|Lincoln Electric Reports Second Consecutive Record Sales Quarter of $744.0 Million; 2Q '12 Sales Increase of 6.4%; 2Q Operating Income Increase of 20.0%; 2Q EPS of $0.79, $0.81 as Adjusted, an Increase of 16.2%, 19.1% as Adjusted|
Second Quarter and First Half 2012 Highlights
Sales for the six months ended
Net income for the six months ended
"We are pleased to report our second consecutive quarter of record sales," said
"We are cautious entering the second half of 2012 as we face increased uncertainty in both the political and economic environments around the world. Although our North American markets remain strong, we have seen demand softening in most of our international markets and global economic growth forecasts continue to weaken. Our global growth strategies, which include acquisitions, new product introductions and increasing our commercial presence worldwide, will help us offset the weak economic conditions. Our solid liquidity and ongoing attention to continuous improvements in our operations will provide the increased operating leverage and flexibility required to execute our long-term strategic objectives."
Net cash provided by operating activities increased $52.9 million to $81.7 million in the second quarter from
Net cash provided by operating activities increased $115.3 million to $160.9 million in the six months ended
The Company's Board of Directors declared a quarterly cash dividend of
Financial results for the second quarter 2012 can also be obtained at http://www.lincolnelectric.com/InvestorNews.
A conference call to discuss the second quarter 2012 financial results is scheduled for today,
Adjusted operating income, adjusted net income and adjusted diluted earnings per share are non-GAAP financial measures that management believes are important to investors to evaluate and compare the Company's financial performance from period to period. Management uses this information in assessing and evaluating the Company's underlying operating performance. Non-GAAP financial measures should be read in conjunction with the GAAP financial measures, as non-GAAP measures are a supplement to, and not a replacement for, GAAP financial measures. Please refer to the attached schedule for a reconciliation of non-GAAP financial measures to the related GAAP financial measures.
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. Forward-looking statements generally can be identified by the use of words such as "may," "will," "expect," "intend," "estimate," "anticipate," "believe," "forecast," "guidance" or words of similar meaning. 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: general economic and market conditions; 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 events beyond our control, such as political unrest, acts of terror and natural disasters, 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.
Roy L. Morrow, +1-216-383-4893, Roy_Morrow@lincolnelectric.com