Lincoln Electric Q2 2024: Assets $7.5B, Liabilities $3.5B

TL;DR

Lincoln Electric's Q2 2024 shows $7.5B assets vs $3.5B liabilities. Solid balance sheet.

AI Summary

Lincoln Electric Holdings Inc. reported its Q2 2024 results, with total assets reaching $7.5 billion and total liabilities at $3.5 billion as of June 30, 2024. The company's filing also details treasury stock and common stock activity for the first and second quarters of 2024 and 2023.

Why It Matters

This filing provides a snapshot of Lincoln Electric's financial health, indicating its asset base and debt levels, which are crucial for investors assessing its stability and growth potential.

Risk Assessment

Risk Level: low — The filing is a standard quarterly report with no immediate red flags, indicating routine financial reporting.

Key Numbers

• $7.5B — Total Assets (As of June 30, 2024)
• $3.5B — Total Liabilities (As of June 30, 2024)

Key Players & Entities

• LINCOLN ELECTRIC HOLDINGS INC (company) — Filer
• $7.5 billion (dollar_amount) — Total Assets as of June 30, 2024
• $3.5 billion (dollar_amount) — Total Liabilities as of June 30, 2024
• 2024-06-30 (date) — End of reporting period

FAQ

Filing Documents

• leco-20240630x10q.htm (10-Q) — 2691KB
• leco-20240630xex10d3.htm (EX-10.3) — 827KB
• leco-20240630xex10d4.htm (EX-10.4) — 850KB
• leco-20240630xex31d1.htm (EX-31.1) — 9KB
• leco-20240630xex31d2.htm (EX-31.2) — 9KB
• leco-20240630xex32d1.htm (EX-32.1) — 8KB
• leco-20240630x10q001.jpg (GRAPHIC) — 6KB
• 0000059527-24-000029.txt ( ) — 11638KB
• leco-20240630.xsd (EX-101.SCH) — 40KB
• leco-20240630_cal.xml (EX-101.CAL) — 51KB
• leco-20240630_def.xml (EX-101.DEF) — 165KB
• leco-20240630_lab.xml (EX-101.LAB) — 378KB
• leco-20240630_pre.xml (EX-101.PRE) — 291KB
• leco-20240630x10q_htm.xml (XML) — 2204KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 3

Financial Statements

Item 1. Financial Statements 3 CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) 3 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) 4 CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) 5 CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED) 6 CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) 8 NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS 9

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 23

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 33

Controls and Procedures

Item 4. Controls and Procedures 33

OTHER INFORMATION

PART II. OTHER INFORMATION 34

Legal Proceedings

Item 1. Legal Proceedings 34

Risk Factors

Item 1A. Risk Factors 34

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 34

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 34

Other Information

Item 5. Other Information 34

Exhibits

Item 6. Exhibits 35

Signatures

Signatures 36 EX-10.1 Note Purchase Agreement dated as of June 20, 2024 (filed herewith). EX-10.2 Credit Agreement dated as of June 20, 2024 (filed herewith). EX-10.3 Amendment No. 2 to Note Purchase Agreement dated as of April 15, 2015 (filed herewith). EX-10.4 Amendment No. 1 to Note Purchase Agreement dated as of October 20, 2016 (filed herewith). EX-31.1 Certification of the Chairman, President and Chief Executive Officer (Principal Executive Officer) pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934. EX-31.2 Certification of the Executive Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer) pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934. EX-32.1 Certification of the Chairman, President and Chief Executive Officer (Principal Executive Officer) and Executive Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer) pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. EX-101 Instance Document EX-101 Schema Document EX-101 Calculation Linkbase Document EX-101 Label Linkbase Document EX-101 Presentation Linkbase Document EX-101 Definition Linkbase Document 2 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS LINCOLN ELECTRIC HOLDINGS, INC. CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (In thousands, except per share amounts) Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Net sales (Note 2) $ 1,021,683 $ 1,060,565 $ 2,002,880 $ 2,099,908 Cost of goods sold 637,870 687,137 1,250,668 1,371,123 Gross profit 383,813 373,428 752,212 728,785 Selling, general & administrative expenses 208,485 192,748 407,232 382,864 Rationalization and asset impairment charges (Note 6) 26,490 2,667 31,095 3,544 Operating income 148,838 178,013 313,885 342,377 Interest expense, net 10,661 11,699 19,440 24,899 Other income (expense) ( 1,553 ) 6,746 709 10,926 Income before income taxes 136,624 173,060 295,154 328,404 Income taxes (Note 11) 34,916 35,729 70,031 69,142 Net income $ 101,708 $ 137,331 $ 225,123 $ 259,262 Basic earnings per share (Note 3) $ 1.79 $ 2.39 $ 3.96 $ 4.51 Diluted earnings per share (Note 3) $ 1.77 $ 2.36 $ 3.91 $ 4.44 Cash dividends declared per share $ 0.71 $ 0.64 $ 1.42 $ 1.28 See notes to these consolidated financial statements. 3 Table of Contents LINCOLN ELECTRIC HOLDINGS, INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) (In thousands) Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Net income $ 101,708 $ 137,331 $ 225,123 $ 259,262 Other comprehensive (loss) income, net of tax: Unrealized (loss) gain on derivatives designated and qualifying as cash flow hedges ( 2,761 ) ( 4,888 ) 954 4,243 Defined benefit pension plan activity 6 ( 1,366 ) 79 ( 806 ) Currency translation adjustment ( 7,696 ) 20,957 ( 21,091 ) 35,775 Other comprehensive (loss) income: ( 10,451 ) 14,703 ( 20,058 ) 39,212 Comprehensive income $ 91,257 $ 152,034 $ 205,065 $ 2

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View this 10-Q filing on SEC EDGAR