ESAB Corp - ESAB STOCK NEWS

ESAB's InduSuite platform has launched FloCloud, a cloud-based gas monitoring software solution. FloCloud combines GCE's gas control products with InduSuite's WeldCloud software to create a gas manifold with Mesh WiFi-enabled sensors that communicate data to an online application. The software features an analytics dashboard that tracks gas consumption, sends notifications for pressure drops or flow issues, and provides cost analysis for job estimating.

Early adopters have reported significant benefits, including:

• A petrochemical industry customer saved over €1 million on gas spend and 240,000 liters in welding gas use
• Another customer eliminated €6,000 daily losses from production line shutdowns due to gas cylinder swaps

ESAB reported Q2 2024 results with sales of $707 million, a 2% decrease on a reported basis but a 1% increase in core organic growth. The company achieved net income from continuing operations of $84 million or $1.37 diluted EPS. Core adjusted EBITDA rose 6% to $134 million, with margins expanding 150 basis points to 20.1%.

ESAB updated its full-year 2024 outlook, now expecting total core sales growth of -2.5% to -0.5%, flat core organic sales growth, and core adjusted EBITDA range of $495 to $515 million. The company completed the acquisition of Linde Bangladesh's welding business, strengthening its position in Asia.

ESAB (NYSE: ESAB) will issue its second quarter 2024 financial results on the morning of August 2, 2024. Following the release, a conference call will take place at 8:00 a.m. Eastern Time to discuss the results. The call is open to the public via phone and webcast. The financial results and supplementary information will be available on ESAB's website before the call, and a replay will be accessible later that day. ESAB, a premier industrial compounder founded in 1904, employs around 9,000 associates and serves customers in approximately 150 countries from its base in North Bethesda, Maryland.

ESAB has announced a new distribution agreement with INFRA Group to expand the availability of its welding and gas control equipment in Mexico. This strategic partnership aims to accelerate growth in ESAB's Americas business by leveraging INFRA's extensive market reach.

INFRA, a leading provider of industrial and medical gases and welding products in Mexico, will distribute ESAB's innovative equipment, including the award-winning Renegade VOLT™, and products from the Rogue™, Rustler™, and Arcair™ lines. This agreement is expected to enhance service levels, create new sales opportunities, and drive future growth in Mexico.

ESAB (NYSE: ESAB) announced its agreement to acquire Linde Industries Private (LIPL), a leader in welding consumables and equipment in Bangladesh. This marks ESAB's third acquisition in 2023, aiming to bolster their presence in the fast-growing South Asian market.

According to President and CEO Shyam P. Kambeyanda, the acquisition will enhance ESAB's ability to serve regional end markets and customers with their award-winning equipment and consumables. LIPL reported approximately $20 million in sales for 2023 and is margin accretive. The transaction is expected to close later this year, pending shareholder approvals and closing conditions.

Founded in 1904, ESAB employs around 9,000 associates and serves customers in approximately 150 countries. For more information, visit www.ESABcorporation.com.

ESAB announced a 33% increase in its quarterly cash dividend, from $0.06 to $0.08 per share, payable on July 12, 2024. The Company's President and CEO, Shyam P. Kambeyanda, highlighted the successful execution of strategic goals and strong cash flow generation. ESAB , founded in 1904, is a premier industrial compounder based in North Bethesda, Maryland.

ESAB announced record first-quarter sales and margin performance, reporting a 1% increase in sales and a 2% increase in core organic growth compared to the previous year. The company also reported $61 million in net income and $1.00 diluted earnings per share. ESAB is focused on driving growth and margin expansion through its ESAB Business Excellence strategy. The company strengthened its balance sheet with a successful bond offering and completed the acquisition of Sager S.A. and announced an agreement to acquire SUMIG Ltda. ESAB's outlook for full-year 2024 includes expected total core sales growth of 1.5% to 3.5% and core adjusted EBITDA of $500 to $520 million.