Jul. 29--Sales and net income suffered massive slides during Lincoln Electric's second quarter.

The Euclid-based welding manufacturer on Tuesday released its results from the quarter that ended June 30 and then hosted a teleconference for investors and media members. Among those results was a net income of $15.1 million or 35 cents per diluted share, a nearly 80 percent drop from the same period a year ago.

"Our second-quarter results continue to reflect the difficult economic realities of the global markets," Lincoln Chairman and Chief Executive Officer John M. Stropki said in a statement. "Although volumes are generally stabilizing with trends in the most recent quarters, this lower level of business activity has resulted in a significant reduction in profitability compared with the second quarter of 2008."

Sales for the quarter also declined by about 41 percent to $413.3 million. First-half sales totaled $825 million, representing a 37.5 percent decrease.

Net cash provided by operating activities, however, increased by double digits in both the quarter and first half to $62.6 million and $134.2 million, respectively.

Officials also showed enthusiasm regarding the acquisition of Jinzhou Jin Tai Welding and Metal Co., based in Jinzhou, China.

The deal, expected to close during the third quarter, is expected to expand Lincoln's customer base and give it more competitively priced metal inert gas wire manufacturing capacity.

"We are continuing to aggressively realign our business to current market conditions, and we are pleased that these actions resulted in improved profitability from the first quarter (of) 2009," Stropki said. "...We remain confident that we will emerge from the global recession with a more efficient and highly competitive business model."

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