Lincoln Electric Q3 2024: Treasury Stock Activity Noted

TL;DR

LECO Q3 2024: Big treasury stock moves, check the details.

AI Summary

Lincoln Electric Holdings Inc. reported its Q3 2024 results, ending September 30, 2024. The company's financial statements show significant activity in treasury stock transactions during the third quarter of 2024, with specific amounts not detailed in this excerpt. The filing also references other assets and liabilities, with current and non-current figures noted.

Why It Matters

This filing provides insight into Lincoln Electric's capital management strategies, specifically its use of treasury stock, which can impact share count and earnings per share.

Risk Assessment

Risk Level: low — This filing is a routine quarterly report and does not indicate any immediate or significant financial distress.

Key Numbers

• $75.0M — Other Assets Noncurrent (As of September 30, 2024)
• $350.0M — Other Liabilities Current (As of September 30, 2024)

Key Players & Entities

• LINCOLN ELECTRIC HOLDINGS INC (company) — Filer
• 2024-09-30 (date) — Reporting Period End Date
• 2024-10-31 (date) — Filing Date
• 75000000 (dollar_amount) — Other Assets Noncurrent
• 350000000 (dollar_amount) — Other Liabilities Current

FAQ

Filing Documents

• leco-20240930x10q.htm (10-Q) — 2845KB
• leco-20240930xex31d1.htm (EX-31.1) — 9KB
• leco-20240930xex31d2.htm (EX-31.2) — 9KB
• leco-20240930xex32d1.htm (EX-32.1) — 8KB
• leco-20240930x10q001.jpg (GRAPHIC) — 6KB
• 0000059527-24-000036.txt ( ) — 9966KB
• leco-20240930.xsd (EX-101.SCH) — 39KB
• leco-20240930_cal.xml (EX-101.CAL) — 51KB
• leco-20240930_def.xml (EX-101.DEF) — 161KB
• leco-20240930_lab.xml (EX-101.LAB) — 377KB
• leco-20240930_pre.xml (EX-101.PRE) — 283KB
• leco-20240930x10q_htm.xml (XML) — 2270KB

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 34

Controls and Procedures

Item 4. Controls and Procedures 34

OTHER INFORMATION

PART II. OTHER INFORMATION 35

Legal Proceedings

Item 1. Legal Proceedings 35

Risk Factors

Item 1A. Risk Factors 35

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 35

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 35

Other Information

Item 5. Other Information 36

Exhibits

Item 6. Exhibits 35

Signatures

Signatures 37 EX-31.1 Certification of the 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Net sales (Note 2) $ 983,759 $ 1,033,214 $ 2,986,639 $ 3,133,122 Cost of goods sold 631,681 667,584 1,882,349 2,038,707 Gross profit 352,078 365,630 1,104,290 1,094,415 Selling, general & administrative expenses 186,291 187,115 593,523 569,979 Rationalization and asset impairment charges (Note 6) 20,227 7,074 51,322 10,618 Operating income 145,560 171,441 459,445 513,818 Interest expense, net 11,974 10,809 31,414 35,708 Other (expense) income ( 1,644 ) 801 ( 935 ) 11,727 Income before income taxes 131,942 161,433 427,096 489,837 Income taxes (Note 11) 31,186 32,090 101,217 101,232 Net income $ 100,756 $ 129,343 $ 325,879 $ 388,605 Basic earnings per share (Note 3) $ 1.78 $ 2.26 $ 5.74 $ 6.76 Diluted earnings per share (Note 3) $ 1.77 $ 2.22 $ 5.68 $ 6.67 Cash dividends declared per share $ 0.71 $ 0.64 $ 2.13 $ 1.92 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Net income $ 100,756 $ 129,343 $ 325,879 $ 388,605 Other comprehensive income (loss), net of tax: Unrealized (loss) gain on derivatives designated and qualifying as cash flow hedges ( 960 ) 2,665 ( 6 ) 6,908 Defined benefit pension plan activity 2,772 ( 15 ) 2,851 ( 821 ) Currency translation adjustment 12,267 ( 32,297 ) ( 8,824 ) 3,478 Other comprehensive income (loss): 14,079 ( 29,647 ) ( 5,979 ) 9,565 Comprehensive income $ 114,835 $ 9

View Full Filing

View this 10-Q filing on SEC EDGAR