Lincoln Electric Reports Financial Results for Third Quarter 2024

Lincoln Electric Holdings, Inc. recently disclosed its financial outcomes for the third quarter ending September 30, 2024. The company’s net sales for the quarter stood at $983.8 million, showing a 4.8% decrease, with organic sales dropping by 7.7% partially offset by a 3.0% benefit from acquisitions. Operating income for the same period was reported as $145.6 million, constituting 14.8% of sales. Adjusted operating income, excluding special items, was $169.8 million, comprising 17.3% of sales.

The company’s President and CEO, Steven B. Hedlund, commented on the quarter, emphasizing the robust profitability and cash flow performance driven by strategic initiatives, efficient cost management, and reduced employee-related costs. Despite challenges with slowing organic sales trends, cost-saving measures were implemented while investments in long-term growth and operational excellence continued.

For the nine months ending September 30, 2024, Lincoln Electric recorded a net income of $325.9 million, with adjusted net income decreasing by 5.1% to $385.3 million. Sales for the period decreased by 4.7% to $2,986.6 million, primarily due to a 6.1% decline in organic sales.

Moreover, the Board of Directors declared a quarterly cash dividend of $0.75 per share, amounting to $3.00 annually per share, indicating a 5.6% increase from the prior quarterly cash dividend. The dividend is set to be paid on January 15, 2025, to shareholders of record as of December 31, 2024.

In the wake of the financial report, Lincoln Electric conducted a conference call on October 31, 2024, to discuss the third quarter results. The company’s diversified operations span across 71 manufacturing and automation system integration sites in 21 countries, serving customers in over 160 nations. For more insights into the financial performance and operations of Lincoln Electric Holdings, Inc., interested parties can access the full details on the company’s website.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Lincoln Electric’s 8K filing here.

Lincoln Electric Company Profile

Lincoln Electric Holdings, Inc, through its subsidiaries, designs, develops, manufactures, and sells welding, cutting, and brazing products worldwide. The company operates through three segments: Americas Welding, International Welding, and The Harris Products Group. It offers brazing and soldering filler metals, arc welding equipment, plasma and oxyfuel cutting systems, wire feeding systems, fume control equipment, welding accessories, and specialty gas regulators, and education solutions, as well as a portfolio of automated solutions for joining, cutting, material handling, module assembly, and end of line testing, as well as involved in brazing and soldering alloys, and in the retail business in the United States.