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Lincoln Electric Holdings Inc. (LECO) filed Quarterly Report for the period ended 2011-09-30.
Lincoln Electric Holdings Inc. has a market cap of $3.17 billion; its shares were traded at around $37.66 with a P/E ratio of 18.5 and P/S ratio of 1.6. The dividend yield of Lincoln Electric Holdings Inc. stocks is 1.5%. Lincoln Electric Holdings Inc. had an annual average earning growth of 8.7% over the past 10 years.
This is the annual revenues and earnings per share of LECO over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of LECO.
Highlight of Business Operations:
Gross Profit: Gross profit increased 30.4% to $542,394 for the nine months ended September 30, 2011 compared with $415,987 in the nine months ended September 30, 2010. As a percentage of Net sales, Gross profit decreased to 27.1% in the nine months ended September 30, 2011 as compared to 27.6% in the same period in 2010. The decrease was the result of rising material costs and lower margins from recent acquisitions. In the prior year period, the South America Welding segment recorded charges of $5,755 resulting from the change in functional currency and related devaluation of the Venezuelan currency. Foreign currency exchange rates had a $12,101 favorable translation impact in the nine months ended September 30, 2011.Selling, General & Administrative (“SG&A”) Expenses: SG&A expenses were higher than prior year by $43,342, or 15.2%, in the nine months ended September 30, 2011 compared with the same period in 2010. As a percentage of Net sales, SG&A expenses were 16.4% in the nine months ended September 30, 2011 and 18.9% in the same period in 2010. The increase in SG&A expenses was predominantly due to higher bonus expense of $26,918, increased selling, general, & administrative expenses from acquisitions of $5,347, an unfavorable impact from foreign currency translation of $7,903, and increased selling, administrative and research and development expense of $6,675, partially offset by a decrease in legal expenses of $6,347. In the prior year period, the South America Welding segment recorded a gain of $2,632 due to the change in the functional currency and related devaluation of the Venezuelan currency.
Special items included in Operating income during the third quarter of 2010, include rationalization charges of $269, primarily related to costs associated with the consolidation of manufacturing operations initiated in 2009 offset by gains on the disposal of assets at rationalized operations and a charge of $815 in Cost of goods sold related to the change in functional currency for the Company’s operation in Venezuela to the U.S. dollar and the devaluation of the Venezuelan currency. Special items included in Operating income during the nine months ended September 30, 2010 include a rationalization gain of $2,559, primarily related to the disposal of assets at rationalized operations offset by costs associated with the consolidation of manufacturing operations initiated in 2009 and a net charge of $3,123 related to the change in the functional currency for the Company’s operation in Venezuela to the U.S. dollar and the devaluation of the Venezuelan currency. The net charge of $3,123 includes an incremental inventory cost of $5,755 included in Cost of goods sold and a foreign currency transaction gain of $2,632 included in SG&A expenses.
Special items included in Net income during 2010 include rationalization charges of $265 and gains of $2,896 for the three and nine months ended September 30, 2010, respectively, primarily related to costs associated with the consolidation of manufacturing operations initiated in 2009 offset by gains on the disposal of assets at rationalized operations. Special items for 2010 also include net charges of $815 and $3,560 for the three and nine months ended September 30, 2010, respectively, related to the change in the functional currency for the Company’s operation in Venezuela to the U.S. dollar and the devaluation of the Venezuelan currency. In addition, special items include charges of $44 and $1,890 in Noncontrolling interests for the three and nine months ended September 30, 2010, respectively, associated with gains recognized on the disposal of assets for a majority-owned consolidated subsidiary.
Cash and cash equivalents decreased 12.2% or $44,733 during the nine months ended September 30, 2011 to $321,460 from $366,193 as of December 31, 2010. This compares to a decrease of 1.4% or $5,599 to $382,537 during the nine months ended September 30, 2010.
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