Electronic Insight in the welding and gas industry
Inside this issue:• Quarterly Reports• Industry Updates & News• Product Announcements
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November 2017 Edition
Quarterly ReportsLincoln Electric 3Q 2017 HighlightsCLEVELAND (AP) _ Lincoln Electric Holdings Inc. (LECO) reported their third-quarter results:• Sales of $669.5 million, 17.9% increase verses last year.
• 11% from acquisitions• 3.8% on higher volumes• 1.8% from price increases
• Net Income of $106.1 million compared to $60 million last year. • On July 31, 2017, Lincoln Electric completed the acquisition of
Air Liquide Welding (a subsidiary of Aire Liquide) for approximately $134 million.
• Operating income for the 3rd quarter 2017 was $133.1 million or 19.9% of sales compared to $81.8 million or 14.4% of sales in the comparable 2016 period.
Worthington Misses 1Q Profit ForecastsCOLUMBUS, Ohio (AP) _ Worthington Industries Inc. (WOR) reported fiscal first-quarter results. • Net Sales of $848.2 million, up 15% from last year• Net Earnings of $45.5 million, down from $65.6 million.
Restructuring charge totaled $2.3 million. • Pressure Cylinders net sales totaled $269.8 million, up 31% over
last year’s quarter. Partly due to Amtrol acquisition. • June 2, 2017 Worthington acquired Amtrol, a leading
manufacturer of pressure cylinders and water system tanks with operations in the U.S. and Europe for approximately $283 million.
Quarterly Reports
Colfax (ESAB Parent Company) Colfax Corp. (CFX) reported third quarter results:• 3Q Net Sales of $844.5 million compared to $766.5 million last
year. • Net Income of $52.1 million verses $47.8 million last year.• Net sales grew 10.2% year over year, 6% organically.• Colfax announced the sale of the Fluid Handling business and
signed agreements to acquire 2 more complementary businesses.
Nucor CHARLOTTE, N.C. (AP) _ Nucor Corp. (NUE) reported third-quarter results:• Net Sales increased 21% to $5.17 billion from $4.29 billion last
year. • Total tons shipped were 6.62 million, a 12% increase
compared to last year. • Net Earnings totaled $268.5 million compared to $305.4 million
last year. • Included in the 2016 earnings were a net benefit of $11.1
million related to fair value adjustments to assets in the corporate segment.
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Quarterly ReportsKimberly-Clark 3Q 2017 results:Kimberly-Clark Corp. (KMB) reported third-quarter net sales of $4.6 billion – 1% increase compared to last year. • 3Q operating profit was $854 million compared to $836 million last
year. • $125 million cost savings program.
• K-C Professional Segment (includes Jackson Products) sales were $0.8 billion, an increase of 3%.
Illinois Tool Works (Miller Electric Parent Company) Reports 3rd
Quarter results. • Total revenue of $3.6 billion, an increase of 4% • 3rd quarter net income was $640 million compared to $535 million
last year• The Welding Segment (Miller Electric) posted total revenue of $378
million ($375 million last year) with a operating margin of 26.6%. The operating margin increase is 10 bps.
• Organic revenue growth was positive in six of seven segments led by Specialty Products (+5%), Welding (+4%) and Construction (+4%).
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Quarterly ReportsEssendant Reports Third Quarter 2017 ResultsRevenue declined 5.5% to $1.3 billion, compared to $1.4 billion in the prior year quarterJanSan Products: revenues of $342.9 million, a decrease of $(35.5) million or 8%, primarily driven by declines in the national retail channel. Technology Products: revenues of $320.7 million, a decrease of $26.4 million or 6.1%, because of declines in the national retail channel. Traditional Office Products: revenues of $202.7 million, a decrease of $26.7 million or 10.2%, due to sales declines in the independent dealer channel and the national retail channel. Industrial Products: revenues of $143.4 million, an increase of $3.1 million or 3.8%, due to growth initiatives and energy market recovery. Cut-sheet Paper Products: revenues of $110.3 million, an increase of $0.6 million or 2.2%, primarily driven by independent dealer channel sales increases. Automotive Products: revenues of $75.7 million, an decrease of $0.6 million or 2.2%, driven by timing of promotional activities. Office Furniture: revenues of $72.1 million, a decrease of $10.1 million or 10.9%, primarily driven by sales declines in the independent dealer channel.
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Quarterly ReportsAir Products Reports Very Strong Fiscal 2017 Fourth Quarter ResultsLEHIGH VALLEY, Pa. (Oct 26, 2017) – Air Products (NYSE: APD) • Total sales of $2.2 billion, an increase of 13% from the prior year
• 9% on higher volumes and 2% due to higher pricing and favorable energy pass-through.
• Net income was $474 million, up 64% from last year. • Industrial Gases – Americas sales of $953 million increased 9%
primarily driven by 7% higher volumes. AP completed the spin-off of Versum Materials and sale of Performance Materials business. They also brought several major projects onstream: large hydrogen plant for BPCL in India; large ASU in Pyeongtaek, S. Korea; and a large ASU in Yitai in China. Trimas Corp. (Norris Cylinder Parent Company) Reports 3rd Quarter results:• Net Sales of $209.3 million and increase of 3.5%.• 3rd quarter net income was $13.1 million compared to $8.8 million
last year• Engineered Components Segment (Norris Cylinder and Arrow Brands)
total sales were $30.8 million compared to last year sales at $26.3 million. A 17% increase.
Quarterly ReportsChart Industries Reports Strong 2017 Third Quarter Results• Total 3rd quarter sales of $241 million, up from $238 million for the
same period last year• 3rd quarter gross margin increased 280 bps up to 29.3 from 26.5 last
year. • Backlog is $481 million as of 9/30/17, up from $367 million as of
6/30/17. • 9/21.2017 Chart completed the acquisition of Hudson Products Corp
for $410 million. Hudson Products manufactures heat transfer solutions.
Praxair Reports 3rd Quarter results:• Net Sales of $2.9 billion: an increase of 8%.• 3rd quarter adjusted operating profit was $626 million, up 26% from
last year• North America 3rd quarter sales were $1.518 billion, up 4% from last
year. • Praxair shareholders approved their business combination with Linda
AG with 99% of votes cast in favor of the merger. Currently the business combination remains subject to the satisfaction of all other transaction closing conditions, including successfully completing Linde plc’s exchange offer for Linde AG shares, and the receipt of all regulatory approvals.
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Industry Updates & NewsFacts About Manufacturing in the U.S. • Manufacturers contributed $2.18 trillion to the U.S. economy in 2016. • Manufacturing accounted for 11.7 percent of GDP in the economy. • For every $1.00 spent in manufacturing, another $1.89 is added to the
economy. That is the highest multiplier effect of any economic sector. • The vast majority of manufacturing firms in the U.S. are small businesses. In
2015, there were 251,774 firms in the manufacturing sector, with all buy 3,813 firms considered to be small (less than 500 employees). In fact, three-quarters of these firms have fewer than 20 employees. (source: U.S. Census Bureau)
• In 2016, the average manufacturing worker in the U.S. earned $82,023 annually, including pay and benefits.
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Industry Updates & NewsPraxair Starts Up VSPA Plants in South Korean Petrochemical ComplexPraxair Inc. announced it has started up three new vacuum pressure swing adsorption (VPSA) plants at the Daesan petrochemical complex located on the west coast of the Korean peninsula. Praxair will start up a fourth VPSA plant in early 2018.
Lincoln Electric Expands its Automation Capabilities.Lincoln Electric announced the expansion of its Wayne Trail, Fort Loramie, Ohio automation facility, which specializes in automated manufacturing solutions for metal forming, fabricating and metal joining processes.
2016 Global Welding Consumable Market Share by End User:Construction – 21.45%Automotive – 26.65%Aerospace – 19.78%Marine – 17.36%Others – 14.76%.
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Part Number: E6600
Description: Magnetic TIG TorchHolder. A powerful 2-3/4” magnetsecures to your workbench,welding table or welding machineto keep your TIG gun secure whennot in use. It works in vertical orhorizontal positions.
Description: Stainless steel gauge non-ferrous wire (such as copper, brass, etc.) and gauging uncoated sheet and plate iron or steel. Engraved measurement markings for durability. Measures 0 – 36 gauge on one side and .007” to .3125” on the other. 3.31” diameter x 3/32” thick.
Part Number: E-RMG
Electronic Insight in the welding and gas industry
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