Lincoln Electric Reports First Quarter 2017 Financial Results
Exhibit 99.1
Investor Relations: Amanda Butler (216) 383-2534
Amanda_Butler@lincolnelectric.com
LINCOLN ELECTRIC REPORTS FIRST QUARTER 2017 RESULTS
|
|
| First Quarter 2017 Highlights |
§ Sales increase 5.5% on higher volumes and price |
§ Operating income margin of 14.0%, 14.6% on an adjusted basis |
§ EPS increases 11% to $0.84, Adjusted EPS increases 16% to $0.88 |
§ Solid cash flow from operations and cash conversion of net income (1) |
| |
CLEVELAND, Tuesday, April 18, 2017 -- Lincoln Electric Holdings, Inc. (the “Company”) (Nasdaq: LECO) today reported first quarter 2017 net income of $55.8 million, or diluted earnings per share (EPS) of $0.84 which includes acquisition transaction costs of $3.6 million, $2.7 million after-tax, or $0.04 EPS, related to the proposed acquisition of Air Liquide Welding. This compares with net income of $53.6 million, or $0.76 EPS in the comparable 2016 period.
First quarter 2017 sales increased 5.5% to $580.9 million primarily due to 2.9% higher volumes, a 2.1% increase in price and a 0.6% benefit from acquisitions. Excluding Venezuela from prior year results due to the deconsolidation of the operation, sales increased 6.4%, primarily from 3.9% higher volumes and a 2.1% increase in price.
Operating income for first quarter 2017 was $81.5 million, or 14.0% of sales. Adjusted operating income margin was 14.6% of sales, reflecting higher volumes and favorable mix. This compares with operating income of $75.3 million, or 13.7% of sales, in the comparable 2016 period.
"We achieved a solid start to the year on improving demand, favorable prior year comparisons and higher profitability across all of our segments," stated Christopher L. Mapes, chairman, president and chief executive officer. “As markets continue to recover in 2017, we are advancing our '2020 Strategy' with exciting product launches and an active M&A pipeline with the proposed acquisition of Air Liquide Welding. We expect these investments will enhance our portfolio of solutions and provide us with a stronger, broader organization to serve our global customers.”
On March 2, 2017, the Company entered into exclusive negotiations to acquire the Air Liquide Welding businesses, which generated sales of approximately $400 million in 2016. The proposed acquisition is subject to the execution of a definitive agreement between the parties and customary conditions and provisions for a transaction of this type, including the “information-consultation” process with employee representative bodies and applicable competition authorities’ approval.
Webcast Information
A conference call to discuss first quarter 2017 financial results will be webcast live today, April 18, 2017, at 10:00 a.m., Eastern Time. This webcast is accessible at http://ir.lincolnelectric.com. Listeners should go to the web site prior to the call to register, download and install any necessary audio software. A replay of the webcast will be available on the Company's web site.
_______________________________________________________________________________
| |
| (1) | Cash conversion is defined as Net cash provided by operating activities less Capital expenditures divided by Adjusted net income. |
Lincoln Electric Reports First Quarter 2017 Financial Results
Investors who are unable to access the webcast may listen to the conference call live by telephone by dialing (877) 344-3899 (domestic) or (315) 625-3087 (international) and use confirmation code 3102743. Telephone participants are asked to dial in 10 - 15 minutes prior to the start of the conference call.
Financial results for the first quarter 2017 can also be obtained at http://ir.lincolnelectric.com.
About Lincoln Electric
Lincoln Electric is the world leader in the design, development and manufacture of arc welding products, robotic arc welding systems, plasma and oxy-fuel cutting equipment and has a leading global position in the brazing and soldering alloys market. Headquartered in Cleveland, Ohio, Lincoln has 47 manufacturing locations, including operations and joint ventures in 19 countries and a worldwide network of distributors and sales offices covering more than 160 countries. For more information about Lincoln Electric and its products and services, visit the Company’s website at http://www.lincolnelectric.com.
Non-GAAP Information
Adjusted operating income, Adjusted net income, Adjusted diluted earnings per share and Return on invested capital are non-GAAP financial measures. Management uses non-GAAP measures to assess the Company's operating performance by excluding certain disclosed special items that management believes are not representative of the Company's core business. Management believes that excluding these special items enables them to make better period-over-period comparisons and benchmark the Company's operational performance against other companies in its industry more meaningfully. Furthermore, management believes that non-GAAP financial measures provide investors with meaningful information that provides a more complete understanding of Company operating results and enables investors to analyze financial and business trends more thoroughly. Non-GAAP financial measures should not be viewed in isolation, are not a substitute for GAAP measures and have limitations including, but not limited to, their usefulness as comparative measures as other companies may define their non-GAAP measures differently.
Forward-Looking Statements
The Company’s expectations and beliefs concerning the future contained in this news release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements reflect management’s current expectations and involve a number of risks and uncertainties. Forward-looking statements generally can be identified by the use of words such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “forecast,” “guidance” or words of similar meaning. Actual results may differ materially from such statements due to a variety of factors that could adversely affect the Company’s operating results. The factors include, but are not limited to: general economic and market conditions; the effectiveness of operating initiatives; completion of planned divestitures; interest rates; disruptions, uncertainty or volatility in the credit markets that may limit our access to capital; currency exchange rates and devaluations; adverse outcome of pending or potential litigation; actual costs of the Company’s rationalization plans; possible acquisitions, including the Company’s ability to enter into a definitive agreement for the purchase of Air Liquide’s welding business and the ability to successfully complete such acquisition; market risks and price fluctuations related to the purchase of commodities and energy; global regulatory complexity; and the possible effects of events beyond our control, such as political unrest, acts of terror and natural disasters, on the Company or its customers, suppliers and the economy in general. For additional discussion, see “Item 1A. Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016.
Lincoln Electric Holdings, Inc.
Financial Highlights
(In thousands, except per share amounts)
(Unaudited)
Consolidated Statements of Income
|
| | | | | | | | | | | | | | | | | | | | | |
| | | Three Months Ended March 31, | | Fav (Unfav) to Prior Year |
| | | 2017 | | % of Sales | | 2016 | | % of Sales | | $ | | % |
| Net sales | | $ | 580,897 |
| | 100.0 | % | | $ | 550,722 |
| | 100.0 | % | | $ | 30,175 |
| | 5.5 | % |
| Cost of goods sold | | 377,041 |
| | 64.9 | % | | 361,620 |
| | 65.7 | % | | (15,421 | ) | | (4.3 | %) |
| Gross profit | | 203,856 |
| | 35.1 | % | | 189,102 |
| | 34.3 | % | | 14,754 |
| | 7.8 | % |
| Selling, general & administrative expenses | | 122,370 |
| | 21.1 | % | | 113,810 |
| | 20.7 | % | | (8,560 | ) | | (7.5 | %) |
| Operating income | | 81,486 |
| | 14.0 | % | | 75,292 |
| | 13.7 | % | | 6,194 |
| | 8.2 | % |
| Interest income | | 777 |
| | 0.1 | % | | 430 |
| | 0.1 | % | | 347 |
| | 80.7 | % |
| Equity earnings in affiliates | | 795 |
| | 0.1 | % | | 626 |
| | 0.1 | % | | 169 |
| | 27.0 | % |
| Other income | | 956 |
| | 0.2 | % | | 661 |
| | 0.1 | % | | 295 |
| | 44.6 | % |
| Interest expense | | (6,114 | ) | | (1.1 | %) | | (3,827 | ) | | (0.7 | %) | | (2,287 | ) | | (59.8 | %) |
| Income before income taxes | | 77,900 |
| | 13.4 | % | | 73,182 |
| | 13.3 | % | | 4,718 |
| | 6.4 | % |
| Income taxes | | 22,052 |
| | 3.8 | % | | 19,558 |
| | 3.6 | % | | (2,494 | ) | | (12.8 | %) |
| Effective tax rate | | 28.3 | % | | |
| | 26.7 | % | | |
| | (1.6 | %) | | |
| Net income including non-controlling interests | | 55,848 |
| | 9.6 | % | | 53,624 |
| | 9.7 | % | | 2,224 |
| | 4.1 | % |
| Non-controlling interests in subsidiaries’ income (loss) | | 4 |
| | — |
| | (14 | ) | | — |
| | 18 |
| | 128.6 | % |
| Net income | | $ | 55,844 |
| | 9.6 | % | | $ | 53,638 |
| | 9.7 | % | | $ | 2,206 |
| | 4.1 | % |
| | | | | | | | | | | | | |
| Basic earnings per share | | $ | 0.85 |
| | |
| | $ | 0.77 |
| | |
| | $ | 0.08 |
| | 10.4 | % |
| Diluted earnings per share | | $ | 0.84 |
| | |
| | $ | 0.76 |
| | |
| | $ | 0.08 |
| | 10.5 | % |
| Weighted average shares (basic) | | 65,688 |
| | |
| | 69,585 |
| | |
| | |
| | |
|
| Weighted average shares (diluted) | | 66,583 |
| | |
| | 70,246 |
| | |
| | |
| | |
|
Lincoln Electric Holdings, Inc.
Financial Highlights
(In thousands)
(Unaudited)
Balance Sheet Highlights
|
| | | | | | | | |
| Selected Consolidated Balance Sheet Data | | March 31, 2017 | | December 31, 2016 |
| Cash and cash equivalents | | $ | 401,440 |
| | $ | 379,179 |
|
| Total current assets | | 1,148,070 |
| | 1,043,713 |
|
| Property, plant and equipment, net | | 376,120 |
| | 372,377 |
|
| Total assets | | 2,052,677 |
| | 1,943,437 |
|
| Total current liabilities | | 422,263 |
| | 388,107 |
|
Short-term debt (1) | | 2,136 |
| | 1,889 |
|
| Long-term debt, less current portion | | 703,378 |
| | 703,704 |
|
| Total equity | | 784,124 |
| | 712,206 |
|
| | | | | |
| Operating Working Capital | | March 31, 2017 | | December 31, 2016 |
| Accounts receivable, net | | $ | 302,599 |
| | $ | 273,993 |
|
| Inventories | | 281,250 |
| | 255,406 |
|
| Trade accounts payable | | 186,253 |
| | 176,757 |
|
| Operating working capital | | $ | 397,596 |
| | $ | 352,642 |
|
| | | | | |
Average operating working capital to Net sales (2) | | 17.1 | % | | 15.6 | % |
| | | | | |
| Invested Capital | | March 31, 2017 | | December 31, 2016 |
Short-term debt (1) | | $ | 2,136 |
| | $ | 1,889 |
|
| Long-term debt, less current portion | | 703,378 |
| | 703,704 |
|
| Total debt | | 705,514 |
| | 705,593 |
|
| Total equity | | 784,124 |
| | 712,206 |
|
| Invested capital | | $ | 1,489,638 |
| | $ | 1,417,799 |
|
| | | | | |
| Total debt / invested capital | | 47.4 | % | | 49.8 | % |
| |
| (1) | Includes current portion of long-term debt. |
| |
| (2) | Average operating working capital to Net sales is defined as operating working capital as of period end divided by annualized rolling three months of Net sales. |
Lincoln Electric Holdings, Inc.
Financial Highlights
(In thousands, except per share amounts)
(Unaudited)
Non-GAAP Financial Measures
|
| | | | | | | | |
| | | Three Months Ended March 31, |
| | | 2017 | | 2016 |
| Operating income as reported | | $ | 81,486 |
| | $ | 75,292 |
|
| Special items (pre-tax): | | | | |
Acquisition transaction costs (2) | | 3,615 |
| | — |
|
Adjusted operating income (1) | | $ | 85,101 |
| | $ | 75,292 |
|
| As a percent of total sales | | 14.6 | % | | 13.7 | % |
| | | | | |
| Net income as reported | | $ | 55,844 |
| | $ | 53,638 |
|
| Special items (after-tax): | | | | |
Acquisition transaction costs (2) | | 2,734 |
| | — |
|
Adjusted net income (1) | | $ | 58,578 |
| | $ | 53,638 |
|
| | | | | |
| Diluted earnings per share as reported | | $ | 0.84 |
| | $ | 0.76 |
|
| Special items | | 0.04 |
| | — |
|
Adjusted diluted earnings per share (1) | | $ | 0.88 |
| | $ | 0.76 |
|
| | | | | |
| Weighted average shares (diluted) | | 66,583 |
| | 70,246 |
|
| |
| (1) | Adjusted operating income, Adjusted net income and Adjusted diluted earnings per share are non-GAAP financial measures. Management uses non-GAAP measures to assess the Company's operating performance by excluding certain disclosed special items that management believes are not representative of the Company's core business. Management believes that excluding these special items enables them to make better period-over-period comparisons and benchmark the Company's operational performance against other companies in its industry more meaningfully. Furthermore, management believes that non-GAAP financial measures provide investors with meaningful information that provides a more complete understanding of Company operating results and enables investors to analyze financial and business trends more thoroughly. Non-GAAP financial measures should not be viewed in isolation, are not a substitute for GAAP measures and have limitations including, but not limited to, their usefulness as comparative measures as other companies may define their non-GAAP measures differently. |
| |
| (2) | Related to proposed acquisition of Air Liquide Welding. |
Lincoln Electric Holdings, Inc.
Financial Highlights
(In thousands, except per share amounts)
(Unaudited)
Non-GAAP Financial Measures
|
| | | | | | | | |
| | | Twelve Months Ended March 31, |
| Return on Invested Capital | | 2017 | | 2016 |
| Net income as reported | | $ | 200,605 |
| | $ | 112,762 |
|
| Rationalization and asset impairment charges, net of tax of $1,776 | | — |
| | 18,181 |
|
| Loss on deconsolidation of Venezuelan subsidiary, net of tax of $1,097 | | 33,251 |
| | — |
|
| Income tax valuation reversals | | (7,196 | ) | | — |
|
| Pension settlement charges, net of tax of $55,428 | | — |
| | 87,310 |
|
| Venezuela currency devaluation | | — |
| | 27,214 |
|
Acquisition transaction costs, net of tax of $880 (3) | | 2,734 |
| | — |
|
Adjusted net income (1) | | $ | 229,394 |
| | $ | 245,467 |
|
| Plus: Interest expense, net of tax of $8,180 and $9,114 in 2017 and 2016, respectively | | 13,186 |
| | 14,693 |
|
| Less: Interest income, net of tax of $934 and $977 in 2017 and 2016, respectively | | 1,505 |
| | 1,574 |
|
| Adjusted net income before tax effected interest | | $ | 241,075 |
| | $ | 258,586 |
|
| | | | | |
| Invested Capital | | March 31, 2017 | | March 31, 2016 |
| Short-term debt | | $ | 2,136 |
| | $ | 24,844 |
|
| Long-term debt, less current portion | | 703,378 |
| | 350,106 |
|
| Total debt | | 705,514 |
| | 374,950 |
|
| Total equity | | 784,124 |
| | 892,669 |
|
| Invested capital | | $ | 1,489,638 |
| | $ | 1,267,619 |
|
| | | | | |
Return on invested capital (1)(2) | | 16.2 | % | | 20.4 | % |
| |
| (1) | Adjusted net income and Return on invested capital are non-GAAP financial measures. Management uses non-GAAP measures to assess the Company's operating performance by excluding certain disclosed special items that management believes are not representative of the Company's core business. Management believes that excluding these special items enables them to make better period-over-period comparisons and benchmark the Company's operational performance against other companies in its industry more meaningfully. Furthermore, management believes that non-GAAP financial measures provide investors with meaningful information that provides a more complete understanding of Company operating results and enables investors to analyze financial and business trends more thoroughly. Non-GAAP financial measures should not be viewed in isolation, are not a substitute for GAAP measures and have limitations including, but not limited to, their usefulness as comparative measures as other companies may define their non-GAAP measures differently. |
| |
| (2) | Return on invested capital is defined as rolling 12 months of Adjusted net income excluding tax-effected interest income and expense divided by invested capital. |
| |
| (3) | Related to proposed acquisition of Air Liquide Welding. |
Lincoln Electric Holdings, Inc.
Financial Highlights
(In thousands, except per share amounts)
(Unaudited)
Condensed Consolidated Statements of Cash Flows
|
| | | | | | | | |
| | | Three Months Ended March 31, |
| | | 2017 | | 2016 |
| OPERATING ACTIVITIES: | | |
| | |
|
| Net income | | $ | 55,844 |
| | $ | 53,638 |
|
| Non-controlling interests in subsidiaries’ income (loss) | | 4 |
| | (14 | ) |
| Net income including non-controlling interests | | 55,848 |
| | 53,624 |
|
| Adjustments to reconcile Net income including non-controlling interests to Net cash provided by operating activities: | | |
| | |
|
| Depreciation and amortization | | 16,166 |
| | 15,625 |
|
| Equity earnings in affiliates, net | | (270 | ) | | (2 | ) |
| Pension (income) expense | | (1,345 | ) | | 4,144 |
|
| Pension contributions and payments | | (550 | ) | | (20,865 | ) |
| Other non-cash items, net | | 6,541 |
| | (2,079 | ) |
| Changes in operating assets and liabilities, net of effects from acquisitions: | | |
| | |
|
| Increase in accounts receivable | | (24,195 | ) | | (16,592 | ) |
| Increase in inventories | | (20,946 | ) | | (10,780 | ) |
| Increase in trade accounts payable | | 7,164 |
| | 4,657 |
|
| Net change in other current assets and liabilities | | 35,333 |
| | (2,554 | ) |
| Net change in other long-term assets and liabilities | | 2,494 |
| | (460 | ) |
| NET CASH PROVIDED BY OPERATING ACTIVITIES | | 76,240 |
| | 24,718 |
|
| | | | | |
| INVESTING ACTIVITIES: | | |
| | |
|
| Capital expenditures | | (12,037 | ) | | (8,885 | ) |
| Proceeds from sale of property, plant and equipment | | 203 |
| | 458 |
|
| Purchase of marketable securities | | (34,925 | ) | | — |
|
| Proceeds from marketable securities | | 3,800 |
| | — |
|
| NET CASH USED BY INVESTING ACTIVITIES | | (42,959 | ) | | (8,427 | ) |
| | | | | |
| FINANCING ACTIVITIES: | | |
| | |
|
| Net change in borrowings | | 110 |
| | 21,756 |
|
| Proceeds from exercise of stock options | | 5,643 |
| | 2,015 |
|
| Purchase of shares for treasury | | (403 | ) | | (102,488 | ) |
| Cash dividends paid to shareholders | | (22,986 | ) | | (22,625 | ) |
| Other financing activities | | (7 | ) | | (3,806 | ) |
| NET CASH USED BY FINANCING ACTIVITIES | | (17,643 | ) | | (105,148 | ) |
| | | | | |
| Effect of exchange rate changes on Cash and cash equivalents | | 6,623 |
| | 5,670 |
|
| INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | | 22,261 |
| | (83,187 | ) |
| Cash and cash equivalents at beginning of period | | 379,179 |
| | 304,183 |
|
| Cash and cash equivalents at end of period | | $ | 401,440 |
| | $ | 220,996 |
|
| | | | | |
| Cash dividends paid per share | | $ | 0.35 |
| | $ | 0.32 |
|
Lincoln Electric Holdings, Inc.
Segment Highlights
(In thousands)
(Unaudited)
|
| | | | | | | | | | | | | | | | | | | | |
| | | Americas Welding | | International Welding | | The Harris Products Group | | Corporate / Eliminations | | Consolidated |
Three months ended March 31, 2017 | | | | |
| | |
| | |
| | |
|
| Net sales | | $ | 383,324 |
| | $ | 128,888 |
| | $ | 68,685 |
| | $ | — |
| | $ | 580,897 |
|
| Inter-segment sales | | 22,460 |
| | 4,285 |
| | 2,300 |
| | (29,045 | ) | | — |
|
| Total | | $ | 405,784 |
| | $ | 133,173 |
| | $ | 70,985 |
| | $ | (29,045 | ) | | $ | 580,897 |
|
| | | | | | | | | | | |
EBIT (1) | | $ | 68,723 |
| | $ | 9,605 |
| | $ | 8,460 |
| | $ | (3,551 | ) | | $ | 83,237 |
|
| As a percent of total sales | | 16.9 | % | | 7.2 | % | | 11.9 | % | | |
| | 14.3 | % |
Special items charge (3) | | — |
| | — |
| | — |
| | 3,615 |
| | 3,615 |
|
Adjusted EBIT (2) | | $ | 68,723 |
| | $ | 9,605 |
| | $ | 8,460 |
| | $ | 64 |
| | $ | 86,852 |
|
| As a percent of total sales | | 16.9 | % | | 7.2 | % | | 11.9 | % | | |
| | 15.0 | % |
Three months ended March 31, 2016 | | |
| | |
| | |
| | |
| | |
|
| Net sales | | $ | 359,008 |
| | $ | 124,305 |
| | $ | 67,409 |
| | $ | — |
| | $ | 550,722 |
|
| Inter-segment sales | | 23,831 |
| | 4,426 |
| | 2,303 |
| | (30,560 | ) | | — |
|
| Total | | $ | 382,839 |
| | $ | 128,731 |
| | $ | 69,712 |
| | $ | (30,560 | ) | | $ | 550,722 |
|
| | | | | | | | | | | |
EBIT (1) | | $ | 61,438 |
| | $ | 6,233 |
| | $ | 7,711 |
| | $ | 1,197 |
| | $ | 76,579 |
|
| As a percent of total sales | | 16.0 | % | | 4.8 | % | | 11.1 | % | | |
| | 13.9 | % |
| Special items charge | | — |
| | — |
| | — |
| | — |
| | — |
|
Adjusted EBIT (2) | | $ | 61,438 |
| | $ | 6,233 |
| | $ | 7,711 |
| | $ | 1,197 |
| | $ | 76,579 |
|
| As a percent of total sales | | 16.0 | % | | 4.8 | % | | 11.1 | % | | |
| | 13.9 | % |
| |
| (1) | EBIT is defined as Operating income plus Equity earnings in affiliates and Other income. |
| |
| (2) | The primary profit measure used by management to assess segment performance is Adjusted EBIT. EBIT for each operating segment is adjusted for special items to derive Adjusted EBIT. |
| |
| (3) | Special items reflect acquisition transaction costs related to proposed acquisition of Air Liquide Welding. |
Lincoln Electric Holdings, Inc.
Change in Net Sales by Segment
(In thousands)
(Unaudited)
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended March 31st Change in Net Sales by Segment |
| | | | | | | |
| | | | | Change in Net Sales due to: | | |
| | | Net Sales
2016 | | Volume | | Acquisitions | | Price | | Foreign
Exchange | | Net Sales
2017 |
| Operating Segments | | |
| | |
| | |
| | |
| | |
| | |
|
| Americas Welding | | $ | 359,008 |
| | $ | 14,761 |
| | $ | 3,338 |
| | $ | 5,520 |
| | $ | 697 |
| | $ | 383,324 |
|
| International Welding | | 124,305 |
| | 3,347 |
| | — |
| | 3,199 |
| | (1,963 | ) | | $ | 128,888 |
|
| The Harris Products Group | | 67,409 |
| | (1,984 | ) | | — |
| | 2,718 |
| | 542 |
| | $ | 68,685 |
|
| Consolidated | | $ | 550,722 |
| | $ | 16,124 |
| | $ | 3,338 |
| | $ | 11,437 |
| | $ | (724 | ) | | $ | 580,897 |
|
| | | | | | | | | | | | | |
Americas Welding (excluding Venezuela) | | $ | 354,028 |
| | $ | 19,741 |
| | $ | 3,338 |
| | $ | 5,520 |
| | $ | 697 |
| | $ | 383,324 |
|
Consolidated (excluding Venezuela) | | $ | 545,742 |
| | $ | 21,104 |
| | $ | 3,338 |
| | $ | 11,437 |
| | $ | (724 | ) | | $ | 580,897 |
|
| | | | | | | | | | | | | |
| % Change | | |
| | |
| | |
| | |
| | |
| | |
|
| Americas Welding | | |
| | 4.1 | % | | 0.9 | % | | 1.5 | % | | 0.2 | % | | 6.8 | % |
| International Welding | | |
| | 2.7 | % | | — |
| | 2.6 | % | | (1.6 | %) | | 3.7 | % |
| The Harris Products Group | | |
| | (2.9 | %) | | — |
| | 4.0 | % | | 0.8 | % | | 1.9 | % |
| Consolidated | | |
| | 2.9 | % | | 0.6 | % | | 2.1 | % | | (0.1 | %) | | 5.5 | % |
| | | | | | | | | | | | | |
Americas Welding (excluding Venezuela) | | | | 5.6 | % | | 0.9 | % | | 1.6 | % | | 0.2 | % | | 8.3 | % |
Consolidated (excluding Venezuela) (1) | | | | 3.9 | % | | 0.6 | % | | 2.1 | % | | (0.1 | %) | | 6.4 | % |
| | | | | | | | | | | | | |
| |
| (1) | First quarter 2016 Venezuelan sales were $5 million. |
