Lincoln Electric Holdings, Inc. (LECO) reported Tuesday that net income for the third quarter soared to $100.76 million or $1.77 per share from $129.34 million or $2.22 per share in the prior-year quarter.
Excluding items, adjusted net income for the quarter was $122.37 million or $2.14 per share, compared to $139.49 million or $2.40 per share in the year-ago quarter.
On average, ten analysts polled by Thomson Reuters expected the company to report earnings of $2.08 per share for the quarter. Analysts' estimates typically exclude special items.
Net sales for the quarter decreased 4.8 percent to $983.76 million from $1.03 billion in the same quarter last year. Organic sales declined 7.7 percent. Analysts expected revenues of $990.47 million.
Further, the company's Board of Directors declared a 5.6 percent higher quarterly cash dividend of $0.75 per share, payable on January 15, 2025 to shareholders of record as of December 31, 2024.
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