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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Lincoln Electric Holdings Inc | NASDAQ:LECO | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-1.67 | -0.72% | 228.99 | 228.31 | 230.01 | 232.75 | 228.575 | 232.75 | 238,567 | 00:28:06 |
Ohio | 34-1860551 | |
(State or other jurisdiction of incorporation) | (I.R.S. Employer Identification No.) |
Item 2.02 | Results of Operations and Financial Condition. | |
On February 9, 2016, Lincoln Electric Holdings, Inc. (the “Company”) issued a press release announcing a new organizational and segment reporting structure. The press release announces that, effective in the first quarter of 2016, the Company will report three operating segments (Americas Welding, International Welding and The Harris Products Group) and contains the reclassification of historical results into the three new business segments for previously reported periods for 2013, 2014 and the first, second and third quarters of 2015. A copy of the Company’s press release issued on February 9, 2016 is attached hereto as Exhibit 99.1 and incorporated herein by reference. The press release is also available through the Company’s website at www.lincolnelectric.com. The information in this Current Report on Form 8-K, including the Exhibit, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act. | ||
Item 9.01 | Financial Statements and Exhibits. | |
(d) Exhibits | ||
99.1 The Company’s press release dated February 9, 2016. |
LINCOLN ELECTRIC HOLDINGS, INC. | ||
/s/ Vincent K. Petrella | ||
Vincent K. Petrella | ||
Executive Vice President, Chief Financial Officer and Treasurer | ||
(principal financial officer) | ||
February 9, 2016 |
Exhibit No. | Exhibit | ||
99.1 | The Company’s press release dated February 9, 2016. | ||
Americas Welding | International Welding | The Harris Products Group | Corporate / Eliminations | Consolidated | ||||||||||||||||
Three months ended September 30, 2015 | ||||||||||||||||||||
Net sales | $ | 454,172 | $ | 128,072 | $ | 62,922 | $ | — | $ | 645,166 | ||||||||||
Inter-segment sales | 25,571 | 5,400 | 2,307 | (33,278 | ) | — | ||||||||||||||
Total | $ | 479,743 | $ | 133,472 | $ | 65,229 | $ | (33,278 | ) | $ | 645,166 | |||||||||
EBIT (1) | $ | (83,413 | ) | $ | (5,676 | ) | $ | 6,422 | $ | (748 | ) | $ | (83,415 | ) | ||||||
As a percent of total sales | (17.4 | %) | (4.3 | %) | 9.8 | % | (12.9 | %) | ||||||||||||
Special items charge (2) | $ | 166,178 | $ | 14,944 | $ | — | $ | — | $ | 181,122 | ||||||||||
EBIT, as adjusted (3) | $ | 82,765 | $ | 9,268 | $ | 6,422 | $ | (748 | ) | $ | 97,707 | |||||||||
As a percent of total sales | 17.3 | % | 6.9 | % | 9.8 | % | 15.1 | % | ||||||||||||
Three months ended June 30, 2015 | ||||||||||||||||||||
Net sales | $ | 451,001 | $ | 141,927 | $ | 71,812 | $ | — | $ | 664,740 | ||||||||||
Inter-segment sales | 23,902 | 5,311 | 2,716 | (31,929 | ) | — | ||||||||||||||
Total | $ | 474,903 | $ | 147,238 | $ | 74,528 | $ | (31,929 | ) | $ | 664,740 | |||||||||
EBIT (1) | $ | 79,421 | $ | 9,778 | $ | 8,250 | $ | 634 | $ | 98,083 | ||||||||||
As a percent of total sales | 16.7 | % | 6.6 | % | 11.1 | % | 14.8 | % | ||||||||||||
Special items charge (2) | $ | — | $ | 1,239 | $ | — | $ | — | $ | 1,239 | ||||||||||
EBIT, as adjusted (3) | $ | 79,421 | $ | 11,017 | $ | 8,250 | $ | 634 | $ | 99,322 | ||||||||||
As a percent of total sales | 16.7 | % | 7.5 | % | 11.1 | % | 14.9 | % | ||||||||||||
Three months ended March 31, 2015 | ||||||||||||||||||||
Net sales | $ | 448,837 | $ | 139,247 | $ | 69,816 | $ | — | $ | 657,900 | ||||||||||
Inter-segment sales | 23,023 | 5,027 | 2,011 | (30,061 | ) | — | ||||||||||||||
Total | $ | 471,860 | $ | 144,274 | $ | 71,827 | $ | (30,061 | ) | $ | 657,900 | |||||||||
EBIT (1) | $ | 75,415 | $ | 10,934 | $ | 7,549 | $ | 60 | $ | 93,958 | ||||||||||
As a percent of total sales | 16.0 | % | 7.6 | % | 10.5 | % | 14.3 | % | ||||||||||||
Special items charge | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
EBIT, as adjusted (3) | $ | 75,415 | $ | 10,934 | $ | 7,549 | $ | 60 | $ | 93,958 | ||||||||||
As a percent of total sales | 16.0 | % | 7.6 | % | 10.5 | % | 14.3 | % | ||||||||||||
Nine months ended September 30, 2015 | ||||||||||||||||||||
Net sales | $ | 1,354,010 | $ | 409,246 | $ | 204,550 | $ | — | $ | 1,967,806 | ||||||||||
Inter-segment sales | 72,496 | 15,738 | 7,034 | (95,268 | ) | — | ||||||||||||||
Total | $ | 1,426,506 | $ | 424,984 | $ | 211,584 | $ | (95,268 | ) | $ | 1,967,806 | |||||||||
EBIT (1) | $ | 71,423 | $ | 15,036 | $ | 22,221 | $ | (54 | ) | $ | 108,626 | |||||||||
As a percent of total sales | 5.0 | % | 3.5 | % | 10.5 | % | 5.5 | % | ||||||||||||
Special items charge (2) | $ | 166,178 | $ | 16,183 | $ | — | $ | — | $ | 182,361 | ||||||||||
EBIT, as adjusted (3) | $ | 237,601 | $ | 31,219 | $ | 22,221 | $ | (54 | ) | $ | 290,987 | |||||||||
As a percent of total sales | 16.7 | % | 7.3 | % | 10.5 | % | 14.8 | % |
(1) | EBIT is defined as Operating income plus Equity earnings in affiliates and Other income. |
(2) | Special items in indicated periods include rationalization charges related to employee severance and other related costs. Special items in the three and nine months ended September 30, 2015 also include charges related to pension settlements, charges related to the impairment of long-lived assets and goodwill and charges related to Venezuelan remeasurement losses upon the adoption of a new foreign exchange mechanism. |
(3) | The primary profit measure used by management to assess segment performance is EBIT, as adjusted. EBIT for each operating segment is adjusted for special items to derive EBIT, as adjusted. |
Americas Welding | International Welding | The Harris Products Group | Corporate / Eliminations | Consolidated | ||||||||||||||||
Three months ended December 31, 2014 | ||||||||||||||||||||
Net sales | $ | 460,907 | $ | 157,090 | $ | 65,957 | $ | — | $ | 683,954 | ||||||||||
Inter-segment sales | 26,074 | 4,825 | 1,821 | (32,720 | ) | — | ||||||||||||||
Total | $ | 486,981 | $ | 161,915 | $ | 67,778 | $ | (32,720 | ) | $ | 683,954 | |||||||||
EBIT (1) | $ | 89,600 | $ | 10,183 | $ | 6,380 | $ | 649 | $ | 106,812 | ||||||||||
As a percent of total sales | 18.4 | % | 6.3 | % | 9.4 | % | 15.6 | % | ||||||||||||
Special items charge (2) | $ | — | $ | 166 | $ | — | $ | — | $ | 166 | ||||||||||
EBIT, as adjusted (4) | $ | 89,600 | $ | 10,349 | $ | 6,380 | $ | 649 | $ | 106,978 | ||||||||||
As a percent of total sales | 18.4 | % | 6.4 | % | 9.4 | % | 15.6 | % | ||||||||||||
Three months ended September 30, 2014 | ||||||||||||||||||||
Net sales | $ | 469,390 | $ | 168,004 | $ | 78,383 | $ | — | $ | 715,777 | ||||||||||
Inter-segment sales | 27,244 | 4,715 | 2,009 | (33,968 | ) | — | ||||||||||||||
Total | $ | 496,634 | $ | 172,719 | $ | 80,392 | $ | (33,968 | ) | $ | 715,777 | |||||||||
EBIT (1) | $ | 83,444 | $ | (13,757 | ) | $ | 8,947 | $ | (302 | ) | $ | 78,332 | ||||||||
As a percent of total sales | 16.8 | % | (8.0 | %) | 11.1 | % | 10.9 | % | ||||||||||||
Special items charge (2) | $ | 582 | $ | 28,486 | $ | — | $ | — | $ | 29,068 | ||||||||||
EBIT, as adjusted (4) | $ | 84,026 | $ | 14,729 | $ | 8,947 | $ | (302 | ) | $ | 107,400 | |||||||||
As a percent of total sales | 16.9 | % | 8.5 | % | 11.1 | % | 15.0 | % | ||||||||||||
Three months ended June 30, 2014 | ||||||||||||||||||||
Net sales | $ | 465,524 | $ | 185,588 | $ | 77,419 | $ | — | $ | 728,531 | ||||||||||
Inter-segment sales | 28,989 | 6,080 | 2,262 | (37,331 | ) | — | ||||||||||||||
Total | $ | 494,513 | $ | 191,668 | $ | 79,681 | $ | (37,331 | ) | $ | 728,531 | |||||||||
EBIT (1) | $ | 92,494 | $ | 14,471 | $ | 7,178 | $ | 785 | $ | 114,928 | ||||||||||
As a percent of total sales | 18.7 | % | 7.6 | % | 9.0 | % | 15.8 | % | ||||||||||||
Special items charge (3) | $ | 3,447 | $ | 857 | $ | — | $ | — | $ | 4,304 | ||||||||||
EBIT, as adjusted (4) | $ | 95,941 | $ | 15,328 | $ | 7,178 | $ | 785 | $ | 119,232 | ||||||||||
As a percent of total sales | 19.4 | % | 8.0 | % | 9.0 | % | 16.4 | % | ||||||||||||
Three months ended March 31, 2014 | ||||||||||||||||||||
Net sales | $ | 441,849 | $ | 170,742 | $ | 72,471 | $ | — | $ | 685,062 | ||||||||||
Inter-segment sales | 28,217 | 5,988 | 2,118 | (36,323 | ) | — | ||||||||||||||
Total | $ | 470,066 | $ | 176,730 | $ | 74,589 | $ | (36,323 | ) | $ | 685,062 | |||||||||
EBIT (1) | $ | 66,070 | $ | 8,284 | $ | 6,058 | $ | 2,670 | $ | 83,082 | ||||||||||
As a percent of total sales | 14.1 | % | 4.7 | % | 8.1 | % | 12.1 | % | ||||||||||||
Special items charge (3) | $ | 17,618 | $ | 30 | $ | — | $ | — | $ | 17,648 | ||||||||||
EBIT, as adjusted (4) | $ | 83,688 | $ | 8,314 | $ | 6,058 | $ | 2,670 | $ | 100,730 | ||||||||||
As a percent of total sales | 17.8 | % | 4.7 | % | 8.1 | % | 14.7 | % |
(1) | EBIT is defined as Operating income plus Equity earnings in affiliates and Other income. |
(2) | Special items in the three months ended December 31, 2014 and September 30, 2014 represent net asset impairment charges. Special items in the three months ended September 30, 2014 also includes net rationalization charges and a gain on sale of real estate. |
(3) | Special items in the three months ended June 30, 2014 and March 30, 2014 include net rationalization charges partially offset by gains related to the sale of assets at rationalized operations and the impact of Venezuelan remeasurement losses related to the adoption of a new foreign exchange mechanism. |
(4) | The primary profit measure used by management to assess segment performance is EBIT, as adjusted. EBIT for each operating segment is adjusted for special items to derive EBIT, as adjusted. |
Americas Welding | International Welding | The Harris Products Group | Corporate / Eliminations | Consolidated | ||||||||||||||||
Twelve months ended December 31, 2014 | ||||||||||||||||||||
Net sales | $ | 1,837,670 | $ | 681,424 | $ | 294,230 | $ | 2,813,324 | ||||||||||||
Inter-segment sales | 110,524 | 21,608 | 8,210 | (140,342 | ) | — | ||||||||||||||
Total | $ | 1,948,194 | $ | 703,032 | $ | 302,440 | $ | (140,342 | ) | $ | 2,813,324 | |||||||||
EBIT (1) | $ | 331,608 | $ | 19,181 | $ | 28,563 | $ | 3,802 | $ | 383,154 | ||||||||||
As a percent of total sales | 17.0 | % | 2.7 | % | 9.4 | % | 13.6 | % | ||||||||||||
Special items charge (2) | $ | 21,647 | $ | 29,539 | $ | — | $ | 51,186 | ||||||||||||
EBIT, as adjusted (3) | $ | 353,255 | $ | 48,720 | $ | 28,563 | $ | 3,802 | $ | 434,340 | ||||||||||
As a percent of total sales | 18.1 | % | 6.9 | % | 9.4 | % | 15.4 | % |
(1) | EBIT is defined as Operating income plus Equity earnings in affiliates and Other income. |
(2) | Special items in the twelve months ended December 31, 2014 include net rationalization and asset impairment charges partially offset by the gain on sale of real estate. Special items in the twelve months ended December 31, 2014 also include the impact of Venezuelan remeasurement losses related to the adoption of a new foreign exchange mechanism. |
(3) | The primary profit measure used by management to assess segment performance is EBIT, as adjusted. EBIT for each operating segment is adjusted for special items to derive EBIT, as adjusted. |
Americas Welding | International Welding | The Harris Products Group | Corporate / Eliminations | Consolidated | ||||||||||||||||
Twelve months ended December 31, 2013 | ||||||||||||||||||||
Net sales | $ | 1,848,663 | $ | 695,831 | $ | 308,177 | $ | — | $ | 2,852,671 | ||||||||||
Inter-segment sales | 105,811 | 22,668 | 9,605 | (138,084 | ) | — | ||||||||||||||
Total | $ | 1,954,474 | $ | 718,499 | $ | 317,782 | $ | (138,084 | ) | $ | 2,852,671 | |||||||||
EBIT (1) | $ | 364,186 | $ | 29,921 | $ | 27,826 | $ | (5,948 | ) | $ | 415,985 | |||||||||
As a percent of total sales | 18.6 | % | 4.2 | % | 8.8 | % | 14.6 | % | ||||||||||||
Special items charge (2) | $ | 13,250 | $ | 8,116 | $ | — | $ | — | $ | 21,366 | ||||||||||
EBIT, as adjusted (3) | $ | 377,436 | $ | 38,037 | $ | 27,826 | $ | (5,948 | ) | $ | 437,351 | |||||||||
As a percent of total sales | 19.3 | % | 5.3 | % | 8.8 | % | 15.3 | % |
(1) | EBIT is defined as Operating income plus Equity earnings in affiliates and Other income. |
(2) | Special items in the twelve months ended December 31, 2013 include net rationalization and asset impairment charges, a loss on the sale of land and the impact of the devaluation of the Venezuelan currency. |
(3) | The primary profit measure used by management to assess segment performance is EBIT, as adjusted. EBIT for each operating segment is adjusted for special items to derive EBIT, as adjusted. |
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