Lincoln Electric Reports Second Quarter 2014 Results

             Lincoln Electric Reports Second Quarter 2014 Results

Q2 EPS $0.96, Adjusted EPS increases 11% to $1.01

PR Newswire

CLEVELAND, July 27, 2014

CLEVELAND, July27, 2014 /PRNewswire/ --

Second Quarter 2014 Highlights
  oReported sales were steady, up 2.1% excluding unfavorable foreign exchange
    translation
  oOperating income increased 7.7% to $112 million, or 15.4% of sales
  oAdjusted operating income increased 8.3% to $117 million and up 120 bps to
    16.0% of sales
  oReturned $87 million to shareholders through share repurchases and
    dividends

Lincoln Electric Holdings,Inc. (the "Company") (Nasdaq: LECO) today reported
second quarter 2014 net income of $77.3 million, or $0.96 per diluted share.
Net income was $72.6 million, or $0.87 per diluted share, in the comparable
2013 period. Adjusted net income was $81.5 million, or $1.01 per diluted
share, compared to adjusted net income of $75.7 million, or $0.91 per diluted
share, in the comparable 2013 period. Adjusted net income in the second
quarter of 2014 includes earnings of $0.04 per diluted share from the
Company's Venezuelan operations.

Sales were relatively steady at $728.5 million in the second quarter 2014
versus $727.4 million in the comparable 2013 period. Operating income for the
second quarter increased 7.7% to $112.3 million, or 15.4% of sales, from
$104.3 million, or 14.3% of sales, in the comparable 2013 period. Adjusted
operating income increased 8.3% to $116.6 million or 16.0% of sales, compared
with $107.7 million, or 14.8% of sales in 2013. Operating income and Adjusted
operating income include 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,
"We are pleased to report improving trends in our business from growth in our
innovative solutions and benefits from acquisitions. We achieved a 16.0%
adjusted operating income margin in the quarter, reinforcing the solid
execution of our '2020 Vision and Strategy' by improving mix, operating
leverage and driving continuous improvement throughout our operations. Cash
returned to shareholders accelerated in the quarter and we now expect to
achieve $250 million in share repurchases this year."

Net income for the six months ended June 30, 2014 was $133.8 million, or $1.65
per diluted share, compared with net income of $139.4 million, or $1.67 per
diluted share, in 2013. Adjusted net income was $155.6 million, or $1.92 per
diluted share, compared to adjusted net income of $152.9 million, or $1.83 per
diluted share, in 2013. Adjusted net income for the six months ended June 30,
2014 includes earnings of $0.18 per diluted share from the Company's
Venezuelan operations.

Sales decreased 2.2% to $1.41 billion in the six months ended June 30, 2014
versus $1.45 billion in the comparable 2013 period. This decrease reflects
lower volumes and unfavorable foreign exchange translation, partially offset
by acquisitions. Operating income for the six months ended June 30, 2014
remained relatively flat at $192.7 million, or 13.6% of sales, compared to
$192.9 million, or 13.3% of sales, in the comparable 2013 period. Results in
2014 include charges of $21.2 million from Venezuelan foreign exchange
remeasurement losses related to the adoption of a new foreign exchange
mechanism in the first quarter. Adjusted operating income increased 3.7% to
$214.7 million or 15.2% of sales, compared with $207.0 million, or 14.3% of
sales in 2013. Operating income and Adjusted operating income include a $3.9
million gain, $2.5 million after-tax or $0.03 per diluted share, from an
insurance settlement.

The Company's Board of Directors declared a quarterly cash dividend of $0.23
per share, which was paid on July 15, 2014 to holders of record on June 30,
2014. During the quarter, the Company returned $68.3 million to shareholders
through the repurchase of 1,009,353 of the Company's common shares.

Webcast Information

A conference call to discuss second quarter 2014 financial results will be
webcast liveon Monday, July28, 2014, at 10:00a.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 68746760. Telephone participants
are asked to dial in 10-15 minutes prior to the start of the conference call.

Financial results for the second quarter 2014 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 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 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; interest rates;
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 Form10-K.



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
                                     2014           %ofSales  2013           %ofSales  $             %
Net sales                            $ 728,531      100.0   %   $ 727,432      100.0   %   $ 1,099       0.2    %
Cost of goods sold                   478,264        65.6    %   487,094        67.0    %   8,830         1.8    %
Gross profit                         250,267        34.4    %   240,338        33.0    %   9,929         4.1    %
Selling, general& administrative    137,156        18.8    %   135,215        18.6    %   (1,941)       (1.4)  %
expenses
Rationalizationandassetimpairment 836            0.1     %   851            0.1     %   15            1.8    %
charges
Operating income                     112,275        15.4    %   104,272        14.3    %   8,003         7.7    %
Interest income                      924            0.1     %   890            0.1     %   34            3.8    %
Equity earnings in affiliates        1,575          0.2     %   1,258          0.2     %   317           25.2   %
Other income                         1,078          0.1     %   913            0.1     %   165           18.1   %
Interest expense                     (986)          (0.1)   %   (799)          (0.1)   %   (187)         (23.4) %
Income before income taxes           114,866        15.8    %   106,534        14.6    %   8,332         7.8    %
Income taxes                         37,577         5.2     %   34,007         4.7     %   (3,570)       (10.5) %
Effective tax rate                   32.7        %              31.9        %              (0.8)       %
Net income including non-controlling 77,289         10.6    %   72,527         10.0    %   4,762         6.6    %
interests
Non-controlling interests in         (43)           —           (79)           —           36            45.6   %
subsidiaries' loss
Net income                           $ 77,332       10.6    %   $ 72,606       10.0    %   $ 4,726       6.5    %
Basic earnings per share             $ 0.97                     $ 0.88                     $ 0.09        10.2   %
Diluted earnings per share           $ 0.96                     $ 0.87                     $ 0.09        10.3   %
Weighted average shares (basic)      79,873                     82,419
Weighted average shares (diluted)    80,773                     83,411
                                     Six months ended June 30,                             Fav (Unfav) to Prior
                                                                                           Year
                                     2014           % of Sales  2013           % of Sales  $             %
Net sales                            $ 1,413,593    100.0   %   $ 1,446,005    100.0   %   $ (32,412)    (2.2)  %
Cost of goods sold                   936,990        66.3    %   979,095        67.7    %   42,105        4.3    %
Gross profit                         476,603        33.7    %   466,910        32.3    %   9,693         2.1    %
Selling, general& administrative    283,071        20.0    %   272,106        18.8    %   (10,965)      (4.0)  %
expenses
Rationalizationandassetimpairment 819            0.1     %   1,902          0.1     %   1,083         56.9   %
charges
Operating income                     192,713        13.6    %   192,902        13.3    %   (189)         (0.1)  %
Interest income                      1,838          0.1     %   1,916          0.1     %   (78)          (4.1)  %
Equity earnings in affiliates        3,136          0.2     %   2,517          0.2     %   619           24.6   %
Other income                         2,161          0.2     %   1,627          0.1     %   534           32.8   %
Interest expense                     (2,556)        (0.2)   %   (1,749)        (0.1)   %   (807)         (46.1) %
Income before income taxes           197,292        14.0    %   197,213        13.6    %   79            —
Income taxes                         63,579         4.5     %   57,843         4.0     %   (5,736)       (9.9)  %
Effective tax rate                   32.2        %              29.3        %              (2.9)       %
Net income including non-controlling 133,713        9.5     %   139,370        9.6     %   (5,657)       (4.1)  %
interests
Non-controlling interests in         (72)           —           (42)           —           (30)          (71.4) %
subsidiaries' loss
Net income                           $ 133,785      9.5     %   $ 139,412      9.6     %   $ (5,627)     (4.0)  %
Basic earnings per share             $ 1.67                     $ 1.69                     $ (0.02)      (1.2)  %
Diluted earnings per share           $ 1.65                     $ 1.67                     $ (0.02)      (1.2)  %
Weighted average shares (basic)      80,260                     82,569
Weighted average shares (diluted)    81,194                     83,606





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,
                        2014            2013         2014          2013
Operating income as     $   112,275     $  104,272   $  192,713    $ 192,902
reported
Special items
(pre-tax):
Rationalization and
asset impairment        836             851          819           1,902
charges(1)
Venezuela foreign       3,468           2,538        21,133        12,198
exchange losses(2)
Adjusted operating      $   116,579     $  107,661   $  214,665    $ 207,002
income (3)
Net income as reported  $   77,332      $  72,606    $  133,785    $ 139,412
Special items
(after-tax):
Rationalization and
asset impairment        698             579          691           1,252
charges(1)
Venezuela foreign       3,468           2,538        21,133        12,198
exchange losses(2)
Adjusted net income (3) $   81,498      $  75,723    $  155,609    $ 152,862
Diluted earnings per    $   0.96        $  0.87      $  1.65       $ 1.67
share as reported
Special items           0.05            0.04         0.27          0.16
Adjusted diluted        $   1.01        $  0.91      $  1.92       $ 1.83
earnings per share (3)
Weighted average shares 80,773          83,411       81,194        83,606
(diluted)

    The three and six months ended June 30, 2014 and 2013 include net charges
(1) associated with severance and other related costs from the consolidation
    of manufacturing operations partiallyoffset by gains related to the sale
    of assets at rationalized operations.
    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
(2) exchange mechanism in the first quarter. The three and six months ended
    June 30, 2013 represents the impact of the devaluation of the Venezuelan
    currency.
    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
(3) 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
SelectedConsolidatedBalanceSheetData      June 30, 2014  December 31, 2013
Cash and cash equivalents                     $ 204,285      $   299,825
Total current assets                          1,105,739      1,130,775
Property, plant and equipment, net            481,861        484,005
Total assets                                  2,144,839      2,151,867
Total current liabilities                     464,489        456,917
Short-term debt (1)                           6,908          15,296
Long-term debt                                1,159          3,791
Total equity                                  1,521,473      1,530,688
Net Operating Working Capital                 June 30, 2014  December 31, 2013
Accounts receivable                           $ 407,223      $   367,134
Inventory                                     368,027        349,963
Trade accounts payable                        196,929        212,799
Net operating working capital                 $ 578,321      $   504,298
Net operating working capital to net sales    19.8        %  17.6           %
(2)
Invested Capital                              June 30, 2014  December 31, 2013
Short-term debt (1)                           $ 6,908        $   15,296
Long-term debt                                1,159          3,791
Total debt                                    8,067          19,087
Total equity                                  1,521,473      1,530,688
Invested capital                              $ 1,529,540    $   1,549,775
Total debt / invested capital                 0.5         %  1.2            %
Return on invested capital (3)                18.9        %  18.9           %

(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,
                                                   2014          2013
OPERATING ACTIVITIES:
Net income                                         $  77,332     $  72,606
Non-controlling interests in subsidiaries' loss    (43)          (79)
Net income including non-controlling interests     77,289        72,527
Adjustments to reconcile Net income including
non-controlling interests to Net cash provided by
operating activities:
Rationalization and asset impairment charges       894           240
Depreciation and amortization                      17,969        17,158
Equity earnings in affiliates, net                 (701)         (446)
Pension expense                                    2,676         7,320
Pension contributions and payments                 (2,083)       (26,030)
Other non-cash items, net                          (3,325)       9,991
Changes in operating assets and liabilities, net
of effects from acquisitions:
Decrease in accounts receivable                    544           23,218
(Increase) decrease in inventories                 (2,298)       4,026
Decrease in trade accounts payable                 (3,341)       (20,108)
Net change in other current assets and liabilities 21,833        21,439
Net change in other long-term assets and           (4,483)       (2,136)
liabilities
NET CASH PROVIDED BY OPERATING ACTIVITIES          104,974       107,199
INVESTING ACTIVITIES:
Capital expenditures                               (25,441)      (15,910)
Acquisition of businesses, net of cash acquired    —             (4,127)
Proceeds from sale of property, plant and          4,443         487
equipment
Other investing activities                         205           (4,217)
NET CASH USED BY INVESTING ACTIVITIES              (20,793)      (23,767)
FINANCING ACTIVITIES:
Net change in borrowings                           (2,087)       (1,263)
Proceeds from exercise of stock options            1,054         3,546
Excess tax benefits from stock-based compensation  826           1,476
Purchase of shares for treasury                    (68,312)      (56,897)
Cash dividends paid to shareholders                (18,496)      (16,580)
Transactions with non-controlling interests        —             (2,809)
NET CASH USED BY FINANCING ACTIVITIES              (87,015)      (72,527)
Effect of exchange rate changes on Cash and cash   1,732         (2,971)
equivalents
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS   (1,102)       7,934
Cash and cash equivalents at beginning of period   205,387       248,455
Cash and cash equivalents at end of period         $  204,285    $  256,389
Cash dividends paid per share                      $  0.23       $  0.20





Lincoln Electric Holdings, Inc.
Financial Highlights
(In thousands, except per share amounts)
(Unaudited)
Condensed Consolidated Statements of Cash Flows     Six months ended June 30,
                                                     2014          2013
OPERATING ACTIVITIES:
Net income                                           $  133,785    $ 139,412
Non-controlling interests in subsidiaries' loss      (72)          (42)
Net income including non-controlling interests       133,713       139,370
Adjustments to reconcile Net income including
non-controlling interests to Net cashprovided by
operating activities:
Rationalization and asset impairment charges         859           354
Depreciation and amortization                        35,900        34,555
Equity earnings in affiliates, net                   (1,497)       (882)
Pension expense                                      5,476         14,935
Pension contributions and payments                   (24,164)      (81,351)
Other non-cash items, net                            20,659        24,336
Changes in operating assets and liabilities, net of
effects from acquisitions:
Increase in accounts receivable                      (43,341)      (43,367)
Increase in inventories                              (17,455)      (12,308)
Decrease in trade accounts payable                   (15,449)      (11,840)
Net change in other current assets and liabilities   27,380        25,621
Net change in other long-term assets and liabilities (3,476)       (2,372)
NET CASH PROVIDED BY OPERATING ACTIVITIES            118,605       87,051
INVESTING ACTIVITIES:
Capital expenditures                                 (39,947)      (31,048)
Acquisition of businesses, net of cash acquired      (892)         (4,676)
Proceeds from sale of property, plant and equipment  5,509         592
Other investing activities                           778           (4,217)
NET CASH USED BY INVESTING ACTIVITIES                (34,552)      (39,349)
FINANCING ACTIVITIES:
Net change in borrowings                             (10,143)      (2,755)
Proceeds from exercise of stock options              4,010         13,204
Excess tax benefits from stock-based compensation    2,478         5,465
Purchase of shares for treasury                      (119,333)     (69,677)
Cash dividends paid to shareholders                  (37,119)      (16,580)
Transactions with non-controlling interests          (2,330)       (2,809)
NET CASH USED BY FINANCING ACTIVITIES                (162,437)     (73,152)
Effect of exchange rate changes on Cash and cash     (17,156)      (4,625)
equivalents
DECREASE IN CASH AND CASH EQUIVALENTS                (95,540)      (30,075)
Cash and cash equivalents at beginning of period     299,825       286,464
Cash and cash equivalents at end of period           $  204,285    $ 256,389
Cash dividends paid per share                        $  0.46       $ 0.20





Lincoln Electric Holdings, Inc.
Segment Highlights
(In thousands)
(Unaudited)
              North                                   South        TheHarris
                           Europe       AsiaPacific                            Corporate/
              America                                 America      Products                   Consolidated
                           Welding      Welding                                 Eliminations
              Welding                                 Welding      Group
Three months
ended June
30, 2014
Net sales     $ 429,490    $ 115,574    $  66,997     $ 39,051     $ 77,419                   $ 728,531
Inter-segment 33,360       5,494        3,600         35           2,262        (44,751)      —
sales
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      19.7      %  11.5      %  0.7        %  3.9       %  9.0       %                15.8        %
sales
Special items
(gain) charge $ (21)       $ 965        $  (108)      $ 3,468      $ —          $  —          $ 4,304
^(2)
EBIT, as      $ 91,195     $ 14,899     $  365        $ 4,995      $ 7,178      $  600        $ 119,232
adjusted ^(4)
As a percent
of total      19.7      %  12.3      %  0.5        %  12.8      %  9.0       %                16.4        %
sales
Three months
ended June
30, 2013
Net sales     $ 419,069    $ 108,661    $  69,239     $ 44,503     $ 85,960     $  —          $ 727,432
Inter-segment 35,529       4,330        4,374         51           2,674        (46,958)      —
sales
Total         $ 454,598    $ 112,991    $  73,613     $ 44,554     $ 88,634     $  (46,958)   $ 727,432
EBIT ^(1)     $ 82,511     $ 9,457      $  143        $ 8,527      $ 7,343      $  (1,538)    $ 106,443
As a percent
of total      18.2      %  8.4       %  0.2        %  19.1      %  8.3       %                14.6        %
sales
Special items
(gain) charge $ 266        $ 75         $  510        $ 2,538      $ —          $  —          $ 3,389
^(3)
EBIT, as      $ 82,777     $ 9,532      $  653        $ 11,065     $ 7,343      $  (1,538)    $ 109,832
adjusted ^(4)
As a percent
of total      18.2      %  8.4       %  0.9        %  24.8      %  8.3       %                15.1        %
sales
Six months
ended June
30, 2014
Net sales     $ 831,396    $ 220,980    $  128,283    $ 83,044     $ 149,890    $  —          $ 1,413,593
Inter-segment 66,303       11,354       8,049         64           4,380        (90,150)      —
sales
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      18.1      %  10.0      %  (0.1)      %  (5.3)     %  8.6       %                14.0        %
sales
Special items
(gain) charge $ (68)       $ 1,004      $  (117)      $ 21,133     $ —          $  —          $ 21,952
^(2)
EBIT, as      $ 162,559    $ 24,191     $  (275)      $ 16,760     $ 13,236     $  3,491      $ 219,962
adjusted ^(4)
As a percent
of total      18.1      %  10.4      %  (0.2)      %  20.2      %  8.6       %                15.6        %
sales
Six months
ended June
30, 2013
Net sales     $ 838,623    $ 219,152    $  139,278    $ 80,877     $ 168,075    $  —          $ 1,446,005
Inter-segment 64,514       8,609        8,758         71           4,898        (86,850)      —
sales
Total         $ 903,137    $ 227,761    $  148,036    $ 80,948     $ 172,973    $  (86,850)   $ 1,446,005
EBIT ^(1)     $ 158,311    $ 20,164     $  2,239      $ 3,979      $ 14,494     $  (2,141)    $ 197,046
As a percent
of total      17.5      %  8.9       %  1.5        %  4.9       %  8.4       %                13.6        %
sales
Special items
(gain) charge $ 1,126      $ 69         $  707        $ 12,198     $ —          $  —          $ 14,100
^(3)
EBIT, as      $ 159,437    $ 20,233     $  2,946      $ 16,177     $ 14,494     $  (2,141)    $ 211,146
adjusted ^(4)
As a percent
of total      17.7      %  8.9       %  2.0        %  20.0      %  8.4       %                14.6        %
sales

(1) EBIT is defined as Operating income plus Equity earnings in affiliates and
    Other income.
    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
(2) consolidation of manufacturing operations partiallyoffset 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 in the first quarter.
    Special items in the three and six months ended June 30, 2013 include net
(3) rationalization and asset impairment charges and the impact of the
    devaluation of the Venezuelan currency.
    The primary profit measure used by management to assess segment
(4) 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:
             NetSales                                             Foreign       NetSales
                           Volume        Acquisitions  Price
             2013                                                  Exchange      2014
Operating
Segments
North
America      $ 419,069     $ (794)       $  8,462      $ 4,435     $ (1,682)     $ 429,490
Welding
Europe       108,661       3,410         —             (212)       3,715         115,574
Welding
Asia Pacific 69,239        (264)         —             370         (2,348)       66,997
Welding
South
America      44,503        (8,770)       —             16,709      (13,391)      39,051
Welding
The Harris
Products     85,960        (3,984)       —             (4,571)     14            77,419
Group
Consolidated $ 727,432     $ (10,402)    $  8,462      $ 16,731    $ (13,692)    $ 728,531
% Change
North
America                    (0.2)      %  2.0        %  1.1      %  (0.4)      %  2.5         %
Welding
Europe                     3.1        %  —             (0.2)    %  3.4        %  6.4         %
Welding
Asia Pacific               (0.4)      %  —             0.5      %  (3.4)      %  (3.2)       %
Welding
South
America                    (19.7)     %  —             37.5     %  (30.1)     %  (12.3)      %
Welding
The Harris
Products                   (4.6)      %  —             (5.3)    %  —             (9.9)       %
Group
Consolidated               (1.4)      %  1.2        %  2.3      %  (1.9)      %  0.2         %
Six Months Ended June 30th Change in Net Sales by Segment
                           Change in Net Sales due to:
             NetSales                                             Foreign       NetSales
                           Volume        Acquisitions  Price
             2013                                                  Exchange      2014
Operating
Segments
North
America      $ 838,623     $ (24,204)    $  16,331     $ 5,675     $ (5,029)     $ 831,396
Welding
Europe       219,152       (2,077)       —             (1,762)     5,667         220,980
Welding
Asia Pacific 139,278       (5,650)       —             45          (5,390)       128,283
Welding
South
America      80,877        (10,796)      —             30,410      (17,447)      83,044
Welding
The Harris
Products     168,075       (3,584)       —             (13,775)    (826)         149,890
Group
Consolidated $ 1,446,005   $ (46,311)    $  16,331     $ 20,593    $ (23,025)    $ 1,413,593
% Change
North
America                    (2.9)      %  1.9        %  0.7      %  (0.6)      v  (0.9)       %
Welding
Europe                     (0.9)      %  —             (0.8)    %  2.6        %  0.8         %
Welding
Asia Pacific               (4.1)      %  —             —           (3.9)      %  (7.9)       %
Welding
South
America                    (13.3)     %  —             37.6     %  (21.6)     %  2.7         %
Welding
The Harris
Products                   (2.1)      %  —             (8.2)    %  (0.5)      %  (10.8)      %
Group
Consolidated               (3.2)      %  1.1        %  1.4      %  (1.6)      %  (2.2)       %



SOURCE Lincoln Electric Holdings, Inc.

Website: http://www.lincolnelectric.com
Contact: Amanda Butler, Director, Investor Relations, Tel: 216.383.2534,
Email: Amanda_Butler@lincolnelectric.com
 
Press spacebar to pause and continue. Press esc to stop.