US-listed companies
LINCOLN ELECTRIC HOLDINGS INC

LINCOLN ELECTRIC HOLDINGS INCLECO

Market cap

$10.9B

P/E ratio

20x

Income statement Balance sheet Cash flow

	Dec 31, 2010	Dec 31, 2011	Dec 31, 2012	Dec 31, 2013	Dec 31, 2014	Dec 31, 2015	Dec 31, 2016	Dec 31, 2017	Dec 31, 2018	Dec 31, 2019	Dec 31, 2020	Dec 31, 2021	Dec 31, 2022	Dec 31, 2023
Net sales (Note 2)	2,070	2,695	2,853	2,853	2,813	2,536	2,275	2,624	3,029	3,003	2,655	3,234	3,761	4,192
Cost of goods sold	-	-	-	-	-	-	-	-	-	1,996	1,784	2,166	2,480	2,726
Gross profit	564	737	867	943	949	841	789	880	1,029	1,008	871	1,069	1,281	1,465
Selling, general & administrative expenses	378	440	495	527	545	497	467	538	628	621	544	597	657	759
Restructuring, Settlement and Impairment Provisions	-	0	9	8	30	20	-	7	25	15	45	10	12	-11
Operating income	186	297	362	407	374	182	288	378	376	371	282	462	612	718
Interest expense, net	-	-	-	-	-	-	-	-	-	-	-22	-22	-29	-44
Nonoperating Income (Expense)	1	5	7	9	2	-12	-11	-11	11	21	4	-114	10	13
Income before income taxes	-	301	370	416	376	170	277	366	369	368	264	325	593	687
Income taxes (Note 13)	55	84	-	125	122	42	79	119	82	75	58	48	121	142
Net income including non-controlling interests	132	217	257	292	254	127	198	247	287	293	206	277	472	-
Net income	132	217	257	292	254	127	198	247	287	293	206	277	472	545
Non-controlling interests in subsidiaries' income	2	-0	-0	-2	-1	-0	-0	-0	-0	-0	0	0	-	-
Earnings Per Share, Basic	3.09	2.6	3.1	3.58	3.22	1.72	2.94	3.76	4.42	4.73	3.46	4.66	8.14	9.5
Net income	132	217	257	292	254	127	198	247	287	293	206	277	472	545
Earnings Per Share, Diluted	3.06	2.56	3.06	3.54	3.18	1.7	2.91	3.71	4.37	4.68	3.42	4.6	8.04	9.37
Earnings Per Share, Basic	3.09	2.6	3.1	3.58	3.22	1.72	2.94	3.76	4.42	4.73	3.46	4.66	8.14	9.5
Cash dividends declared per share	1.15	0.635	0.71	0.83	0.98	1.19	1.31	1.44	1.64	1.9	1.98	2.09	2.32	2.63
Earnings Per Share, Diluted	3.06	2.56	3.06	3.54	3.18	1.7	2.91	3.71	4.37	4.68	3.42	4.6	8.04	9.37
Cash dividends declared per share	1.15	0.635	0.71	0.83	0.98	1.19	1.31	1.44	1.64	1.9	1.98	2.09	2.32	2.63