lincoln electric holdings (LECO) Key Developments
Lincoln Electric Holdings Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Provides Capital Spending Guidance for 2015
Feb 17 15
Lincoln Electric Holdings Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported net sales of $684 million against $714.8 million a year ago. Operating income was $104.9 million against $118.9 million a year ago. Income before income taxes was $100.7 million against $121.4 million a year ago. Net income was $75.2 million or $0.96 per diluted share against $88.3 million or $1.07 per diluted share a year ago. Adjusted net income was $75.4 million or $0.96 per diluted share against $89.2 million or $1.09 per diluted share a year ago. Return on invested capital was 19.1% against 18.9% a year ago. Net cash provided by operating activities was $133.6 million against $96.8 million a year ago. Capital expenditures were $17.6 million against $16.3 million a year ago. EBIT was $106.8 million against $121.1 million a year ago. Adjusted EBIT was $107 million against $122 million a year ago. The prior year's adjusted diluted earnings per share include $0.22 per share from Venezuelan operations in the fourth quarter of 2013.
For the year, the company reported net sales of $2,813.3 million against $2,852.7 million a year ago. Operating income was $373.7 million against $407 million a year ago. Income before income taxes was $375.8 million against $416.4 million a year ago. Net income was $254.7 million or $3.18 per diluted share against $293.8 million or $3.54 per diluted share a year ago. Adjusted net income was $305.9 million or $3.82 per diluted share against $313.2 million or $3.77 per diluted share a year ago. Net cash provided by operating activities was $401.7 million against $338.9 million a year ago. Capital expenditures were $73 million against $76.0 million a year ago. EBIT was $383.2 million against $416 million a year ago. Adjusted EBIT was $434.3 million against $437.4 million a year ago. Excluding Venezuelan results, 2014 adjusted EPS would have increased 10% to $3.65, reflecting solid operational execution and the benefit of share repurchase program.
Current 2015 capital spending plan is estimated at $65 million to $75 million, primarily associated with significant reinvestment projects in North American business.
Lincoln Electric Seeks Acquisitions
Feb 17 15
Chris Mapes, Chairman, President and Chief Executive Officer of Lincoln Electric Holdings Inc. (NasdaqGS:LECO) said in the fourth quarter earnings call, "We are investing in advancing our automation portfolio. This includes not only an active acquisition program but also broadening our automation portfolio to serve a wider base of users."
Lincoln Electric Holdings Inc. Declares Quarterly Cash Dividend, Payable on April 15, 2015
Feb 5 15
Lincoln Electric Holdings Inc. announced that its Board of Directors has declared a quarterly cash dividend of $0.29 per common share, payable April 15, 2015 to shareholders of record as of March 31, 2015.
The Lincoln Electric Company Unveils Orbital MIG Welding System
Jan 27 15
The Lincoln Electric Company has unveiled an orbital metal inert gas, or MIG, welding system. Combined with the Lincoln Electric Power Wave technology, the system redefines industry-wide parameters for quality, consistency and productivity. The system is driven by the APEX 3000 Mechanized Controller, and it pairs with the HELIX M85 weld head and track ring. Each component in the system has the ability to operate together, while the Power Wave advanced process welder can function independently. The HELIX M85 weld head, as a digital system, calculates and controls travel time, weld speed and other variables, thereby alleviating complicated setup work on the front end. The track ring design allows the operator to install or remove the track in seconds. It also eliminates binding and compensates for work surface heat expansion. The gear-driven track resists wear, ensuring quality and consistency. The system also features an ergonomic, hand-held pendant with icon-based interface and full-color screen.
Lincoln Electric Introduces Vantage 520 SD Engine-Driven Welder / Generator
Jan 27 15
Lincoln Electric introduced the Vantage 520 SD engine-driven welder /generator, which joins the larger Vantage 600 SD and Air Vantage 600 SD to form a Severe Duty group of welders suitable for such extreme environments as mining, construction and pipe welding. Each is equipped with a Tier 4 Final (T4F) compliant engine that meets all new EPA diesel fuel emission standards. The Vantage 520 SD is engineered to handle a variety of processes, including: stick welding, TIG welding, MIG welding, pipe welding, flux-cored wire welding, and arc gouging. To deliver improved arc characteristics and other advantages, the Vantage SD series welders share a new digital platform. The results are smoother arc action, faster arc response and improved pipe welding capabilities, including reduced spatter. New pulsing capabilities provide improved arc control for out-of-position work and can be used to reduce heat input, resulting in less distortion of the base material. ArcLink digital communication enables fast, reliable digital communication with advanced wire feeders like the Power Feed 25M portable semiautomatic wire feeder or other components. With access to the Power Feed 25M, welding teams can take advantage of user memory presets for common repeated welding application procedures, as well as operator limits and lockouts. Both features help eliminate operator error on critical welds. The Vantage 520 SD features a Deutz 34.8 horsepower D2.9L4 engine that enables the welder to produce 520 amps/30 volts at 60% duty cycle and 450 amps/32 volts at 100% duty cycle. In addition, the 520 SD is capable of delivering to 11,000 watts single-phase or 17,000 watts three-phase, 120/240 volt AC generator power.