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Lincoln Electric Holdings Inc. (NASDAQ: LECO), Cleveland, OH, reported sales for the first quarter of $550.7 million, a 16.3 percent decrease from the previous year. Profit decreased 21.5 percent to $53.6 million.
" While volumes continued to compress on weak industrial demand and challenging year-over-year comparisons, cost reduction actions and solid execution of our operational and commercial initiatives significantly mitigated the impact of year-over-year declines," said Christopher Mapes, president and CEO.