Lincoln Electric Q2 Profit Tops Estimates; Acquires Vanair Manufacturing

(RTTNews) - Lincoln Electric Holdings (LECO) reported second quarter net income of $101.7 million, or earnings per share of $1.77 compared with $137.3 million, or $2.36 per share, last year. Adjusted net income was $134.3 million, or $2.34 per share compared with $142.2 million, or $2.44 per share. On average, ten analysts polled by Thomson Reuters expected the company to report profit per share of $2.29, for the quarter. Analysts' estimates typically exclude special items.

Second quarter sales decreased 3.7% to $1.022 billion reflecting a 4.4% decrease in organic sales and a 1.2% benefit from acquisitions. Analysts on average had estimated $1.02 billion in revenue.

Separately, Lincoln Electric announced that it has acquired Vanair Manufacturing, a privately held, Michigan City, Indiana-based, manufacturer of mobile power solutions serving the U.S. service truck market. Vanair's results will be reported in the Americas Welding Segment.

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