Lincoln Q1 Earnings Down, Misses Estimates

(RTTNews) - Lincoln Electric Holdings, Inc.(LECO) Wednesday reported lower earnings for the first quarter, as sales declined from last year, impacted by lower volumes and unfavorable foreign exchange translation.

The company's net income slid to $56.5 million, or $0.69 per share from $66.8 million, or $0.80 per share in the year-ago quarter.

On an adjusted basis, earnings was reported at $74.1 million, or $0.91 per share. On average, 10 analysts polled by Thomson Reuters expected earnings per share of $0.92 for the quarter. Analysts' estimates typically exclude one-time items.

Operating income for the first quarter declined 9.2 percent to $80.4 million from $88.6 million in the comparable 2013 period.

First-quarter sales was down 4.7 percent to $685.1 million from $718.6 million, last year. The company said the benefit from acquisitions was offset by lower volumes and unfavorable foreign exchange translation. Analysts estimated revenues of $722.98 million for the quarter.