Lincoln Electric Holdings (LECO) announced its second-quarter results, reporting a net income of $101.7 million, or $1.77 per share, which is a decrease from last year's $137.3 million, or $2.36 per share. The adjusted net income came to $134.3 million, or $2.34 per share, slightly down from $142.2 million, or $2.44 per share, recorded in the previous year. These results were slightly below the expectations of ten analysts polled by Thomson Reuters, who had predicted a profit per share of $2.29. It’s important to note that analysts' estimates generally exclude special items.
For the second quarter, sales dropped by 3.7%, reaching $1.022 billion. This decline includes a 4.4% reduction in organic sales, partially offset by a 1.2% boost from acquisitions. This outcome was broadly in line with analysts' average revenue estimate of $1.02 billion.
In a separate announcement, Lincoln Electric revealed the acquisition of Vanair Manufacturing, a privately held company based in Michigan City, Indiana. Vanair specializes in mobile power solutions for the U.S. service truck market. The financial results of Vanair will be reported under Lincoln Electric’s Americas Welding Segment.
