Lincoln Electric Holdings Inc. (Nasdaq: LECO), Cleveland, OH, reported full year 2014 sales of $2.8 billion, a decrease of 1.4 percent from the previous year. This result reflects lower volumes and unfavorable foreign exchange translation being offset by pricing actions and acquisitions. Profit decreased 13.3 percent to $254.7 million.
Fourth-quarter sales were $684 million, a decrease of 4.3 percent compared to the prior-year quarter, primarily due to unfavorable foreign currency translation and volume weakness in the South America Welding segment. Profit decreased 14.8 percent to $75.2 million.
"Looking ahead to 2015, we expect to benefit from our diversified end market and geographic exposure, as well as the strength of our portfolio," said Christopher L. Mapes, president and CEO. "While we are cautious about near-term factors such as foreign exchange and oil prices, we expect our strategic initiatives will continue to generate value for all of our stakeholders through the cycle."