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Lincoln Electric Reports First Quarter 2016 Results

The following excerpt is from the company's SEC filing.

EPS of $0.76

First Quarter 2016 Key Metric Highlights

Sales declined 16.3% reflecting unfavorable foreign exchange translation and lower volumes

Operating margin held stable at 13.7% of sales

ROIC of 20.4%

Returned $125 million to shareholders through dividends and share repurchases

CLEVELAND, Ohio,

Tuesday, April 19, 2016

-- Lincoln Electric Holdings, Inc. (the “Company”) (Nasdaq: LECO) today reported

first quarter 2016

net income of

$53.6 million

, or diluted earnings per share (EPS) of

. This compare s with net income of

$68.4 million

, or EPS of

in the comparable

period.

First quarter 2016 sales

decreased

$550.7 million

. An

benefit from price and a

increase from acquisitions was offset by a

decline from unfavorable foreign exchange translation and

lower volumes. Excluding Venezuela, pricing and foreign exchange had 1.0% and 2.2% unfavorable impacts, respectively, on sales in the quarter. Operating income for the

$75.3 million

of sales reflecting operational and commercial initiatives focused on managing margins, as well as the benefit of cost reduction actions. This compared with

$90.5 million

of sales, in the comparable

period.

“We achieved solid margins and returns this quarter," stated Christopher L. Mapes, Chairman, President and Chief Executive Officer. "While volumes continued to compress on weak industrial demand and challenging year-over-year comparisons, cost reduction actions and solid execution of our operational and commercial initiatives significantly mitigated the impact of year-over-year declines. In this part of the cycle, we continue to invest in innovation, our long-term growth strategies and returning cash to shareholders. We are diligently managing costs and margin performance and are looking for sustainable improvement in industrial sector conditions to drive increased customer demand.”

Dividend and Share Repurchases

The Company’s Board of Directors declared a quarterly cash dividend of $0.32 per share, which was paid on April 15, 2016 to shareholders of record as of March 31, 2016.

During the quarter, the Company returned

$125.1 million

to shareholders through dividends and the repurchase of

1.9 million

of the Company’s common shares. The Company is maintaining its 2016 share repurchase target of $400 million of the Company’s common shares.

Webcast Information

A conference call to discuss

financial results will be webcast live today,

, 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, 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 77332044. Telephone participants are asked to dial in 10-15 minutes prior to the start of the conference call.

Financial results for the

can also be obtained at

Lincoln Electric Reports First Quarter 2016 Financial Results

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 48 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

http://www.lincolnelectric.com

Non-GAAP...


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