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LINCOLN ELEC HLD : Third Quarter 2007 Financial Results
25 oct. 2007•18:10
October 25, 2007 - 9:30 AM Eastern
Third Quarter 2007 Financial Results
Lincoln Electric Reports Record 2007 Third Quarter Financial Results
CLEVELAND, Three Months Ended September 30, 2007
* Sales increased 14.1% to $564.8 million
* Operating income increased 13.3%
* Excluding non-recurring items in 2006, operating income increased
* Net income increased 14.0% to $50.0 million
* Excluding non-recurring items in 2006, adjusted net income increased
12.3% to $50.0 million
* Diluted Earnings Per Share (EPS) were $1.15 vs. $1.02, an increase of
* Excluding non-recurring items in 2006, Diluted EPS was $1.15 vs.
$1.03 an increase of 11.7%
* Net cash provided by operating activities was $96.7 million
Nine Months Ended September 30, 2007
* Sales increased 16.0% to $1.70 billion
* Operating income increased 21.6%
* Excluding non-recurring items, operating income increased 19.7%
* Net income increased 24.3% to $153.2 million
* Excluding non-recurring items, adjusted net income increased 21.7% to
* Diluted EPS was $3.53 vs. $2.87, an increase of 23.0%
* Excluding non-recurring items, Diluted EPS was $3.54 vs. $2.94, an
increase of 20.4%
* Net cash provided by operating activities was $204.1 million
Lincoln Electric Holdings, Inc. (the "Company") (Nasdaq: LECO) today reported that 2007 third quarter net income increased 14.0% to $50.0 million, or $1.15 per diluted share, on sales of $564.8 million, an increase of 14.1%. Net income in the comparable period of 2006 was $43.9 million, or $1.02 per diluted share, on net sales of $495.1 million. Operating income for the 2007 third quarter increased 13.3% to $67.6 million from $59.7 million in the comparable 2006 period. Net income for the 2006 third quarter includes charges of $0.7 million ($0.7 million after-tax, or $0.01 per diluted share) related to European rationalization actions. Excluding non-recurring items, adjusted net income increased 12.3% to $50.0 million, or $1.15 per diluted share in 2007 compared to $44.5 million or $1.03 per diluted share in 2006. The 2007 third quarter effective tax rate was 28.7% compared with 28.9% in 2006.
"We had another strong quarter of overall sales, profits and cash flow. These positive results have been achieved despite challenges in several key market and geographic segments," said John M. Stropki, Chairman and Chief Executive Officer. "We continue to focus on strategically strengthening our broad global manufacturing platform and product line. I am very pleased with the continued impact of supply chain improvements which resulted in record levels of operating cash flows."
Sales for the Company's North American operations were $346.7 million in the quarter versus $330.4 million in the comparable quarter last year, an increase of 4.9%. U.S. export sales in the quarter increased 19.6% to $50.6 million from $42.3 million in 2006.
Sales at Lincoln subsidiaries outside North America increased to $218.1 million in the third quarter, compared with $164.7 million in the year ago quarter. In local currencies, international subsidiaries' sales increased 19.2%.
Net income for the first nine months of 2007 increased 24.3% to $153.2 million, or $3.53 per diluted share. This compares with net income of $123.2 million in the same period last year, or $2.87 per diluted share. Operating income for the nine month period increased 21.6% to $211.3 million from $173.7 million in the 2006 period. Net income for the first nine months of 2007 and 2006 includes non-recurring charges related to European rationalization actions of $0.4 million ($0.4 million after-tax, or $0.01 per diluted share) and $3.0 million ($3.0 million after-tax, or $0.07 per diluted share), respectively. Excluding non-recurring items, adjusted net income increased 21.7% to $153.6 million, or $3.54 per diluted share in 2007 compared to $126.2 million, or $2.94 per diluted share in 2006.
Sales in the first nine months of 2007 increased 16.0%, to $1.70 billion from $1.47 billion in the 2006 comparable period. The Company's North American operations had sales of $1.06 billion in 2007, compared with $986.3 million for the same period in 2006, an increase of 7.1%. U.S. export sales increased 31.7% to $148.2 million, compared with $112.5 million in the comparable 2006 period. Lincoln operations outside of North America had sales of $644.2 million, an increase of 34.3% over prior year sales of $479.7 million. In local currencies, sales for the Company's international operations increased 20.6%.
Net cash provided by operating activities was $96.7 million and $204.1 million for the three month and nine month periods ending September 30, 2007, respectively, compared with $47.8 million and $105.1 million for the comparable periods of 2006. During 2007, the Company repaid $40.0 million of outstanding debt under its Senior Unsecured Notes and paid $28.3 million in dividends. The Company's Board of Directors declared a quarterly cash dividend of $0.22, which was paid on October 15, 2007 to holders of record as of September 28, 2007.
Lincoln Electric is the world leader in the design, development and manufacture of arc welding products, robotic arc-welding systems, plasma and oxyfuel cutting equipment and has a leading global position in the brazing and soldering alloys market. Headquartered in Cleveland, Ohio, Lincoln has 35 manufacturing locations, including operations, manufacturing alliances 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, its products and services, visit the Company's Website at http://www.lincolnelectric.com.
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. 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: the effectiveness of operating initiatives; currency exchange and interest rates; adverse outcome of pending or potential litigation; possible acquisitions; market risks and price fluctuations related to the purchase of commodities and energy; global regulatory complexity; and the possible effects of international terrorism and hostilities 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 Form 10-K for the year ended December 31, 2006.
A conference call to discuss third quarter 2007 results is scheduled for today, Thursday, October 25, 2007 at 9:30 a.m. Eastern Time. An audio webcast of the call is accessible through the Investor page on the Company's Website at http://www.lincolnelectric.com.
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