Lincoln Electric: 3Q Earnings Snapshot
CLEVELAND (AP) _ Lincoln Electric Holdings Inc. (LECO) on Wednesday reported third-quarter profit of $72.5 million.
On a per-share basis, the Cleveland-based company said it had net income of $1.17. Earnings, adjusted for non-recurring gains, came to $1.09 per share.
The results missed Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $1.25 per share.
The manufacturer of specialized welding products and other equipment posted revenue of $730.8 million in the period, which also did not meet Street forecasts. Seven analysts surveyed by Zacks expected $749.8 million.
Lincoln Electric shares have increased 20% since the beginning of the year. The stock has climbed 22% in the last 12 months.