Lincoln Electric Holdings, Inc. (the "Company") (Nasdaq: LECO) today reported fourth quarter 2014 net income of $75.2 million, or $0.96 per diluted share. This compares with net income of $88.3 million, or $1.07 per diluted share, in the comparable 2013 period. Adjusted net income in the fourth quarter 2014 was $75.4 million, or $0.96 per diluted share, compared with adjusted net income of $89.2 million, or $1.09 per diluted share, in the comparable 2013 period. The 2013 period includes a benefit of $0.22
per diluted share from our Venezuelan operations, which operates in a
hyper-inflationary environment. This compares with no contribution to
Adjusted net income from our Venezuelan operations in the fourth quarter
2014.
Sales decreased 4.3% to $684.0 million in the fourth quarter 2014 versus $714.8 million
in the comparable 2013 period primarily due to unfavorable foreign
currency translation and volume weakness in our South America Welding
segment. Operating income for the fourth quarter decreased 11.8% to $104.9 million, or 15.3% of sales, from $118.9 million, or 16.6% of sales, in the comparable 2013 period. Adjusted operating income decreased 12.3% to $105.1 million or 15.4% of sales, compared with $119.9 million,
or 16.8% of sales in 2013. Lower 2014 operating income results
primarily reflect a challenging year-over-year comparison in our South
America Welding segment due to contraction in our Venezuelan operations.
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