CLEVELAND (AP) -- Lincoln Electric Holdings Inc. said Wednesday its net income rose 17 percent in the third quarter as the welding equipment maker cut its expenses, making up for a decline in sales.
The company's income also surpassed Wall Street's expectations, and Lincoln Electric shares jumped $5.10, or 13.1 percent, to $44.10 in midday trading.
Lincoln Electric said growth from its North American welding business slowed, and its international businesses dealt with a weaker economic environment. However it said revenue and orders have stabilized, and its profit margins and returns on invested capital improved. The company said its net income rose to $64.8 million, or 77 cents per share, from $55.5 million, or 66 cents per share.
Excluding one-time cost Lincoln Electric said it earned 80 cents per share. Revenue decreased about 1 percent, to $697.6 million from $701.6 million.
Analysts were forecasting income of 73 cents per share and $727.9 million in revenue, according to FactSet.