(RTTNews) - Lincoln Electric Holdings, Inc. (LECO) reported Tuesday that net income for the third quarter declined to $58.5 million or $0.97 per share from $72.5 million or $1.17 per share in the prior-year quarter.
Excluding items, adjusted net income for the quarter was $66.0 million or $1.10 per share, compared to $67.7 million or $1.09 per share in the year-ago quarter.
On average, 11 analysts polled by Thomson Reuters expected the company to report earnings of $0.78 per share for the quarter. Analysts' estimates typically exclude special items.
Net sales for the quarter decreased 8.5 percent to $668.89 million from $730.78 million in the same quarter last year. Organic sales declined 8.3 percent. Analysts expected revenues of $611.60 million.
Further, the company's Board of Directors declared a 4.1 percent higher quarterly cash dividend of $0.51 per share, payable on January 15, 2021 to shareholders of record as of December 31, 2020.
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