted net income was $122.4 million, or $2.14 adjusted EPS. This compares with adjusted net income of $139.5 million, or $2.40 adjusted EPS, in the prior year period. |
| Third quarter 2024 sales decreased 4.8% to $983.8 million reflecting a 7.7% decrease in organic sales and a 3.0% benefit from acquisitions. Operating income for the third quarter of 2024 was $145.6 million, or 14.8% of sales, as compared with operating income of $171.4 million, or 16.6% of sales, in the prior year period. Excluding special items, adjusted operating income was $169.8 million, or 17.3% of sales, as compared with $183.4 million, or 17.7% of sales, in the prior year period. |
| “Third quarter results demonstrated the resilience of our business as benefits from our strategic initiatives, diligent cost management, and lower employee-related costs generated solid profitability and cash flow performance,” stated Steven B. Hedlund, President and Chief Executive Officer. “During the quarter we initiated broader cost-saving measures to address slowing organic sales trends while investing in long-term growth and operational excellence, which will position the Company to outperform through the cycle.” |
| Nine Months 2024 Summary |
| Net income for the nine months ended September 30, 2024, was $325.9 million, or $5.68 EPS, which includes special item after-tax net charges of $59.4 million, or $1.04 EPS. This compares with the prior year period net income of $388.6 million, or $6.67 EPS, which included special item after-tax net charges of $17.3 million, or $0.30 EPS. Excluding these items, adjusted net income for the nine months ended September 30, 2024, decreased 5.1% to $385.3 million, or $6.72 EPS, compared with $405.9 million, or $6.97 EPS, in the prior year period. |
| Sales decreased 4.7% to $2,986.6 million in the nine months ended September 30, 2024, reflecting a 6.1% decrease in organic sales and a 1.5% benefit from acquisitions. Operating income for the nine months ended September 30, 2024, was $459.4 million, or 15.4% of sales. This compares with operating income of $513.8 million, or 16.4% of sales, in the comparable 2023 period. Excluding special items, adjusted operating income was $518.8 million, or 17.4% of sales, as compared with $536.7 million, or 17.1% of sales, in the prior year period. |
| Dividend |
| The Company’s Board of Directors declared a quarterly cash dividend of $0.75 per share, or $3.00 per share on an annualized basis, a 5.6% increase from the prior quarterly cash dividend. The declared quarterly cash dividend of $0.75 per share is payable on January 15, 2025, to shareholders of record as of December 31, 2024. |
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| Lincoln Electric Holdings, Inc. |
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