Lincoln Electric Holdings, Inc. announced its fourth-quarter results on Thursday, reporting a net income of $156.6 million or $2.70 per share. This is a significant increase compared to the previous year, which stood at $109.1 million or $1.87 per share.
Upon adjusting the net income, it was found to be $142 million or $2.45 per share, also an increase from $113.2 million or $1.94 per share in the previous year.
According to data compiled by Thomson Reuters, analysts had, on average, expected the company to report earnings of $2.18 per share for the quarter. These estimates usually exclude special items.
Sales for the fourth quarter of 2023 showed an increase of 13.7 percent, amounting to $1.06 billion, compared to last year's $930.93 million. This included a 2.6 percent increase in organic sales. Analysts had predicted sales of $1.03 billion for the quarter.
Lincoln's shares experienced a growth of around 1.5 percent in the pre-market activity on Nasdaq, trading at $235.
