CLEVELAND, April 21, 2015
/PRNewswire/ --
|
|
First Quarter 2015
Key Metric Highlights
|
- Sales decreased 4% to $658 million, up 4%
excluding unfavorable foreign exchange
- Operating income margin of 13.8% of net
sales
- Diluted EPS of $0.89
- Cash flows from operations increased to $53
million
- ROIC increased 100 bps to 20.1%
|
Lincoln Electric Holdings, Inc. (the "Company") (Nasdaq:
LECO) today reported first quarter 2015 net income of $68.4 million, or $0.89 diluted earnings per share (EPS).
This compares with net income of $56.5
million, or EPS of $0.69 and
adjusted net income of $74.1 million,
or EPS of $0.91, in the comparable
2014 period. The 2014 adjusted EPS includes $0.14 of earnings from our Venezuelan operations,
which operates in a hyper-inflationary environment. This
compares with earnings of $0.03 per
share from our Venezuelan operations in the first quarter 2015.
Sales decreased 4.0% to $657.9
million in the first quarter 2015 versus $685.1 million in the comparable 2014 period
primarily due to unfavorable foreign currency translation and lower
volumes in the Asia Pacific
segment. Operating income for the first quarter increased
12.5% to $90.5 million, or 13.8% of
sales, from $80.4 million, or 11.7%
of sales, in the comparable 2014 period. Adjusted operating
income decreased 7.7% to $90.5
million or 13.8% of sales, compared with $98.1 million, or 14.3% of sales in 2014.
Excluding Venezuelan operations, our adjusted operating margin
would have increased 60 basis points from the comparable 2014
period.
Christopher L. Mapes, Chairman,
President and Chief Executive Officer stated, "Our business
demonstrated resilience in a challenging first quarter. We
achieved volume growth in Europe Welding and The Harris Products
Group on solid execution of their commercial initiatives, and
maintained steady volume performance in North America. As
anticipated, we experienced weakness in South American end-markets
and continued to strategically reposition our business in
Asia Pacific for long-term
profitable growth. Our first quarter profitability margins
remained strong on operational initiatives and favorable mix,
helping offset unfavorable foreign exchange translation. Cash
flows from operations improved, supporting an accelerated return of
cash to shareholders through share repurchases and dividends in the
quarter."
Dividend and Share Repurchases
The Company's Board of Directors declared a quarterly cash
dividend of $0.29 per share, which
was paid on April 15, 2015 to
shareholders of record as of March
31, 2015. During the quarter, the Company returned
$102.9 million to shareholders
through the repurchase of the Company's common shares.
Other Matters
The Company issued Senior Unsecured Notes (the "Notes") totaling
$350 million through a private
placement, of which $150 million in
proceeds were received during April 2015. The Notes have
maturities ranging from 10 to 30 years with a weighted average
effective interest rate of 3.5% and an average tenure of 19
years. The proceeds will be used for general corporate
purposes.
Webcast Information
A conference call to discuss first quarter 2015 financial
results will be webcast live today, April 21, 2015, at
9:00 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 11243771. Telephone participants are asked to dial in
10-15 minutes prior to the start of the conference call.
Financial results for the first 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
March 31,
|
|
Fav (Unfav) to
Prior Year
|
|
|
2015
|
|
% of
Sales
|
|
2014
|
|
% of
Sales
|
|
$
|
|
%
|
|
Net sales
|
|
$
|
657,900
|
|
|
100.0
|
%
|
|
$
|
685,062
|
|
|
100.0
|
%
|
|
$
|
(27,162)
|
|
|
(4.0%)
|
|
|
Cost of goods
sold
|
|
437,510
|
|
|
66.5
|
%
|
|
458,726
|
|
|
67.0
|
%
|
|
21,216
|
|
|
4.6
|
%
|
|
Gross
profit
|
|
220,390
|
|
|
33.5
|
%
|
|
226,336
|
|
|
33.0
|
%
|
|
(5,946)
|
|
|
(2.6%)
|
|
|
Selling,
general & administrative expenses
|
|
129,891
|
|
|
19.7
|
%
|
|
145,915
|
|
|
21.3
|
%
|
|
16,024
|
|
|
11.0
|
%
|
|
Rationalization and asset impairment
charges (gains)
|
|
—
|
|
|
—
|
|
|
(17)
|
|
|
—
|
|
|
(17)
|
|
|
(100.0%)
|
|
|
Operating
income
|
|
90,499
|
|
|
13.8
|
%
|
|
80,438
|
|
|
11.7
|
%
|
|
10,061
|
|
|
12.5
|
%
|
|
Interest
income
|
|
593
|
|
|
0.1
|
%
|
|
914
|
|
|
0.1
|
%
|
|
(321)
|
|
|
(35.1%)
|
|
|
Equity earnings in
affiliates
|
|
849
|
|
|
0.1
|
%
|
|
1,561
|
|
|
0.2
|
%
|
|
(712)
|
|
|
(45.6%)
|
|
|
Other
income
|
|
2,610
|
|
|
0.4
|
%
|
|
1,083
|
|
|
0.2
|
%
|
|
1,527
|
|
|
141.0
|
%
|
|
Interest
expense
|
|
(1,844)
|
|
|
(0.3%)
|
|
|
(1,570)
|
|
|
(0.2%)
|
|
|
(274)
|
|
|
(17.5%)
|
|
|
Income before income
taxes
|
|
92,707
|
|
|
14.1
|
%
|
|
82,426
|
|
|
12.0
|
%
|
|
10,281
|
|
|
12.5
|
%
|
|
Income
taxes
|
|
24,389
|
|
|
3.7
|
%
|
|
26,002
|
|
|
3.8
|
%
|
|
1,613
|
|
|
6.2
|
%
|
|
Effective tax
rate
|
|
26.3
|
%
|
|
|
|
31.5
|
%
|
|
|
|
5.2
|
%
|
|
|
|
Net income including
non-controlling interests
|
|
68,318
|
|
|
10.4
|
%
|
|
56,424
|
|
|
8.2
|
%
|
|
11,894
|
|
|
21.1
|
%
|
|
Non-controlling
interests in subsidiaries' loss
|
|
(36)
|
|
|
—
|
|
|
(29)
|
|
|
—
|
|
|
(7)
|
|
|
(24.1%)
|
|
|
Net income
|
|
$
|
68,354
|
|
|
10.4
|
%
|
|
$
|
56,453
|
|
|
8.2
|
%
|
|
$
|
11,901
|
|
|
21.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share
|
|
$
|
0.90
|
|
|
|
|
$
|
0.70
|
|
|
|
|
$
|
0.20
|
|
|
28.6
|
%
|
|
Diluted earnings per
share
|
|
$
|
0.89
|
|
|
|
|
$
|
0.69
|
|
|
|
|
$
|
0.20
|
|
|
29.0
|
%
|
|
Weighted average
shares (basic)
|
|
76,242
|
|
|
|
|
80,648
|
|
|
|
|
|
|
|
|
Weighted average
shares (diluted)
|
|
77,059
|
|
|
|
|
81,616
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lincoln Electric
Holdings, Inc.
|
|
Financial
Highlights
|
|
(In thousands,
except per share amounts)
|
|
(Unaudited)
|
|
Non-GAAP Financial
Measures
|
|
|
|
Three months ended
March 31,
|
|
|
2015
|
|
2014
|
|
Operating income as
reported
|
|
$
|
90,499
|
|
|
$
|
80,438
|
|
|
Special items
(pre-tax):
|
|
|
|
|
|
Rationalization and
asset impairment charges (gains) (1)
|
|
—
|
|
|
(17)
|
|
|
Venezuela foreign
exchange losses (2)
|
|
—
|
|
|
17,665
|
|
|
Adjusted operating
income (3)
|
|
$
|
90,499
|
|
|
$
|
98,086
|
|
|
|
|
|
|
|
Net income as
reported
|
|
$
|
68,354
|
|
|
$
|
56,453
|
|
|
Special items
(after-tax):
|
|
|
|
|
|
Rationalization and
asset impairment charges (gains) (1)
|
|
—
|
|
|
(7)
|
|
|
Venezuela foreign
exchange losses (2)
|
|
—
|
|
|
17,665
|
|
|
Adjusted net income
(3)
|
|
$
|
68,354
|
|
|
$
|
74,111
|
|
|
|
|
|
|
|
Diluted earnings per
share as reported
|
|
$
|
0.89
|
|
|
$
|
0.69
|
|
|
Special
items
|
|
—
|
|
|
0.22
|
|
|
Adjusted diluted
earnings per share (3)
|
|
$
|
0.89
|
|
|
$
|
0.91
|
|
|
|
|
|
|
|
Weighted average
shares (diluted)
|
|
77,059
|
|
|
81,616
|
|
|
|
|
|
|
|
|
|
|
(1) The three months
ended March 31, 2014 include net credits primarily related to the
sale of assets at rationalized operations.
|
|
(2) The three months
ended March 31, 2014 include the impact of the Venezuelan
remeasurement loss related to the adoption of a new foreign
exchange mechanism. This remeasurement loss was classified in
Selling, general and administrative expenses.
|
|
(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
|
|
March 31,
2015
|
|
December 31,
2014
|
|
Cash and cash
equivalents
|
|
$
|
289,017
|
|
|
$
|
278,379
|
|
|
Total current
assets
|
|
1,095,002
|
|
|
1,098,677
|
|
|
Property, plant and
equipment, net
|
|
423,020
|
|
|
437,209
|
|
|
Total
assets
|
|
1,921,508
|
|
|
1,939,215
|
|
|
Total current
liabilities
|
|
608,425
|
|
|
492,419
|
|
|
Short-term debt
(1)
|
|
167,985
|
|
|
68,166
|
|
|
Long-term
debt
|
|
3,882
|
|
|
2,488
|
|
|
Total
equity
|
|
1,179,955
|
|
|
1,285,781
|
|
|
|
|
|
|
|
Net Operating
Working Capital
|
|
March 31,
2015
|
|
December 31,
2014
|
|
Accounts
receivable
|
|
$
|
334,928
|
|
|
$
|
321,862
|
|
|
Inventory
|
|
332,892
|
|
|
330,840
|
|
|
Trade accounts
payable
|
|
185,944
|
|
|
202,482
|
|
|
Net operating working
capital
|
|
$
|
481,876
|
|
|
$
|
450,220
|
|
|
|
|
|
|
|
Net operating working
capital to net sales (2)
|
|
18.3
|
%
|
|
16.5
|
%
|
|
|
|
|
|
|
Invested
Capital
|
|
March 31,
2015
|
|
December 31,
2014
|
|
Short-term debt
(1)
|
|
$
|
167,985
|
|
|
$
|
68,166
|
|
|
Long-term
debt
|
|
3,882
|
|
|
2,488
|
|
|
Total debt
|
|
171,867
|
|
|
70,654
|
|
|
Total
equity
|
|
1,179,955
|
|
|
1,285,781
|
|
|
Invested
capital
|
|
$
|
1,351,822
|
|
|
$
|
1,356,435
|
|
|
|
|
|
|
|
Total debt / invested
capital
|
|
12.7
|
%
|
|
5.2
|
%
|
|
Return on invested
capital (3)
|
|
20.1
|
%
|
|
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
March 31,
|
|
|
2015
|
|
2014
|
|
OPERATING
ACTIVITIES:
|
|
|
|
|
|
Net income
|
|
$
|
68,354
|
|
|
$
|
56,453
|
|
|
Non-controlling
interests in subsidiaries' loss
|
|
(36)
|
|
|
(29)
|
|
|
Net income including
non-controlling interests
|
|
68,318
|
|
|
56,424
|
|
|
Adjustments to
reconcile Net income including non- controlling interests to
Net cash provided by operating
activities:
|
|
|
|
|
|
Rationalization and
asset impairment charges (gains)
|
|
30
|
|
|
(35)
|
|
|
Depreciation and
amortization
|
|
16,032
|
|
|
17,931
|
|
|
Equity earnings in
affiliates, net
|
|
(216)
|
|
|
(796)
|
|
|
Pension
expense
|
|
5,679
|
|
|
2,800
|
|
|
Pension contributions
and payments
|
|
(21,234)
|
|
|
(22,081)
|
|
|
Other non-cash items,
net
|
|
(18,562)
|
|
|
23,984
|
|
|
Changes in operating
assets and liabilities, net of effects from
acquisitions:
|
|
|
|
|
|
Increase in accounts
receivable
|
|
(25,377)
|
|
|
(43,885)
|
|
|
Increase in
inventories
|
|
(16,233)
|
|
|
(15,157)
|
|
|
Decrease in trade
accounts payable
|
|
(12,916)
|
|
|
(12,108)
|
|
|
Net change in other
current assets and liabilities
|
|
55,069
|
|
|
5,547
|
|
|
Net change in other
long-term assets and liabilities
|
|
2,194
|
|
|
1,007
|
|
|
NET CASH PROVIDED BY
OPERATING ACTIVITIES
|
|
52,784
|
|
|
13,631
|
|
|
|
|
|
|
|
INVESTING
ACTIVITIES:
|
|
|
|
|
|
Capital
expenditures
|
|
(12,456)
|
|
|
(14,506)
|
|
|
Acquisition of
businesses, net of cash acquired
|
|
—
|
|
|
(892)
|
|
|
Proceeds from sale of
property, plant and equipment
|
|
1,187
|
|
|
1,066
|
|
|
Other investing
activities
|
|
2,024
|
|
|
573
|
|
|
NET CASH USED BY
INVESTING ACTIVITIES
|
|
(9,245)
|
|
|
(13,759)
|
|
|
|
|
|
|
|
FINANCING
ACTIVITIES:
|
|
|
|
|
|
Net change in
borrowings
|
|
101,510
|
|
|
(8,056)
|
|
|
Proceeds from
exercise of stock options
|
|
1,733
|
|
|
2,956
|
|
|
Excess tax benefits
from stock-based compensation
|
|
537
|
|
|
1,652
|
|
|
Purchase of shares
for treasury
|
|
(102,853)
|
|
|
(51,021)
|
|
|
Cash dividends paid
to shareholders
|
|
(22,329)
|
|
|
(18,623)
|
|
|
Other financing
activities
|
|
(20)
|
|
|
(2,330)
|
|
|
NET CASH USED BY
FINANCING ACTIVITIES
|
|
(21,422)
|
|
|
(75,422)
|
|
|
|
|
|
|
|
Effect of exchange
rate changes on Cash and cash equivalents
|
|
(11,479)
|
|
|
(18,888)
|
|
|
INCREASE (DECREASE)
IN CASH AND CASH EQUIVALENTS
|
|
10,638
|
|
|
(94,438)
|
|
|
Cash and cash
equivalents at beginning of period
|
|
278,379
|
|
|
299,825
|
|
|
Cash and cash
equivalents at end of period
|
|
$
|
289,017
|
|
|
$
|
205,387
|
|
|
|
|
|
|
|
Cash dividends paid
per share
|
|
$
|
0.29
|
|
|
$
|
0.23
|
|
|
Lincoln Electric
Holdings, Inc.
|
|
Segment
Highlights
|
|
(In
thousands)
|
|
(Unaudited)
|
|
|
|
North
America
Welding
|
|
Europe
Welding
|
|
Asia Pacific
Welding
|
|
South
America
Welding
|
|
The Harris
Products
Group
|
|
Corporate /
Eliminations
|
|
Consolidated
|
|
Three Months
Ended
March
31, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
$
|
412,988
|
|
|
$
|
88,416
|
|
|
$
|
49,250
|
|
|
$
|
37,430
|
|
|
$
|
69,816
|
|
|
$
|
—
|
|
|
$
|
657,900
|
|
|
Inter-segment
sales
|
|
26,129
|
|
|
3,593
|
|
|
3,270
|
|
|
—
|
|
|
2,011
|
|
|
(35,003)
|
|
|
—
|
|
|
Total
|
|
$
|
439,117
|
|
|
$
|
92,009
|
|
|
$
|
52,520
|
|
|
$
|
37,430
|
|
|
$
|
71,827
|
|
|
$
|
(35,003)
|
|
|
$
|
657,900
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBIT (1)
|
|
$
|
71,184
|
|
|
$
|
8,748
|
|
|
$
|
3,128
|
|
|
$
|
3,150
|
|
|
$
|
7,549
|
|
|
$
|
199
|
|
|
$
|
93,958
|
|
|
As a percent of total
sales
|
|
|
16.2
|
%
|
|
9.5
|
%
|
|
6.0
|
%
|
|
8.4
|
%
|
|
10.5
|
%
|
|
|
|
14.3
|
%
|
|
Special items charge
(gain)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
EBIT, as adjusted
(2)(3)
|
|
$
|
71,184
|
|
|
$
|
8,748
|
|
|
$
|
3,128
|
|
|
$
|
3,150
|
|
|
$
|
7,549
|
|
|
$
|
199
|
|
|
$
|
93,958
|
|
|
As a percent of total
sales
|
|
16.2
|
%
|
|
9.5
|
%
|
|
6.0
|
%
|
|
8.4
|
%
|
|
10.5
|
%
|
|
|
|
14.3
|
%
|
|
Three months
ended
March
31, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
$
|
401,906
|
|
|
$
|
105,406
|
|
|
$
|
61,286
|
|
|
$
|
43,993
|
|
|
$
|
72,471
|
|
|
$
|
—
|
|
|
$
|
685,062
|
|
|
Inter-segment
sales
|
|
32,943
|
|
|
5,860
|
|
|
4,449
|
|
|
29
|
|
|
2,118
|
|
|
(45,399)
|
|
|
—
|
|
|
Total
|
|
$
|
434,849
|
|
|
$
|
111,266
|
|
|
$
|
65,735
|
|
|
$
|
44,022
|
|
|
$
|
74,589
|
|
|
$
|
(45,399)
|
|
|
$
|
685,062
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBIT (1)
|
|
$
|
71,411
|
|
|
$
|
9,253
|
|
|
$
|
(631)
|
|
|
$
|
(5,900)
|
|
|
$
|
6,058
|
|
|
$
|
2,891
|
|
|
$
|
83,082
|
|
|
As a percent of total
sales
|
|
16.4
|
%
|
|
8.3
|
%
|
|
(1.0%)
|
|
|
(13.4%)
|
|
|
8.1
|
%
|
|
|
|
12.1
|
%
|
|
Special items charge
(gain) (4)
|
|
$
|
(47)
|
|
|
$
|
39
|
|
|
$
|
(9)
|
|
|
$
|
17,665
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
17,648
|
|
|
EBIT, as adjusted
(2)
|
|
$
|
71,364
|
|
|
$
|
9,292
|
|
|
$
|
(640)
|
|
|
$
|
11,765
|
|
|
$
|
6,058
|
|
|
$
|
2,891
|
|
|
$
|
100,730
|
|
|
As a percent of total
sales
|
|
16.4
|
%
|
|
8.4
|
%
|
|
(1.0%)
|
|
|
26.7
|
%
|
|
8.1
|
%
|
|
|
|
14.7
|
%
|
|
|
(1) EBIT is defined
as Operating income plus Equity earnings in affiliates and Other
income.
|
|
(2) 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.
|
|
(3) Asia Pacific
Welding EBIT, as adjusted includes a $1,769 gain associated with
the liquidation of a foreign subsidiary and the related
non-controlling interest.
|
|
(4) Special items in
the three months ended March 31, 2014 include net credits primarily
related to the sale of assets at rationalized operations and the
impact of the Venezuelan remeasurement loss related to the adoption
of a new foreign exchange mechanism.
|
|
Lincoln Electric
Holdings, Inc.
|
|
Change in Net
Sales by Segment
|
|
(In
thousands)
|
|
(Unaudited)
|
|
|
Three Months Ended
March 31st Change in Net Sales by Segment
|
|
|
|
|
|
|
|
|
|
|
|
Change in Net
Sales due to:
|
|
|
|
|
Net Sales
2014
|
|
Volume
|
|
Acquisitions
|
|
Price
|
|
Foreign
Exchange
|
|
Net Sales
2015
|
|
Operating
Segments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America
Welding
|
|
$
|
401,906
|
|
|
$
|
927
|
|
|
$
|
12,471
|
|
|
$
|
4,023
|
|
|
$
|
(6,339)
|
|
|
$
|
412,988
|
|
|
Europe
Welding
|
|
105,406
|
|
|
3,202
|
|
|
—
|
|
|
(301)
|
|
|
(19,891)
|
|
|
88,416
|
|
|
Asia Pacific
Welding
|
|
61,286
|
|
|
(9,103)
|
|
|
—
|
|
|
(669)
|
|
|
(2,264)
|
|
|
49,250
|
|
|
South America
Welding
|
|
43,993
|
|
|
(4,693)
|
|
|
—
|
|
|
21,474
|
|
|
(23,344)
|
|
|
37,430
|
|
|
The Harris Products
Group
|
|
72,471
|
|
|
4,474
|
|
|
—
|
|
|
(4,589)
|
|
|
(2,540)
|
|
|
69,816
|
|
|
Consolidated
|
|
$
|
685,062
|
|
|
$
|
(5,193)
|
|
|
$
|
12,471
|
|
|
$
|
19,938
|
|
|
$
|
(54,378)
|
|
|
$
|
657,900
|
|
|
%
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America
Welding
|
|
|
|
0.2
|
%
|
|
3.1
|
%
|
|
1.0
|
%
|
|
(1.6%)
|
|
|
2.8
|
%
|
|
Europe
Welding
|
|
|
|
3.0
|
%
|
|
—
|
|
|
(0.3%)
|
|
|
(18.9%)
|
|
|
(16.1%)
|
|
|
Asia Pacific
Welding
|
|
|
|
(14.9%)
|
|
|
—
|
|
|
(1.1%)
|
|
|
(3.7%)
|
|
|
(19.6%)
|
|
|
South America
Welding
|
|
|
|
(10.7%)
|
|
|
—
|
|
|
48.8
|
%
|
|
(53.1%)
|
|
|
(14.9%)
|
|
|
The Harris Products
Group
|
|
|
|
6.2
|
%
|
|
—
|
|
|
(6.3%)
|
|
|
(3.5%)
|
|
|
(3.7%)
|
|
|
Consolidated
|
|
|
|
(0.8%)
|
|
|
1.8
|
%
|
|
2.9
|
%
|
|
(7.9%)
|
|
|
(4.0%)
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/lincoln-electric-reports-first-quarter-2015-results-300068988.html
SOURCE Lincoln Electric Holdings, Inc.