MIRA
INFORM REPORT
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Report Date : |
22.07.2011 |
IDENTIFICATION DETAILS
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Name : |
THE HARRIS PRODUCTS GROUP |
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Registered Office : |
4501 Quality Pl Mason, OH 45040-1971 |
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Country : |
United States |
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Year of Establishment : |
1914 |
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Legal Form : |
Private Subsidiary |
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Line of Business : |
Manufacture of basic iron and steel and of ferro-alloys |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2011
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Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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United States |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name & address
The Harris Products Group
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Business Description |
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Founded in 2006, The Harris Products Group designs and manufactures a
variety of gas distribution, flow control and cutting equipment and related
products for commercial and industrial applications throughout the United
States. It products include switchover manifolds, combination traps, gas
flowmeters, oxygen conserving devices, cylinders, portable oxygen systems,
cylinder carts, torches, and battery chargers and testers. The company
additionally produces a range of welding, brazing and soldering consumables,
such as solders, fluxes, covered electrodes, chemical aids, and aluminum-,
silver- and copper-based alloys. It also provides air fuel and oxy acetylene
equipment for the refrigeration, plumbing, and heating, ventilation and air
conditioning industries. The company supplies products under the POWERTORCH
and Harris brands. It offers sales, marketing, distribution, engineering and
technical assistance services. The company operates manufacturing facilities
in Italy, Ireland, Poland, Spain and Mexico. The Harris Products Group is a
part of Lincoln Electric Company. |
Industry
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Industry |
Iron and Steel |
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ANZSIC 2006: |
211 - Basic Ferrous Metal Manufacturing |
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NACE 2002: |
2710 - Manufacture of basic iron and steel
and of ferro-alloys |
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NAICS 2002: |
33111 - Iron and Steel Mills and
Ferroalloy Manufacturing |
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UK SIC 2003: |
2710 - Manufacture of basic iron and steel
and of ferro-alloys |
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US SIC 1987: |
3312 - Steel Works, Blast Furnaces
(Including Coke Ovens), and Rolling Mills |
Key Executives (Emails
Available)
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News |
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1 - Profit & Loss Item Exchange Rate: USD 1 = USD 1
2 - Balance Sheet Item Exchange Rate: USD 1 = USD 1
Corporate Overview
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Additional information
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Corporate Family |
Corporate
Structure News: |
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The Harris
Products Group |
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Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
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Parent |
Cleveland, OH |
United States |
Construction and Agriculture Machinery |
2,070.2 |
9,472 |
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Subsidiary |
Cleveland, OH |
United States |
Electronic Instruments and Controls |
2,280.8 |
3,500 |
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Subsidiary |
Bielawa |
Poland |
Construction and Agriculture Machinery |
87.6 |
512 |
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Branch |
Mentor, OH |
United States |
Construction and Agriculture Machinery |
179.0 |
500 |
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Subsidiary |
MĂ©xico DF |
Mexico |
Construction and Agriculture Machinery |
30.0 |
300 |
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Subsidiary |
East York, ON |
Canada |
Miscellaneous Fabricated Products |
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249 |
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Branch |
Mississauga, ON |
Canada |
Miscellaneous Fabricated Products |
12.2 |
45 |
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Branch |
East York, ON |
Canada |
Miscellaneous Transportation |
4.1 |
25 |
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Branch |
Mississauga, ON |
Canada |
Construction and Agriculture Machinery |
14.2 |
20 |
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Subsidiary |
Guarulhos , SĂ£o Paulo |
Brazil |
Miscellaneous Capital Goods |
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218 |
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Subsidiary |
Serra Ricco', Genova (Genoa) |
Italy |
Miscellaneous Capital Goods |
113.4 |
174 |
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Subsidiary |
Pianoro, Bologna |
Italy |
Miscellaneous Capital Goods |
28.4 |
70 |
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Subsidiary |
Dubai |
United Arab Emirates |
Miscellaneous Capital Goods |
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100 |
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Subsidiary |
Singapore |
Singapore |
Miscellaneous Capital Goods |
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100 |
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Subsidiary |
Sheffield |
United Kingdom |
Construction - Supplies and Fixtures |
34.9 |
75 |
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Subsidiary |
Ratingen |
Germany |
Electronic Instruments and Controls |
1.0 |
30 |
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Subsidiary |
Bogota, Bogota |
Colombia |
Miscellaneous Capital Goods |
0.0 |
50 |
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Subsidiary |
Lippo Cikarang, West Java |
Indonesia |
Miscellaneous Capital Goods |
8.4 |
42 |
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Subsidiary |
Wacol, QLD |
Australia |
Miscellaneous Capital Goods |
75.0 |
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Subsidiary |
Tokyo |
Japan |
Electronic Instruments and Controls |
1.0 |
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Subsidiary |
Viskovo |
Croatia |
Miscellaneous Capital Goods |
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Subsidiary |
Warsaw |
Poland |
Miscellaneous Capital Goods |
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Subsidiary |
Moscow |
Russian Federation |
Miscellaneous Capital Goods |
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Subsidiary |
Complejo Clariant, Maracay |
Venezuela |
Miscellaneous Capital Goods |
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Subsidiary |
Bao Shan District, Shanghai |
China |
Miscellaneous Capital Goods |
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Subsidiary |
New Delhi |
India |
Miscellaneous Capital Goods |
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Subsidiary |
Selatan Bandar Puchong Jaya, Selangor |
Malaysia |
Miscellaneous Capital Goods |
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Subsidiary |
Taipei |
Taiwan |
Miscellaneous Capital Goods |
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Subsidiary |
Mason, OH |
United States |
Iron and Steel |
75.0 |
350 |
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Subsidiary |
Cranston, RI |
United States |
Business Services |
3.0 |
13 |
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Subsidiary |
Gainesville, GA |
United States |
Miscellaneous Capital Goods |
81.6 |
150 |
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Subsidiary |
San Diego, CA |
United States |
Personal Services |
3.5 |
36 |
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Recently acquired (previously owned by Arc Products).See corporate structure news on Lincoln Electric
Holdings, Inc. for details |
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Subsidiary |
Oceanside, CA |
United States |
Miscellaneous Capital Goods |
10.0 |
25 |
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Subsidiary |
Singapore |
Singapore |
Miscellaneous Capital Goods |
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9 |
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Lincoln Electric reports 3Q'10 Sales increase of 17.5%; 3Q Operating income
increase of 44.5% or 21.7%, as adjusted; 3Q EPS of $0.76 or $0.79, as...
Daily Pak Banker (Pakistan): 29 October 2010
[What follows is the full text of the news story.]
Lincoln Electric
reports 3Q'10 Sales increase of 17.5%; 3Q Operating income increase of 44.5% or
21.7%, as adjusted; 3Q EPS of $0.76 or $0.79, as adjusted
Karachi, Oct. 29
-- Lincoln Electric Holdings, Inc. (the "Company") (Nasdaq: LECO)
today reported third quarter 2010 net income of $32.5 million, or $0.76 per
diluted share. Sales were $519.3 million in the third quarter of 2010 versus
$441.8 million in the comparable 2009 period, an increase of 17.5%. Operating
income for the third quarter increased $14.9 million to $48.2 million, or 9.3%
of sales, from $33.3 million in the comparable 2009 period. Adjusted operating
income in the quarter was $49.3 million, or 9.5% of sales. Net income for the
third quarter of 2010 was $32.5 million, or $0.76 per diluted share, compared
with net income of $12.8 million, or $0.30 per diluted share, in the third
quarter of 2009. Adjusted net income was $33.6 million, or $0.79 per diluted
share, compared with $27.0 million, or $0.63 per diluted share, in the third
quarter of 2009. The effective tax rate for the third quarter of 2010 was 33.2%
compared with 47.1% in 2009. "We continued to improve our operating
results during the quarter," said John M. Stropki, Chairman and Chief
Executive Officer. "Our strong sales and operating profits are encouraging
in light of the weaker results we usually experience throughout Europe in the
third quarter. "Current demand levels are stable in most market segments
and geographical regions. I am cautiously optimistic that the global recovery
will continue as we focus on market share gains and achieving our international
expansion objectives. We also believe that our strong financial position will
continue to provide the flexibility to execute our long-term strategic
objectives to the benefit of our shareholders." Net cash provided by
operating activities was $56.0 million in the third quarter compared with $97.1
million for the comparable period in 2009. Sales for the nine months ended
September 30, 2010 were $1.51 billion versus $1.27 billion in the comparable
2009 period, an increase of 18.9%. Operating income for the nine months ended
September 30, 2010 increased $79.8 million to $134.1 million, or 8.9% of sales,
from $54.3 million in the comparable 2009 period. Adjusted operating income in
the nine months ended September 30, 2010 was $134.7 million, or 8.9% of sales.
Net income for the nine months ended September 30, 2010 was $88.7 million, or
$2.08 per diluted share, compared with net income of $24.2 million, or $0.57
per diluted share, for the comparable period in 2009. Adjusted net income was
$91.3 million, or $2.14 per diluted share, compared with $45.4 million, or
$1.07 per diluted share, for the nine months ended September 30, 2009. The
effective tax rate for the nine months ended September 30, 2010 was 32.9%
compared with 46.8% in 2009. Net cash provided by operating activities was
$103.7 million in the nine months ended September 30, 2010 compared with $231.3
million for the comparable period in 2009. The Company returned $58.6 million to
shareholders through the payment of $35.6 million in dividends and the
repurchase of $23.0 million of the Company's shares for treasury during the
nine months ended September 30, 2010. The Company's Board of Directors declared
a quarterly cash dividend of $0.28 per share, which was paid on October 15,
2010 to holders of record as of September 30, 2010. Lincoln Electric Holdings,
Inc. Financial Highlights (In thousands, except per share data) (Unaudited)
Consolidated Statements of Income Three Months Ended September 30, Fav (Unfav)
to Prior Year 2010 % of Sales 2009 % of Sales $ % Net sales $ 519,338 100.0% $
441,802 100.0% $ 77,536 17.5% Cost of goods sold 375,267 72.3% 316,671 71.7%
(58,596) (18.5%) Gross profit 144,071 27.7% 125,131 28.3% 18,940 15.1% Selling,
general & administrative expenses 95,612 18.4% 84,648 19.2% (10,964)
(13.0%) Rationalization charges 269 0.1% 7,144 1.6% 6,875 96.2% Operating
income 48,190 9.3% 33,339 7.5% 14,851 44.5% Interest income 602 0.1% 716 0.2%
(114) (15.9%) Equity earnings (loss) in affiliates 1,070 0.2% (8,692) (2.0%)
9,762 112.3% Other income 628 0.1% 1,030 0.2% (402) (39.0%) Interest expense
(1,671) (0.3%) (2,032) (0.5%) 361 17.8% Income before income taxes 48,819 9.4%
24,361 5.5% 24,458 100.4% Income taxes 16,191 3.1% 11,474 2.6% (4,717) (41.1%)
Effective tax rate 33.2% 47.1% 13.9% Net income including noncontrolling
interests 32,628 6.3% 12,887 2.9% 19,741 153.2% Noncontrolling interests in
subsidiaries' earnings 155 - 130 - (25) (19.2%) Net income $ 32,473 6.3% $ 12,757
2.9% $ 19,716 154.6% Basic earnings per share $ 0.77$ 0.30$ 0.47 156.7% Diluted
earnings per share $ 0.76$ 0.30$ 0.46 153.3% Weighted average shares (basic)
42,134 42,396 Weighted average shares (diluted) 42,535 42,642 Nine Months Ended
September 30, Fav (Unfav) to Prior Year 2010 % of Sales 2009 % of Sales $ % Net
sales $ 1,505,880 100.0% $ 1,266,836 100.0% $ 239,044 18.9% Cost of goods sold
1,089,893 72.4% 945,066 74.6% (144,827) (15.3%) Gross profit 415,987 27.6%
321,770 25.4% 94,217 29.3% Selling, general & administrative expenses
284,452 18.9% 241,791 19.1% (42,661) (17.6%) Rationalization (gains) charges
(2,559) (0.2%) 25,720 2.0% 28,279 109.9% Operating income 134,094 8.9% 54,259
4.3% 79,835 147.1% Interest income 1,781 0.1% 2,780 0.2% (999) (35.9%) Equity
earnings (loss) in affiliates 2,684 0.2% (6,123) (0.5%) 8,807 143.8% Other
income 1,324 0.1% 2,341 0.2% (1,017) (43.4%) Interest expense (4,751) (0.3%)
(6,547) (0.5%) 1,796 27.4% Income before income taxes 135,132 9.0% 46,710 3.7%
88,422 189.3% Income taxes 44,431 3.0% 21,855 1.7% (22,576) (103.3%) Effective
tax rate 32.9% 46.8% 13.9% Net income including noncontrolling interests 90,701
6.0% 24,855 2.0% 65,846 264.9% Noncontrolling interests in subsidiaries'
earnings 1,960 0.1% 624 - (1,336) (214.1%) Net income $ 88,741 5.9% $ 24,231
1.9% $ 64,510 266.2% Basic earnings per share $ 2.10$ 0.57$ 1.53 268.4% Diluted
earnings per share $ 2.08$ 0.57$ 1.51 264.9% Weighted average shares (basic)
42,282 42,385 Weighted average shares (diluted) 42,670 42,602 Lincoln Electric
Holdings, Inc. Financial Highlights (In thousands, except per share data)
(Unaudited) Non-GAAP Financial Measures Three Months Ended September 30, Nine
Months Ended September 30, 2010 2009 2010 2009 Operating income as reported $
48,190$ 33,339$ 134,094$ 54,259 Special items (pre-tax): Rationalization
charges (gains) (1) 269 7,144 (2,559) 25,720 Venezuela - functional currency
change and devaluation (2) 815 - 3,123 - Pension settlement gain - - - (2,144)
Adjusted operating income (4) $ 49,274$ 40,483$ 134,658$ 77,835 Net income as
reported $ 32,473$ 12,757$ 88,741$ 24,231 Special items (after-tax):
Rationalization charges (gains) (1) 265 6,340 (2,896) 20,407 Venezuela -
functional currency change and devaluation (2) 815 - 3,560 - Pension settlement
gain - - - (2,144) Gain on sale of property of equity investment - - - (5,667)
Loss on disposal of equity investment (3) - 7,943 - 7,943 Noncontrolling
interests 44 - 1,890 601 Adjusted net income (4) $ 33,597$ 27,040$ 91,295$
45,371 Diluted earnings per share as reported $ 0.76$ 0.30$ 2.08$ 0.57 Special
items 0.03 0.33 0.06 0.50 Adjusted diluted earnings per share (4) $ 0.79$ 0.63$
2.14$ 1.07 Weighted average shares (diluted) 42,535 42,642 42,670 42,602 (1)
The three months ended September 30, 2010 primarily include charges associated
with the consolidation of manufacturing operations initiated in 2009. The nine
months ended September 30, 2010 include gains of $4,971 ($5,012 after-tax) on
the disposal of assets at rationalized operations offset by charges of $2,412
($2,116 after-tax) primarily associated with the consolidation of manufacturing
operations initiated in 2009. The three and nine month periods ended September
30, 2009 include primarily employee severance costs. (2) Represents the impact of
the change in the functional currency of the Company's Venezuelan operation to
the dollar and the devaluation of the Venezuelan currency. (3) Represents the
impact of the completion of the Company's 100% acquisition of Jinzhou Jin Tai
Welding and Metal Co., Ltd. and associated disposal of the Company's 35%
interest in Taiwan-based Kuang Tai Metal Industrial Co., Ltd. (4) Adjusted
operating income, Adjusted net income and Adjusted diluted earnings per share
are non-GAAP financial measures that management believes are important to
investors to evaluate and compare the Company's financial performance from
period to period. Management uses this information in assessing and evaluating
the Company's underlying operating performance. Non-GAAP financial measures should
be read in conjunction with the GAAP financial measures, as non-GAAP measures
are merely a supplement to, and not a replacement for, GAAP financial measures.
Lincoln Electric Holdings, Inc. Financial Highlights (In thousands) (Unaudited)
Balance Sheet Highlights Selected Consolidated Balance Sheet Data September 30,
December 31, 2010 2009 Cash and cash equivalents $ 382,537$ 388,136 Total
current assets 1,120,111 1,023,546 Property, plant and equipment, net 459,793
460,061 Total assets 1,798,692 1,705,292 Total current liabilities 372,283
297,971 Short-term debt 14,815 35,867 Long-term debt 85,458 87,850 Total equity
1,146,631 1,085,675 Net Operating Working CapitalSeptember 30, December 31,
2010 2009 Accounts receivable $ 319,530$ 273,700 Inventory 315,455 255,743
Trade accounts payable 153,524 100,052 Net operating working capital $ 481,461$
429,391 Net operating working capital to net sales (1) 23.2% 23.2% Invested
CapitalSeptember 30, December 31, 2010 2009 Short-term debt $ 14,815$ 35,867
Long-term debt 85,458 87,850 Total debt 100,273 123,717 Total equity 1,146,631
1,085,675 Invested capital $ 1,246,904$ 1,209,392 Total debt / invested capital
8.0% 10.2% Return on invested capital (2) 9.3% 4.3% (1) Net operating working
capital to net sales is defined as net operating working capital divided by
annualized rolling three months of sales. (2) Return on invested capital is
defined as rolling 12 months of earnings excluding tax-effected interest
divided by invested capital. Lincoln Electric Holdings, Inc. Financial
Highlights (In thousands, except per share data) (Unaudited) Consolidated
Statements of Cash Flows Three Months Ended September 30, 2010 2009 OPERATING
ACTIVITIES: Net income $ 32,473$ 12,757 Noncontrolling interests in
subsidiaries' earnings 155 130 Net income including noncontrolling interests
32,628 12,887 Adjustments to reconcile Net income including noncontrolling
interests to Net cash provided by operating activities: Rationalization gains
(119) - Depreciation and amortization 14,062 14,665 Equity (earnings) loss in
affiliates, net (534) 9,466 Other non-cash items, net 11,757 10,292 Changes in
operating assets and liabilities, net of effects from acquisitions: Decrease in
accounts receivable 1,274 17,050 (Increase) decrease in inventories (11,139)
17,628 Increase in trade accounts payable 5,850 8,554 Decrease in accrued
pensions (11,101) (11,537) Net change in other current assets and liabilities
14,942 16,700 Net change in other long-term assets and liabilities (1,649)
1,383 NET CASH PROVIDED BY OPERATING ACTIVITIES 55,971 97,088 INVESTING
ACTIVITIES: Capital expenditures (19,718) (5,466) Acquisition of businesses,
net of cash acquired (1,000) (17,558) Proceeds from sale of property, plant and
equipment 1,797 378 NET CASH USED BY INVESTING ACTIVITIES (18,921) (22,646)
FINANCING ACTIVITIES: Net change in borrowings (12,763) (6,916) Proceeds from
exercise of stock options 311 87 Tax benefit from exercise of stock options 99
31 Purchase of shares for treasury (10,036) - Cash dividends paid to shareholders
(11,829) (11,453) NET CASH USED BY FINANCING ACTIVITIES (34,218) (18,251)
Effect of exchange rate changes on Cash and cash equivalents 5,804 2,877
INCREASE IN CASH AND CASH EQUIVALENTS 8,636 59,068 Cash and cash equivalents at
beginning of period 373,901 346,899 Cash and cash equivalents at end of period
$ 382,537$ 405,967 Cash dividends paid per share $ 0.28$ 0.27Lincoln Electric
Holdings, Inc. Financial Highlights (In thousands, except per share data)
(Unaudited) Consolidated Statements of Cash Flows Nine Months Ended September
30, 2010 2009 OPERATING ACTIVITIES: Net income $ 88,741$ 24,231 Noncontrolling
interests in subsidiaries' earnings 1,960 624 Net income including
noncontrolling interests 90,701 24,855 Adjustments to reconcile Net income including
noncontrolling interests to Net cash provided by operating activities:
Rationalization gains (4,834) - Depreciation and amortization 42,422 42,333
Equity (earnings) loss in affiliates, net (704) 8,954 Other non-cash items, net
23,460 19,441 Changes in operating assets and liabilities, net of effects from
acquisitions: (Increase) decrease in accounts receivable (48,598) 57,583
(Increase) decrease in inventories (57,211) 105,876 Increase (decrease) in
trade accounts payable 54,315 (16,389) Decrease in accrued pensions (29,241)
(30,488) Net change in other current assets and liabilities 41,266 16,908 Net
change in other long-term assets and liabilities (7,862) 2,240 NET CASH
PROVIDED BY OPERATING ACTIVITIES 103,714 231,313 INVESTING ACTIVITIES: Capital
expenditures (43,208) (26,285) Additions to equity investment in affiliates -
(488) Acquisition of businesses, net of cash acquired (1,182) (17,558) Proceeds
from sale of property, plant and equipment 9,746 638 NET CASH USED BY INVESTING
ACTIVITIES (34,644) (43,693) FINANCING ACTIVITIES: Net change in borrowings
(17,605) (37,352) Proceeds from exercise of stock options 1,319 305 Tax benefit
from exercise of stock options 469 105 Purchase of shares for treasury (22,960)
(343) Cash dividends paid to shareholders (35,584) (34,347) NET CASH USED BY
FINANCING ACTIVITIES (74,361) (71,632) Effect of exchange rate changes on Cash
and cash equivalents (308) 5,647 (DECREASE) INCREASE IN CASH AND CASH
EQUIVALENTS (5,599) 121,635 Cash and cash equivalents at beginning of period
388,136 284,332 Cash and cash equivalents at end of period $ 382,537$ 405,967
Cash dividends paid per share $ 0.84$ 0.81 Click to view table full screen
Lincoln Electric Holdings, Inc. Segment Highlights (In thousands) (Unaudited)
North South The Harris America Europe Asia Pacific America Products Corporate /
Welding Welding Welding Welding Group Eliminations Consolidated Three months
ended September 30, 2010 Net sales $ 255,636$ 85,892$ 79,657$ 34,065$ 64,088 $
- $ 519,338 Inter-segment sales 28,291 3,242 4,224 662 1,518 (37,937) - Total $
283,927$ 89,134$ 83,881$ 34,727$ 65,606$ (37,937)$ 519,338 EBIT (1) $ 43,187$
5,294$ (1,387)$ 2,355$ 4,119$ (3,680)$ 49,888 As a percent of total sales 15.2%
5.9% (1.7%) 6.8% 6.3% 9.6% Special items (2) $ - $ 370$ (101)$ 815 $ - $ - $
1,084 EBIT, as adjusted (3) $ 43,187$ 5,664$ (1,488)$ 3,170$ 4,119$ (3,680)$
50,972 As a percent of total sales 15.2% 6.4% (1.8%) 9.1% 6.3% 9.8% Three
months ended September 30, 2009 Net sales $ 213,132$ 84,365$ 62,204$ 26,430$ 55,671
$ - $ 441,802 Inter-segment sales 21,393 2,668 1,171 - 1,416 (26,648) - Total $
234,525$ 87,033$ 63,375$ 26,430$ 57,087$ (26,648)$ 441,802 EBIT (1) $ 34,497$
(3,834)$ (11,489)$ 4,354$ 1,725$ 424$ 25,677 As a percent of total sales 14.7%
(4.4%) (18.1%) 16.5% 3.0% 5.8% Special items (4) $ - $ 6,338$ 8,606$ 164$ (21)
$ - $ 15,087 EBIT, as adjusted (3) $ 34,497$ 2,504$ (2,883)$ 4,518$ 1,704$ 424$
40,764 As a percent of total sales 14.7% 2.9% (4.5%) 17.1% 3.0% 9.2% Nine
months ended September 30, 2010 Net sales $ 740,780$ 255,773$ 233,965$ 85,009$
190,353 $ - $ 1,505,880 Inter-segment sales 81,381 9,787 9,310 1,064 4,877
(106,419) - Total $ 822,161$ 265,560$ 243,275$ 86,073$ 195,230$ (106,419)$
1,505,880 EBIT (1) $ 114,484$ 12,642$ 5,273$ 2,383$ 9,794$ (6,474)$ 138,102 As
a percent of total sales 13.9% 4.8% 2.2% 2.8% 5.0% 9.2% Special items (2) $ - $
2,079$ (4,222)$ 3,123$ (416) $ - $ 564 EBIT, as adjusted (3) $ 114,484$ 14,721$
1,051$ 5,506$ 9,378$ (6,474)$ 138,666 As a percent of total sales 13.9% 5.5%
0.4% 6.4% 4.8% 9.2% Nine months ended September 30, 2009 Net sales $ 639,973$
260,575$ 133,144$ 69,197$ 163,947 $ - $ 1,266,836 Inter-segment sales 63,736
7,001 2,000 - 6,193 (78,930) - Total $ 703,709$ 267,576$ 135,144$ 69,197$
170,140$ (78,930)$ 1,266,836 EBIT (1) $ 82,490$ (8,172)$ (23,209)$ 6,566$
(4,715)$ (2,483)$ 50,477 As a percent of total sales 11.7% (3.1%) (17.2%) 9.5%
(2.8%) 4.0% Special items (5) $ 10,191$ 3,325$ 7,130$ 528$ 4,678 $ - $ 25,852
EBIT, as adjusted (3) $ 92,681$ (4,847)$ (16,079)$ 7,094$ (37)$ (2,483)$ 76,329
As a percent of total sales 13.2% (1.8%) (11.9%) 10.3% - 6.0% (1) EBIT is
defined as Operating income plus Equity earnings (loss) in affiliates and Other
income. (2) Special items include rationalization charges (gains) and the impact
of the change in the functional currency of the Company's Venezuelan operation
to the dollar and the devaluation of the Venezuelan currency. (3) The primary
profit measure used by management to assess segment performance is EBIT, as
adjusted. EBIT for each operating segment is adjusted for special items to
derive EBIT, as adjusted. (4) Special items include rationalization charges
(gains) and a loss related to an acquisition included in Equity earnings (loss)
in affiliates. (5) Special items include rationalization charges, a gain on the
sale of a property, a pension settlement gain and a loss related to an
acquisition included in Equity earnings (loss) in affiliates. Lincoln Electric
Holdings, Inc. Change in Net Sales by Segment (In thousands) (Unaudited) Three
Months Ended September 30th Change in Net Sales by Segment Change in Net Sales
due to: Net Sales Foreign Net Sales 2009 Volume Acquisitions Price Exchange
2010 Operating Segments North America Welding $ 213,132$ 37,360 $ - $ 3,351$
1,793$ 255,636 Europe Welding 84,365 9,515 - 28 (8,016) 85,892 Asia Pacific
Welding 62,204 5,022 12,338 (1,598) 1,691 79,657 South America Welding 26,430
11,996 - 5,539 (9,900) 34,065 The Harris Products Group 55,671 3,180 - 5,384
(147) 64,088 Consolidated $ 441,802$ 67,073$ 12,338$ 12,704$ (14,579)$ 519,338
% Change North America Welding 17.5% - 1.6% 0.8% 19.9% Europe Welding 11.3% - -
(9.5%) 1.8% Asia Pacific Welding 8.1% 19.8% (2.6%) 2.7% 28.1% South America
Welding 45.4% - 21.0% (37.5%) 28.9% The Harris Products Group 5.7% - 9.7%
(0.3%) 15.1% Consolidated 15.2% 2.8% 2.9% (3.3%) 17.5% Nine Months Ended
September 30th Change in Net Sales by Segment Change in Net Sales due to: Net
Sales Foreign Net Sales 2009 Volume Acquisitions Price Exchange 2010 Operating
Segments North America Welding $ 639,973$ 100,131 $ - $ (9,460)$ 10,136$
740,780 Europe Welding 260,575 11,610 - (10,697) (5,715) 255,773 Asia Pacific
Welding 133,144 11,236 86,235 (5,973) 9,323 233,965 South America Welding
69,197 24,552 - 11,719 (20,459) 85,009 The Harris Products Group 163,947 10,978
- 12,445 2,983 190,353 Consolidated $ 1,266,836$ 158,507$ 86,235$ (1,966)$
(3,732)$ 1,505,880 % Change North America Welding 15.6% - (1.5%) 1.6% 15.8%
Europe Welding 4.5% - (4.1%) (2.2%) (1.8%) Asia Pacific Welding 8.4% 64.8%
(4.5%) 7.0% 75.7% South America Welding 35.5% - 16.9% (29.6%) 22.9% The Harris
Products Group 6.7% - 7.6% 1.8% 16.1% Consolidated 12.5% 6.8% (0.2%) (0.3%)
18.9% Published by HT Syndication with permission from Daily Pak Banker. For
any query with respect to this article or any other content requirement, please
contact Editor at htsyndication@hindustantimes.com
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.43 |
|
|
1 |
Rs.71.89 |
|
Euro |
1 |
Rs.63.41 |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.