Lincoln Electric Holdings, Inc. reported a net sales figure of $4.01 billion for the fiscal year ending December 31, 2024, a decrease of 4.4% from the previous year's $4.19 billion. The decline in revenue was attributed to softer demand across all segments, particularly in the Americas and International Welding divisions. The company's gross profit increased slightly to $1.47 billion, resulting in a gross margin of 36.7%, up from 35.0% in 2023, driven by effective cost management and operational efficiencies. However, net income fell to $466.1 million, a 14.5% decrease from $545.2 million in 2023, with diluted earnings per share dropping to $8.15 from $9.37.
In terms of operational changes, Lincoln Electric completed several acquisitions in 2024, including Vanair Manufacturing, Inrotech A/S, and Superior Controls, LLC (RedViking), which collectively expanded its automation capabilities. The total purchase price for these acquisitions was approximately $261 million. The company also disposed of its Russian entity in May 2024, marking its exit from the Russian market, which contributed to rationalization and asset impairment charges of $55.9 million for the year.
The company’s workforce saw a slight increase, with employee headcount reaching 12,000 as of December 31, 2024, compared to 11,800 in the previous year. Lincoln Electric's global presence remains strong, with manufacturing facilities in multiple countries, including the U.S., Brazil, and China. The company reported a total of 2,189 record holders of common shares as of January 31, 2025, and continued its share repurchase program, buying back 253,612 shares at an average price of $192.84 during the fourth quarter of 2024.
Looking ahead, Lincoln Electric anticipates capital expenditures between $100 million and $120 million for 2025, focusing on increasing capacity and improving operational effectiveness. The company expects to leverage its recent acquisitions to enhance its market position and drive future growth. Despite the challenges faced in 2024, management remains optimistic about the long-term outlook, citing ongoing investments in research and development and a commitment to operational excellence as key drivers for future performance.
About LINCOLN ELECTRIC HOLDINGS INC
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