LINCOLN ELECTRIC HOLDINGS, INC. CLEVELAND, July 27, 2015 /PRNewswire/ --
Second Quarter 2015 Key Metric Highlights
Sales decreased 8.8% to $665 million, down 2.9%
excluding unfavorable foreign exchange on
weaker volumes
Operating income margin of 14.6% of net sales,
or 14.7% on an adjusted basis
Net operating working capital at 18.0% of net
sales
Cash flows from operations for first half 2015
up 9.7% to $130 million
Lincoln Electric Holdings, Inc. (the "Company") (Nasdaq: LECO) today reported second quarter 2015 net income of $70.9 million, or $0.94 diluted earnings per share (EPS). This compares with net income of $77.3 million, or EPS of $0.96 in the comparable 2014 period. Adjusted net income was $71.8 million, or Adjusted EPS of $0.95, compared to $81.5 million, or Adjusted EPS of $1.01, in the comparable 2014 period. The 2014 adjusted EPS includes $0.04 of earnings from our Venezuelan operations, which operates in a hyper-inflationary environment. This compares with earnings of $0.02 per share from our Venezuelan operations in the second quarter 2015.
Sales decreased 8.8% to $664.7 million in the second quarter 2015 versus $728.5 million in the comparable 2014 period primarily due to lower volumes and unfavorable foreign currency translation. Operating income for the second quarter decreased 13.8% to $96.8 million, or 14.6% of sales, from $112.3 million, or 15.4% of sales, in the comparable 2014 period. Adjusted operating income decreased 15.9% to $98.0 million or 14.7% of sales, compared with $116.6 million, or 16.0% of sales in 2014. The Company recognized charges to interest expense of $2.1 million or $0.03 per diluted share, representing adjustments in the quarter to the amount expected to be paid to acquire additional interests of a majority-owned subsidiary. Income taxes in the quarter ending June 30, 2015 include discrete tax benefits of $3.4 million, or $0.05 per diluted share. Operating Income and Adjusted operating income in the second quarter 2014 included a $3.9 million gain, $2.5 million after-tax or $0.03 per diluted share, from an insurance settlement.
Christopher L. Mapes, Chairman, President and Chief Executive Officer stated, "Business conditions were challenging in the quarter as growth in automation was offset by weaker oil and gas and U.S. export demand. We initiated a number of actions during the quarter to align our cost structure with softer market conditions, which helped generate modest sequential improvements in our profit margins and operating working capital ratio to net sales. While we remain cautious on 2015 demand trends, we continue to invest in our strategic programs and expect our efforts will help maximize profitability and shareholder returns through the economic cycle."
Dividend and Share Repurchases
The Company's Board of Directors declared a quarterly cash dividend of $0.29 per share, which was paid on July 15, 2015 to shareholders of record as of June 30, 2015. During the quarter, the Company returned $55.6 million to shareholders through the repurchase of the Company's common shares.
Six Months 2015 Summary
Net income for the six months ended June 30, 2015 was $139.3 million, or EPS of $1.82. This compares with net income of $133.8 million, or EPS of $1.65, in 2014. Adjusted net income for the six months ended June 30, 2015 was $140.2 million, or Adjusted EPS of $1.83, compared with Adjusted net income of $155.6 million, or Adjusted EPS of $1.92, in 2014. Adjusted net income for the six months ended June 30, 2015 includes earnings of $0.04 per diluted share from the Company's Venezuelan operations as compared with $0.18 per diluted share in the comparable 2014 period.
Sales decreased 6.4% to $1.3 billion in the six months ended June 30, 2015 as compared with $1.4 billion in the comparable 2014 period. This result primarily reflects unfavorable foreign exchange translation. Operating income for the six months ended June 30, 2015 decreased to $187.3 million, or 14.2% of sales, compared with $192.7 million, or 13.6% of sales, in the comparable 2014 period. Adjusted operating income was $188.5 million or 14.3% of sales, compared with $214.7 million, or 15.2% of sales in 2014.
Webcast Information
A conference call to discuss second quarter 2015 financial results will be webcast live today, July 27, 2015, at 10:00 a.m., Eastern Time. This webcast is accessible at http://ir.lincolnelectric.com. Listeners should go to the web site prior to the call to register and download and install any necessary audio software. A replay of the webcast will be available on the Company's web site.
Investors who are unable to access the webcast may listen to the conference call live by telephone by dialing (877) 344-3899 (domestic) or (315) 625-3087 (international) and use confirmation code 76673627. Telephone participants are asked to dial in 10-15 minutes prior to the start of the conference call.
Financial results for the second quarter 2015 can also be obtained at http://ir.lincolnelectric.com.
About Lincoln Electric
Lincoln Electric is the world leader in the design, development and manufacture of arc welding products, robotic arc welding systems, plasma and oxy-fuel cutting equipment and has a leading global position in the brazing and soldering alloys market. Headquartered in Cleveland, Ohio, Lincoln has 47 manufacturing locations, including operations and joint ventures in 19 countries and a worldwide network of distributors and sales offices covering more than 160 countries. For more information about Lincoln Electric and its products and services, visit the Company's website at www.lincolnelectric.com.
Non-GAAP Information
Adjusted operating income, Adjusted net income and Adjusted diluted earnings per share are non-GAAP financial measures that management believes are important to investors to evaluate and compare the Company's financial performance from period to period. Management uses this information in assessing and evaluating the Company's underlying operating performance. Non-GAAP financial measures should be read in conjunction with the GAAP financial measures, as non-GAAP measures are a supplement to, and not a replacement for, GAAP financial measures. Please refer to the attached schedule for a reconciliation of non-GAAP financial measures to the related GAAP financial measures.
Forward-Looking Statements
The Company's expectations and beliefs concerning the future contained in this news release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements reflect management's current expectations and involve a number of risks and uncertainties. Forward-looking statements generally can be identified by the use of words such as "may," "will," "expect," "intend," "estimate," "anticipate," "believe," "forecast," "guidance" or words of similar meaning. Actual results may differ materially from such statements due to a variety of factors that could adversely affect the Company's operating results. The factors include, but are not limited to: general economic and market conditions; the effectiveness of operating initiatives; completion of planned divestitures; interest rates; disruptions, uncertainty or volatility in the credit markets that may limit our access to capital; currency exchange rates and devaluations, including in highly inflationary countries such as Venezuela; adverse outcome of pending or potential litigation; actual costs of the Company's rationalization plans; possible acquisitions; market risks and price fluctuations related to the purchase of commodities and energy; global regulatory complexity; and the possible effects of events beyond our control, such as political unrest, acts of terror and natural disasters, on the Company or its customers, suppliers and the economy in general. For additional discussion, see "Item 1A. Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2014.
Lincoln Electric Holdings, Inc.
Financial Highlights
(In thousands, except per share amounts)
(Unaudited)
Consolidated Statements of Income
Three months ended June 30, Fav (Unfav) to Prior Year
--------------------------- -------------------------
2015 % of Sales 2014 % of Sales $ %
---- ---------- ---- ---------- --- ---
Net sales $664,740 100.0% $728,531 100.0% $(63,791) (8.8%)
Cost of goods sold 438,959 66.0% 478,264 65.6% 39,305 8.2%
------- ------- ------
Gross profit 225,781 34.0% 250,267 34.4% (24,486) (9.8%)
Selling, general & administrative expenses 127,755 19.2% 137,156 18.8% 9,401 6.9%
Rationalization and asset impairment charges 1,239 0.2% 836 0.1% (403) (48.2%)
----- --- ----
Operating income 96,787 14.6% 112,275 15.4% (15,488) (13.8%)
Interest income 738 0.1% 924 0.1% (186) (20.1%)
Equity earnings in affiliates 979 0.1% 1,575 0.2% (596) (37.8%)
Other income 317 - 1,078 0.1% (761) (70.6%)
Interest expense (4,387) (0.7%) (986) (0.1%) (3,401) (344.9%)
------ ---- ------
Income before income taxes 94,434 14.2% 114,866 15.8% (20,432) (17.8%)
Income taxes 23,558 3.5% 37,577 5.2% 14,019 37.3%
------ ------ ------
Effective tax rate 24.9% 32.7% 7.8%
Net income including non-controlling interests 70,876 10.7% 77,289 10.6% (6,413) (8.3%)
Non-controlling interests in subsidiaries' loss (22) - (43) - 21 48.8%
Net income $70,898 10.7% $77,332 10.6% $(6,434) (8.3%)
======= ======= =======
Basic earnings per share $0.95 $0.97 $(0.02) (2.1%)
Diluted earnings per share $0.94 $0.96 $(0.02) (2.1%)
Weighted average shares (basic) 75,000 79,873
Weighted average shares (diluted) 75,773 80,773
Six months ended June 30, Fav (Unfav) to Prior Year
------------------------- -------------------------
2015 % of Sales 2014 % of Sales $ %
---- ---------- ---- ---------- --- ---
Net sales $1,322,640 100.0% $1,413,593 100.0% $(90,953) (6.4%)
Cost of goods sold 876,469 66.3% 936,990 66.3% 60,521 6.5%
------- ------- ------
Gross profit 446,171 33.7% 476,603 33.7% (30,432) (6.4%)
Selling, general & administrative expenses 257,646 19.5% 283,071 20.0% 25,425 9.0%
Rationalization and asset impairment charges 1,239 0.1% 819 0.1% (420) 51.3%
----- --- ----
Operating income 187,286 14.2% 192,713 13.6% (5,427) (2.8%)
Interest income 1,331 0.1% 1,838 0.1% (507) (27.6%)
Equity earnings in affiliates 1,828 0.1% 3,136 0.2% (1,308) (41.7%)
Other income 2,927 0.2% 2,161 0.2% 766 35.4%
Interest expense (6,231) (0.5%) (2,556) (0.2%) (3,675) (143.8%)
------ ------ ------
Income before income taxes 187,141 14.1% 197,292 14.0% (10,151) (5.1%)
Income taxes 47,947 3.6% 63,579 4.5% 15,632 24.6%
------ ------ ------
Effective tax rate 25.6% 32.2% 6.6%
Net income including non-controlling interests 139,194 10.5% 133,713 9.5% 5,481 4.1%
Non-controlling interests in subsidiaries' loss (58) - (72) - 14 19.4%
---
Net income $139,252 10.5% $133,785 9.5% $5,467 4.1%
======== ======== ======
Basic earnings per share $1.84 $1.67 $0.17 10.2%
Diluted earnings per share $1.82 $1.65 $0.17 10.3%
Weighted average shares (basic) 75,621 80,260
Weighted average shares (diluted) 76,416 81,194
Lincoln Electric Holdings, Inc.
Financial Highlights
(In thousands, except per share amounts)
(Unaudited)
Non-GAAP Financial Measures
Three months ended June 30, Six months ended June 30,
--------------------------- -------------------------
2015 2014 2015 2014
---- ---- ---- ----
Operating income as reported $96,787 $112,275 $187,286 $192,713
Special items (pre-tax):
Rationalization and asset impairment charges (1) 1,239 836 1,239 819
Venezuela foreign exchange losses (2) - 3,468 - 21,133
---
Adjusted operating income (3) $98,026 $116,579 $188,525 $214,665
======= ======== ======== ========
Net income as reported $70,898 $77,332 $139,252 $133,785
Special items (after-tax):
Rationalization and asset impairment charges (1) 900 698 900 691
Venezuela foreign exchange losses (2) - 3,468 - 21,133
---
Adjusted net income (3) $71,798 $81,498 $140,152 $155,609
======= ======= ======== ========
Diluted earnings per share as reported $0.94 $0.96 $1.82 $1.65
Special items 0.01 0.05 0.01 0.27
Adjusted diluted earnings per share (3) $0.95 $1.01 $1.83 $1.92
===== ===== ===== =====
Weighted average shares (diluted) 75,773 80,773 76,416 81,194
(1) The three and six months ended June
30, 2015 and 2014 include net
charges primarily related to
severance and other related costs.
Rationalization charges in 2014 are
partially offset by gains related to
the sale of assets at rationalized
operations.
(2) The three and six months ended June
30, 2014 represents the impact of
the Venezuelan remeasurement loss
related to the adoption of a new
foreign exchange mechanism.
(3) Adjusted operating income, Adjusted
net income and Adjusted diluted
earnings per share are non-GAAP
financial measures that management
believes are important to investors
to evaluate and compare the
Company's financial performance from
period to period. Management uses
this information in assessing and
evaluating the Company's underlying
operating performance. Non-GAAP
financial measures should be read in
conjunction with the GAAP financial
measures, as non-GAAP measures are
a supplement to, and not a
replacement for, GAAP financial
measures.
Lincoln Electric Holdings, Inc.
Financial Highlights
(In thousands)
(Unaudited)
Balance Sheet Highlights
Selected Consolidated Balance Sheet Data June 30, 2015 December 31, 2014
------------- -----------------
Cash and cash equivalents $312,737 $278,379
Total current assets 1,089,236 1,098,677
Property, plant and equipment, net 429,329 437,209
Total assets 1,950,166 1,939,215
Total current liabilities 470,556 492,419
Short-term debt (1) 62,595 68,166
Long-term debt 151,563 2,488
Total equity 1,196,658 1,285,781
Net Operating Working Capital June 30, 2015 December 31, 2014
------------- -----------------
Accounts receivable $329,223 $321,862
Inventory 321,723 330,840
Trade accounts payable 172,114 202,482
------- -------
Net operating working capital $478,832 $450,220
======== ========
Net operating working capital to net sales (2) 18.0% 16.5%
Invested Capital June 30, 2015 December 31, 2014
------------- -----------------
Short-term debt (1) $62,595 $68,166
Long-term debt 151,563 2,488
------- -----
Total debt 214,158 70,654
Total equity 1,196,658 1,285,781
--------- ---------
Invested capital $1,410,816 $1,356,435
========== ==========
Total debt / invested capital 15.2% 5.2%
Return on invested capital (3) 18.9% 19.1%
(1) Includes current portion of
long-term debt.
(2) Net operating working
capital to net sales is
defined as net operating
working capital divided by
annualized rolling three
months of sales.
(3) Return on invested capital
is defined as rolling 12
months of earnings
excluding tax-effected
interest divided by
invested capital.
Lincoln Electric Holdings, Inc.
Financial Highlights
(In thousands, except per share amounts)
(Unaudited)
Condensed Consolidated Statements of Cash Flows
Three months ended June 30,
---------------------------
2015 2014
---- ----
OPERATING ACTIVITIES:
Net income $70,898 $77,332
Non-controlling interests in subsidiaries' loss (22) (43)
--- ---
Net income including non-controlling interests 70,876 77,289
Adjustments to reconcile Net income including non-controlling interests to Net cash
provided by operating activities:
Rationalization and asset impairment charges - 894
Depreciation and amortization 15,686 17,969
Equity earnings in affiliates, net (272) (701)
Pension expense 4,925 2,676
Pension contributions and payments (26,471) (2,083)
Other non-cash items, net 12,772 (3,325)
Changes in operating assets and liabilities, net of effects from acquisitions:
Decrease in accounts receivable 11,695 544
Decrease (increase) in inventories 17,773 (2,298)
Decrease in trade accounts payable (18,301) (3,341)
Net change in other current assets and liabilities (11,234) 21,833
Net change in other long-term assets and liabilities (163) (4,483)
---- ------
NET CASH PROVIDED BY OPERATING ACTIVITIES 77,286 104,974
INVESTING ACTIVITIES:
Capital expenditures (16,761) (25,441)
Proceeds from sale of property, plant and equipment 234 4,443
Other investing activities - 205
--- ---
NET CASH USED BY INVESTING ACTIVITIES (16,527) (20,793)
FINANCING ACTIVITIES:
Net change in borrowings 42,540 (2,087)
Proceeds from exercise of stock options 2,303 1,054
Excess tax benefits from stock-based compensation 756 826
Purchase of shares for treasury (55,615) (68,312)
Cash dividends paid to shareholders (21,919) (18,496)
Other financing activities (7,976) -
------ ---
NET CASH USED BY FINANCING ACTIVITIES (39,911) (87,015)
Effect of exchange rate changes on Cash and cash equivalents 2,872 1,732
----- -----
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 23,720 (1,102)
Cash and cash equivalents at beginning of period 289,017 205,387
-------
Cash and cash equivalents at end of period $312,737 $204,285
======== ========
Cash dividends paid per share $0.29 $0.23
Lincoln Electric Holdings, Inc.
Financial Highlights
(In thousands, except per share amounts)
(Unaudited)
Condensed Consolidated Statements of Cash Flows
Six months ended June 30,
-------------------------
2015 2014
---- ----
OPERATING ACTIVITIES:
Net income $139,252 $133,785
Non-controlling interests in subsidiaries' loss (58) (72)
--- ---
Net income including non-controlling interests 139,194 133,713
Adjustments to reconcile Net income including non-controlling interests to Net cash
provided by operating activities:
Rationalization and asset impairment charges 30 859
Depreciation and amortization 31,718 35,900
Equity earnings in affiliates, net (488) (1,497)
Pension expense 10,604 5,476
Pension contributions and payments (47,705) (24,164)
Other non-cash items, net (5,790) 20,659
Changes in operating assets and liabilities, net of effects from acquisitions:
Increase in accounts receivable (13,682) (43,341)
Decrease (increase) in inventories 1,540 (17,455)
Decrease in trade accounts payable (31,217) (15,449)
Net change in other current assets and liabilities 43,835 27,380
Net change in other long-term assets and liabilities 2,031 (3,476)
----- ------
NET CASH PROVIDED BY OPERATING ACTIVITIES 130,070 118,605
INVESTING ACTIVITIES:
Capital expenditures (29,217) (39,947)
Acquisition of businesses, net of cash acquired - (892)
Proceeds from sale of property, plant and equipment 1,421 5,509
Other investing activities 2,024 778
NET CASH USED BY INVESTING ACTIVITIES (25,772) (34,552)
FINANCING ACTIVITIES:
Net change in borrowings 144,050 (10,143)
Proceeds from exercise of stock options 4,036 4,010
Excess tax benefits from stock-based compensation 1,293 2,478
Purchase of shares for treasury (158,468) (119,333)
Cash dividends paid to shareholders (44,248) (37,119)
Other financing activities (7,996) (2,330)
NET CASH USED BY FINANCING ACTIVITIES (61,333) (162,437)
Effect of exchange rate changes on Cash and cash equivalents (8,607) (17,156)
------ -------
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 34,358 (95,540)
Cash and cash equivalents at beginning of period 278,379 299,825
Cash and cash equivalents at end of period $312,737 $204,285
======== ========
Cash dividends paid per share $0.58 $0.46
Lincoln Electric Holdings, Inc.
Segment Highlights
(In thousands)
(Unaudited)
North Europe Asia Pacific South The Harris Corporate / Consolidated
America Welding Welding America Products Eliminations
Welding Welding Group
------- ------- -----
Three months ended June 30, 2015
Net sales $415,075 $90,903 $49,043 $37,907 $71,812 $ - $664,740
Inter-segment sales 25,613 4,463 2,964 118 2,716 (35,874) -
Total $440,688 $95,366 $52,007 $38,025 $74,528 $(35,874) $664,740
======== ======= ======= ======= ======= ======== ========
EBIT (1) $77,494 $8,242 $2,244 $1,378 $8,250 $475 $98,083
As a percent of total sales 17.6% 8.6% 4.3% 3.6% 11.1% 14.8%
Special items charge (gain) (2) $ - $1,239 $ - $ - $ - $ - $1,239
EBIT, as adjusted (4) $77,494 $9,481 $2,244 $1,378 $8,250 $475 $99,322
As a percent of total sales 17.6% 9.9% 4.3% 3.6% 11.1% 14.9%
Three months ended June 30, 2014
Net sales $429,490 $115,574 $66,997 $39,051 $77,419 $ - $728,531
Inter-segment sales 33,360 5,494 3,600 35 2,262 (44,751) -
Total $462,850 $121,068 $70,597 $39,086 $79,681 $(44,751) $728,531
======== ======== ======= ======= ======= ======== ========
EBIT (1) $91,216 $13,934 $473 $1,527 $7,178 $600 $114,928
As a percent of total sales 19.7% 11.5% 0.7% 3.9% 9.0% 15.8%
Special items charge (gain) (3) $(21) $965 $(108) $3,468 $ - $ - $4,304
EBIT, as adjusted (4) $91,195 $14,899 $365 $4,995 $7,178 $600 $119,232
As a percent of total sales 19.7% 12.3% 0.5% 12.8% 9.0% 16.4%
Six months ended June 30, 2015
Net sales $828,063 $179,319 $98,293 $75,337 $141,628 $ - $1,322,640
Inter-segment sales 51,742 8,056 6,234 118 4,727 (70,877) -
Total $879,805 $187,375 $104,527 $75,455 $146,355 $(70,877) $1,322,640
======== ======== ======== ======= ======== ======== ==========
EBIT (1) $148,678 $16,990 $5,372 $4,528 $15,799 $674 $192,041
As a percent of total sales 16.9% 9.1% 5.1% 6.0% 10.8% 14.5%
Special items charge (gain) (2) $ - $1,239 $ - $ - $ - $ - $1,239
EBIT, as adjusted (4) $148,678 $18,229 $5,372 $4,528 $15,799 $674 $193,280
As a percent of total sales 16.9% 9.7% 5.1% 6.0% 10.8% 14.6%
Six months ended June 30, 2014
Net sales $831,396 $220,980 $128,283 $83,044 $149,890 $ - $1,413,593
Inter-segment sales 66,303 11,354 8,049 64 4,380 (90,150) -
Total $897,699 $232,334 $136,332 $83,108 $154,270 $(90,150) $1,413,593
======== ======== ======== ======= ======== ======== ==========
EBIT (1) $162,627 $23,187 $(158) $(4,373) $13,236 $3,491 $198,010
As a percent of total sales 18.1% 10.0% (0.1%) (5.3%) 8.6% 14.0%
Special items charge (gain) (3) $(68) $1,004 $(117) $21,133 $ - $ - $21,952
EBIT, as adjusted (4) $162,559 $24,191 $(275) $16,760 $13,236 $3,491 $219,962
As a percent of total sales 18.1% 10.4% (0.2%) 20.2% 8.6% 15.6%
(1) EBIT is defined as Operating income
plus Equity earnings in affiliates
and Other income.
(2) Special items in the three and six
months ended June 30, 2015 represent
rationalization charges related to
employee severance and other related
costs.
(3) Special items in the three and six
months ended June 30, 2014 include
net charges primarily related to
severance and other related costs
from the consolidation of
manufacturing operations partially
offset by gains related to the sale
of assets at rationalized operations
and the impact of the Venezuelan
remeasurement losses related to the
adoption of a new foreign exchange
mechanism.
(4) The primary profit measure used by
management to assess segment
performance is EBIT, as adjusted.
EBIT for each operating segment is
adjusted for special items to derive
EBIT, as adjusted.
Lincoln Electric Holdings, Inc.
Change in Net Sales by Segment
(In thousands)
(Unaudited)
Three Months Ended June 30th Change in Net Sales by Segment
Change in Net Sales due to:
---------------------------
Net Sales Volume Acquisitions Price Foreign Net Sales
2014 Exchange 2015
---- -------- ----
Operating Segments
North America Welding $429,490 $(21,853) $14,250 $1,457 $(8,269) $415,075
Europe Welding 115,574 (3,343) - (582) (20,746) 90,903
Asia Pacific Welding 66,997 (15,292) - (617) (2,045) 49,043
South America Welding 39,051 (8,601) - 15,696 (8,239) 37,907
The Harris Products Group 77,419 1,743 - (3,981) (3,369) 71,812
------ ----- --- ------ ------
Consolidated $728,531 $(47,346) $14,250 $11,973 $(42,668) $664,740
======== ======== ======= ======= ======== ========
% Change
North America Welding (5.1%) 3.3% 0.3% (1.9%) (3.4%)
Europe Welding (2.9%) - (0.5%) (18.0%) (21.3%)
Asia Pacific Welding (22.8%) - (0.9%) (3.1%) (26.8%)
South America Welding (22.0%) - 40.2% (21.1%) (2.9%)
The Harris Products Group 2.3% - (5.1%) (4.4%) (7.2%)
Consolidated (6.5%) 2.0% 1.6% (5.9%) (8.8%)
Six Months Ended June 30th Change in Net Sales by Segment
Change in Net Sales due to:
---------------------------
Net Sales Volume Acquisitions Price Foreign Net Sales
2014 Exchange 2015
---- -------- ----
Operating Segments
North America Welding $831,396 $(20,926) $26,721 $5,480 $(14,608) $828,063
Europe Welding 220,980 (141) - (883) (40,637) 179,319
Asia Pacific Welding 128,283 (24,395) - (1,286) (4,309) 98,293
South America Welding 83,044 (13,294) - 37,170 (31,583) 75,337
The Harris Products Group 149,890 6,217 - (8,570) (5,909) 141,628
------- ----- --- ------ ------
Consolidated $1,413,593 $(52,539) $26,721 $31,911 $(97,046) $1,322,640
========== ======== ======= ======= ======== ==========
% Change
North America Welding (2.5%) 3.2% 0.7% (1.8%) (0.4%)
Europe Welding (0.1%) - (0.4%) (18.4%) (18.9%)
Asia Pacific Welding (19.0%) - (1.0%) (3.4%) (23.4%)
South America Welding (16.0%) - 44.8% (38.0%) (9.3%)
The Harris Products Group 4.1% - (5.7%) (3.9%) (5.5%)
Consolidated (3.7%) 1.9% 2.3% (6.9%) (6.4%)
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/lincoln-electric-reports-second-quarter-2015-results-300118815.html
SOURCE Lincoln Electric Holdings, Inc.
