Lincoln Electric Q3 Results Top Estimates; Boosts Dividend 14.3%
(RTTNews) - Lincoln Electric Holdings, Inc. (LECO) reported Tuesday that net income for the third quarter soared to $109.23 million or $1.87 per share from $31.76 million or $0.53 per share in the prior-year quarter.
Excluding items, adjusted net income for the quarter was $119.57 million or $2.04 per share, compared to $93.75 million or $1.56 per share in the year-ago quarter.
On average, ten analysts polled by Thomson Reuters expected the company to report earnings of $1.95 per share for the quarter. Analysts' estimates typically exclude special items.
Net sales for the quarter increased 16 percent to a record of $935.24 million from $806.45 million in the same quarter last year. Organic sales grew 21 percent. Analysts expected revenues of $910.93 million.
Further, the company's Board of Directors declared a 14.3 percent higher quarterly cash dividend of $0.64 per share, payable on January 14, 2023 to shareholders of record as of December 31, 2022.
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