Lincoln Electric sales and earnings fall
Lincoln Electric reported 1Q net income fell by 15.4% to $56.5 million, or 69 cents per diluted share, compared to $66.8 million, or 80 cents, in the same period last year.
Sales decreased 4.7% to $685.1 million in the first quarter 2014 versus $718.6 million in the comparable 2013 period. This decrease reflects the benefit from acquisitions, which was offset by lower volumes and unfavorable foreign exchange translation. Operating income for the first quarter decreased 9.2% to $80.4 million, or 11.7% of sales, from $88.6 million, or 12.3% of sales, in the comparable 2013 period. The decrease in operating income primarily reflects a $17.7 million charge from a Venezuelan remeasurement loss.
Christopher L. Mapes, chairman, president and chief executive officer stated, "We held profitability margins steady in the quarter, benefiting from mix, solid operating performance and steady management of expenses, which helped offset lower volumes. Additionally, we generated improved cash flow from operations and continued to accelerate returns to shareholders."
INDUSTRIAL SUPPLY MAGAZINE
The March/April issue of Industrial Supply magazine features an in-depth cover story about Joyce Lansdale and Vallen. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and David Kahle, as well as interviews with numerous product and distribution industry experts.
