Lincoln Electric (NASDAQ: LECO) reported Q2 EPS of $0.80, $0.44 better than the analyst estimate of $0.36. Revenue for the quarter came in at $590.73 million versus the consensus estimate of $552.55 million.

Second Quarter 2020 Highlights

• Net sales decline 24.0% on lower organic sales
• Operating income margin of 6.7%; Adjusted operating income margin of 10.7%
• EPS of $0.45; Adjusted EPS of $0.80
• Solid balance sheet profile and strong cash flow generation with 189% cash conversion
• Cost reduction actions now estimated to provide $55 to $65 million of benefits in 2020

“As we navigate through the pandemic, I am proud of how effectively we are managing employee safety while serving our customers,” stated Christopher L. Mapes, Chairman, President and Chief Executive Officer. “We continued to generate strong cash flows and increased liquidity, while achieving solid second quarter profitability through aggressive cost management." Mapes commented, “As the pace of recovery remains uncertain, we have expanded our cost action initiatives and now expect to generate $55 to $65 million in realized cost savings in 2020. We remain confident in our disciplined management of the business, strong cash flow generation, returns, and balance sheet profile.”

For earnings history and earnings-related data on Lincoln Electric (LECO) click here.