RSS   Newsletter   Contact   Advertise with us

Lincoln Electric Q2 net income $72.6 million

Staff writer ▼ | July 31, 2013
Lincoln Electric Holdings reported second quarter 2013 net income of $72.6 million, EPS $0.87. Adjusted net income was $75.7 million, or $0.91 per diluted share, compared to $68.1 million, or EPS $0.81 in the comparable 2012 period.
Lincoln Electric
Lincoln ElectricLincoln Electric Holdings reported second quarter 2013 net income of $72.6 million, EPS $0.87. Adjusted net income was $75.7 million, or $0.91 per diluted share, compared to $68.1 million, or EPS $0.81 in the comparable 2012 period.


Sales were $727.4 million in the second quarter 2013 versus $744.0 million in the comparable 2012 period, a decrease of 2.2%. Operating income for the second quarter increased $8.2 million to $104.3 million, or 14.3% of sales, from $96.0 million, or 12.9% of sales, in the comparable 2012 period.

Special items that impacted operating income in the second quarter 2013 include pre-tax rationalization charges of $0.9 million, and pre-tax charges of $2.5 million to Costs of goods sold related to the devaluation of the Venezuelan currency.

Sales for the six months ended June 30, 2013 were $1.4 billion versus $1.5 billion in the comparable 2012 period, a decrease of 1.7%. Operating income for the six months ended June 30, 2013 increased $5.2 million to $192.9 million, or 13.3% of sales, from $187.7 million, or 12.8% of sales, in the comparable 2012 period.

Net income for the six months ended June 30, 2013 was $139.4 million, or $1.67 per diluted share, compared with net income of $130.6 million, or $1.54 per diluted share, in 2012.

Adjusted net income was $152.9 million, or $1.83 per diluted share, compared to adjusted net income of $132.4 million, or $1.57 per diluted share, in 2012. The effective tax rate for the six months ended June 30, 2013 was 29.3% compared with 31.7% in 2012.


 

MORE INSIDE POST