RTTNews | Jul 27, 2020 07:46AM EDT

07:46 Monday, July 27, 2020 (RTTNews.com) - Lincoln Electric Holdings, Inc. (LECO) reported Monday that net income for the second quarter plunged to $27.0 million or $0.45 per share from $85.45 million or $1.36 per share in the prior-year quarter.

Excluding items, adjusted net income for the quarter was $48.0 million or $0.80 per share, compared to $80.87 million or $1.28 per share in the year-ago quarter.

On average, 11 analysts polled by Thomson Reuters expected the company to report earnings of $0.36 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales for the quarter decreased 24.0 percent to $590.73 million from $777.01 million in the same quarter last year. Organic sales declined 24.8 percent. Analysts expected revenues of $552.55 million.

Looking ahead, the company said it has expanded its cost action initiatives as the pace of recovery remains uncertain and now expect to generate $55 to $65 million in realized cost savings in 2020.

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