CLEVELAND (AP) -- Lincoln Electric Holdings Inc.'s second-quarter net income improved, as the welding company faced weaker revenue and special charges during the period.
Shares of the Cleveland-based company fell in trading Monday following the report.
Lincoln earned $72.6 million, or 87 cents per share, for the period that ended June 30. That compares with $66.3 million, or 79 cents per share, a year ago. Excluding one-time items the company earned 91 cents per share.
Revenue fell 2 percent to $727.4 million.
Analysts polled by FactSet, on average, expected 89 cents per share on revenue of $758.7 million.
President and CEO Christopher Mapes was cautious about the rest of the year. However, he expects that Lincoln will deliver solid margins and earnings with new products, expense control and other internal efforts.
The company serves various markets; including shipbuilding, automotive, pipelines and offshore oil and gas drilling.
Lincoln Electric shares fell $1.68, or 2.8 percent, to $59.26 in morning trading.
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