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  
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