Lincoln Electric Holdings Inc. (LECO) reported first-quarter net income of $66.8 million or $0.80 per share, compared to $64.2 million or $0.76 per share, last year. Adjusted net income was $77.1 million or $0.92 per share, compared to $64.2 million or $0.76 per share, prior year. Sales were $718.6 million, compared to $727.1 million last year, a decrease of 1.2%. Operating income decreased $3.0 million to $88.6 million. Adjusted profit per share was $0.92 compared to $0.76 prior year.
The effective tax rate was 26.3% compared to 31.0% prior year. The lower effective tax rate is due to the effect of the renewed U.S. research and development credit and decreases in the valuation allowance, the company said.
On average, eight analysts polled by Thomson Reuters expected the company to report profit of $0.79 per share for the quarter. Analysts' estimates typically exclude special items. Analysts expected revenue of $736.63 million for the quarter.
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