Lincoln Electric Holdings, Inc. (www.lincolnelectric.com) reported profit of $36.7 million, or 86 cents per share, on record sales of $468.4 million for its first quarter, ended March 21. Profit was up 65 percent and sales were up 29 percent compared to the same quarter a year ago. Lincoln Electric released its earnings statement April 26.

This compares with profit of $22.2 million, 53 cents per share, on sales of $362.9 million for the same quarter a year ago.

This year's sales include results from Lincoln's acquisition of J.W. Harris. If the J.W. Harris results are excluded, Lincoln would have reported a 19 percent increase in sales for its first quarter, the company said in its earnings statement.

"We had an excellent first quarter," said John M. Stropki, chairman and chief executive officer. "Our regional strategies continue to progress effectively, resulting in record sales levels across most channels, product segments and markets. Our growth in first quarter sales has been driven by strong volume increases in both consumable and equipment product lines, as well as contributions from the J.W. Harris acquisition."

"We are also very pleased with the positive market response from both a customer and investor standpoint to the execution of our key business strategies. We continue to be very focused on product and geographical market expansion, customer service excellence, cost control, working capital management and the integration of new acquisitions," Stropki added.