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Lincoln Electric Holdings Inc. (Nasdaq: LECO), Cleveland, OH, reported third-quarter sales of $715.8 million, a year-over-year increase of 3.5 percent. Profit fell 31 percent to $45.7 million.
Results included rationalization and asset impairment charges primarily related to the planned divestiture of manufacturing capacity in the Asia Pacific Welding segment of $32.4 million partially offset by net gains of $3.4 million primarily representing a gain on the sale of real estate.
Strength in North American and Europe more than offset a "challenging year-over-year comparison from our Venezuela business," said Christopher L. Mapes, president and CEO.
Sales for the nine months ended Sept. 30 remained relatively steady in a year-over-year comparison at $2.1 billion. Profit fell 13 percent to $179.5 million.