Lincoln Electric reported third quarter 2021 net income of $ 31.8 million, or diluted earnings per share (EPS) of $ 0.53, which includes after-tax special item charges of $ 62.0 million. dollars, or $ 1.03 of BPA; Third quarter 2021 sales increased 20.6% to $ 806.5 million, following an 18.3% increase in organic sales, 2.0% benefit from acquisitions and 0.3% growth rate. favorable changes.
Special item charges relate primarily to the termination of a pension plan. This compares to net income for the prior year period of $ 58.5 million, or $ 0.97 per share, which included after-tax special items charges of $ 7.5 million, or $ 0.13 per share. Excluding these items, adjusted net income for the third quarter of 2021 was $ 93.8 million, or $ 1.56 per share per share (adjusted EPS). This compares to adjusted net income of $ 66.0 million, or adjusted EPS of $ 1.10 in the prior year period.
Operating income for the third quarter of 2021 was $ 115.6 million, or 14.3% of sales, including special items charges of $ 7.2 million. This compares to operating income of $ 77.8 million, or 11.6 percent of sales, during the prior year period. Excluding special items, adjusted operating income was $ 122.7 million, or 15.2% of sales, compared to $ 84.1 million, or 12.6% of sales, during the period of the previous year.
“I am pleased to report that the strong execution of our 2025 Higher Standard strategy initiatives resulted in record third quarter adjusted results,” said Christopher L. Mapes, President, President and CEO. “We are serving strong demand and effectively managing the headwinds of inflation and supply chain constraints, which has resulted in strong cash flow, cash conversion and superior returns. “
Source: Lincoln Electric