Lincoln Electric Q3 Profit Down - Quick Facts

(RTTNews) - Lincoln Electric Holdings Inc. (LECO) reported third quarter 2014 net income of $45.7 million, or $0.57 per share, down from $66.0 million, or $0.80 per share, in the comparable 2013 period. he latest-quarter result included rationalization and asset impairment charges of $29.1 million.

Adjusted net income was $74.9 million, or $0.94 per share, compared to adjusted net income of $71.1 million, or $0.86 per share, in the comparable 2013 period.

Sales increased 3.5% to $715.8 million in the third quarter 2014 versus $691.9 million in the comparable 2013 period.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.90 per share and revenues of $700.96 million for the quarter. Analysts' estimates typically exclude special items.

The Company's Board of Directors declared a 26% increase in the quarterly cash dividend, from $0.23 per share to $0.29, or to $1.16 per share on an annualized basis. The declared quarterly cash dividend of $0.29 per share is payable January 15, 2015 to shareholders of record as of December 31, 2014.

During the quarter, the Company returned $130.1 million to shareholders through the repurchase of 1.87 million of the Company's common shares. The Company has now increased its 2014 share repurchase target to $300 million of the Company's common shares.