Lincoln Electric Holdings Inc. (Nasdaq: LECO), Cleveland, OH, reported second quarter sales of $664.7 million, a year-over-year decrease of 8.8 percent. Profit fell 8.3 percent to $70.9 million.
"Business conditions were challenging in the quarter as growth in automation was offset by weaker oil and gas and U.S. export demand," said Christopher L. Mapes, president and CEO.
Sales for the first six months decreased 6.4 percent year-over-year to $1.3 billion. Profit rose 4.1 percent to $139.3 million.