Lincoln Electric Holdings, Inc. (NASDAQ:LECO) Q3 2022 Earnings Conference Call October 27, 2022 10:00 AM ET
Company Participants
Amanda Butler - VP, IR & Communications
Christopher Mapes - Chairman, President & CEO
Steven Hedlund - EVP & COO
Gabriel Bruno - EVP, CFO & Treasurer
Conference Call Participants
Bryan Blair - Oppenheimer
Walter Liptak - Seaport
Joseph Grabowski - Robert W. Baird & Co.
Robert Barger - KeyBanc Capital Markets
Adam Farley - Stifel, Nicolaus & Company
Dillon Cumming - Morgan Stanley
Operator
Greetings, and welcome to the Lincoln Electric 2022 Third Quarter Financial Results Conference Call. [Operator Instructions]. And this call is being recorded. It is now my pleasure to introduce your host, Amanda Butler, Vice President of Investor Relations and Communications. Thank you, you may begin.
Amanda Butler
Thank you, Towanda, and good morning, everyone. Welcome to Lincoln Electric's Third Quarter 2022 Conference Call. We released our financial results earlier today, and you can find our release as an attachment to this call's slide presentation as well as on the Lincoln Electric website at lincolnelectric.com in the Investor Relations section. Joining me on the call today is Chris Mapes, Lincoln's Chairman, President and Chief Executive Officer; as well as Gabe Bruno, our Chief Financial Officer; and Steve Hedland, Chief Operating Officer. Chris and Steve will begin the discussion with an overview of our results and business trends. Gabe will cover our quarterly financial performance in more detail. And finally, Chris will conclude with a review of our full year assumptions and discuss our announced definitive agreement to acquire for Automation. Following our prepared remarks, we are happy to take your questions.
Before we start our discussion, please note that certain statements made during this call may be forward-looking and actual results may differ materially from our expectations due to a number of risk factors. A discussion of some of the risks and uncertainties that may affect our results are provided in our press release and in our SEC filings on Forms 10-K and 10-Q. In addition, we discussed financial measures that do not conform to U.S. GAAP. A reconciliation of non-GAAP measures to the most comparable GAAP measure is found in the financial tables in our earnings release. which again is available in the Investor Relations section of our website at lincolnelectric.com. And with that, I'll turn the call over to Chris Metz. Chris?
Christopher Mapes
Thank you, Amanda. Good morning, everyone. Turning to Slide 3. I'm pleased to report another quarter of record sales, profitability, earnings and returns on great momentum in Americas Welding and automation on strong industrial activity as well as capital investment. The organization did an excellent job servicing customers and capturing growth in an increasingly dynamic operating environment. Our focus on putting customers first, innovating, driving operational excellence and investing in our employees shapes our higher standard 2025 strategic initiatives and has been key to successfully navigating through the cycle and through current market conditions. We achieved record sales of $935 million, led by 21% organic growth on 13% higher price and a 9% increase in volumes.