Lincoln Electric 2nd-qtr profit drops, exceeds Wall Street expectations

Lincoln Electric 2Q profit falls, beats Street

CLEVELAND — Welding products manufacturer Lincoln Electric Holdings Inc. on Tuesday said its second-quarter profit exceeded analyst expectations, but still fell 79 percent as challenging global economic conditions significantly hurt demand.

Quarterly earnings fell to $15.1 million, or 35 cents per share, compared with $70.1 million, or $1.62 per share, in the same period last year.

Excluding special items, net income amounted to $14.5 million, or 34 cents per share.

Analysts polled by Thomson Reuters estimated a profit of 24 cents per share, on average. Analysts typically exclude one-time items.

Revenue fell 41 percent to $413.3 million, down from $699.8 million. Analysts forecast an average revenue of $432.1 million.

Shares of the company rose 63 cents to $42.84 in afternoon trading.