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Lincoln Electric Holdings Inc.'s reported its third-quarter net income fell 23 percent and that its chairman and chief executive plans to retire in May 2005.
In a press release, Lincoln Electric said it earned U.S. $14.1 million for the quarter, or $0.34 a share, down from $18.3 million, or $0.43 a share, a year ago.
Sales for the period rose 3.8 percent to $256.9 million from $247.5 million a year ago, surpassing Wall Street's forecast of $252.1 million.
The maker of arc welding products posted higher costs of goods sold and selling, general, and administrative expenses in the latest period.
Lincoln Electric said its CEO, Mr. Massaro, who has been chief executive and president of the company since 1996 and was named chairman in 1997, will retire in 2005. He joined the company in 1993 as director of international operations, based in London.
The company's board has asked a representative "cross-section" of its members to evaluate qualified chief executive candidates. The committee will be headed by Harold L. Adams, former chairman and chief executive of RTKL Associates Inc. Other directors serving on the committee are Kathryn Jo Lincoln, Henry L. Meyer III, Ranko Cucuz, and Hellene S. Runtagh.
The company said one candidate it is considering is chief operating officer John Stropki.
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