Company Reports

Narrow-moat-rated Lincoln Electric reported mixed first-quarter results, as its revenue of $981 million fell $60 million short of the FactSet consensus estimate, but adjusted EPS of $2.23 beat the consensus by $0.06 thanks to strong margins in Americas welding and the Harris Products Group. We’ve trimmed our fair value estimate to $187 from $190, which reflects our slightly more conservative near-term organic revenue growth projections, partially offset by time value of money. We view the name as modestly overvalued at current levels.

Lincoln Electric is a manufacturer of welding, cutting, and brazing products, claiming leading market share globally. Alongside rivals ITW and ESAB, Lincoln Electric is one of the top three players offering a complete welding-solutions package, including equipment and consumables, which we think differentiates the firm from smaller competitors.

Narrow-moat Lincoln Electric finished 2023 on a strong note as its full-year sales of $4.191 billion and adjusted EPS of $9.41 both came in above our estimates of $4.163 billion and $9.02. After rolling our model forward one year, we’ve raised our fair value estimate to $190 from $179, which reflects our more upbeat near-term expectations as well as time value of money.

Lincoln Electric is a manufacturer of welding, cutting, and brazing products, claiming leading market share globally. Alongside rivals ITW and ESAB, Lincoln Electric is one of the top three players offering a complete welding-solutions package, including equipment and consumables, which we think differentiates the firm from smaller competitors.

We’ve raised our fair value estimate for narrow-moat-rated Lincoln Electric to $179 from $171 after the company posted solid third-quarter earnings. Record adjusted operating margins helped drive a roughly 18% year-over-year increase in adjusted EPS, from $2.04 to $2.40. The fair value estimate increase reflects our slightly more optimistic operating margin projections as well as time value of money.

Lincoln Electric is a manufacturer of welding, cutting, and brazing products, claiming leading market share globally. Alongside rivals ITW and ESAB, Lincoln Electric is one of the top three players offering a complete welding-solutions package, including equipment and consumables, which we think differentiates the firm from smaller competitors.

Narrow-moat-rated Lincoln Electric reported solid second-quarter results, featuring a 12% year-over-year increase in adjusted EPS, from $2.18 to $2.44. We’ve raised our fair value estimate to $171 from $159, which reflects our more optimistic revenue growth and operating margin projections as well as time value of money.

Lincoln Electric is a manufacturer of welding, cutting, and brazing products, claiming leading market share globally. Alongside rivals ITW and ESAB, Lincoln Electric is one of the top three players offering a complete welding-solutions package, including equipment and consumables, which we think differentiates the firm from smaller competitors.

We are raising our fair value estimate for narrow-moat-rated Lincoln Electric to $159 from $156 after the company reported solid first-quarter results, as the firm's sales of $1,039 million beat our $1,029 million estimate. The fair value increase reflects our slightly more optimistic near-term revenue growth projections as well as time value of money. We view the name as fairly valued at current levels, with shares trading in 3-star territory.

Lincoln Electric is a manufacturer of welding, cutting, and brazing products, claiming leading market share globally. Alongside rivals ITW and ESAB, Lincoln Electric is one of the top three players offering a complete welding-solutions package, including equipment and consumables, which we think differentiates the firm from smaller competitors.

Narrow-moat-rated Lincoln Electric posted solid fourth-quarter results, as its full-year 2022 adjusted EPS of $8.27 beat our estimate by $0.15. After rolling our model forward one year, we’ve increased our fair value estimate to $156 from $148, which reflects our slightly more optimistic near-term revenue growth projections as well as time value of money.

Lincoln Electric is a manufacturer of welding, cutting, and brazing products, claiming leading market share globally. Alongside rivals ITW and ESAB, Lincoln Electric is one of the top three players offering a complete welding-solutions package, including equipment and consumables, which we think differentiates the firm from smaller competitors.

Narrow-moat-rated Lincoln Electric reported strong third-quarter results, highlighted by a 31% year-over-year increase in adjusted EPS, to $2.04 from $1.56. Management reaffirmed its full-year 2022 outlook and continues to expect organic sales growth in the mid- to high-teens and incremental margins in the mid- to high-20s. We've modestly increased our fair value estimate to $148 from $146, mostly due to time value of money.

Lincoln Electric is a manufacturer of welding, cutting, and brazing products, claiming leading market share globally. Alongside rivals ITW and ESAB, Lincoln Electric is one of the top three players offering a complete welding-solutions package, including equipment and consumables, which we think differentiates the firm from smaller competitors.

We are increasing our fair value estimate for narrow-moat-rated Lincoln Electric to $146 from $141 after the company posted solid second-quarter results, featuring a 30.5% year-over-year increase in adjusted EPS, from $1.67 to $2.18. Our fair value increase reflects the firm’s strong performance, our more optimistic near-term revenue growth and operating margin projections, as well as time value of money.

Lincoln Electric is a manufacturer of welding, cutting, and brazing products, claiming leading market share globally. Alongside rivals ITW and ESAB, Lincoln Electric is one of the top three players offering a complete welding-solutions package, including equipment and consumables, which we think differentiates the firm from smaller competitors.

Narrow-moat-rated Lincoln Electric delivered strong first-quarter results, highlighted by a 53.3% increase in adjusted EPS compared with the prior-year period. We’ve increased our fair value estimate to $141 from $136, which reflects the firm’s strong first-quarter performance, our more optimistic revenue growth and operating margin projections, and time value of money.

Lincoln Electric is a manufacturer of welding, cutting, and brazing products, claiming leading market share globally. Alongside rivals ITW and Colfax, Lincoln Electric is one of the top three players offering a complete welding-solutions package, including equipment and consumables, which we think differentiates the firm from smaller competitors.

Narrow-moat-rated Lincoln Electric finished 2021 with a solid fourth quarter, as its full-year adjusted EPS of $6.22 came in above our $6.17 estimate. We’ve increased our fair value estimate for Lincoln Electric to $136 from $132, mostly because of the time value of money as well as reversing in our model the implementation of a probability-weighted change in the U.S. statutory tax rate.

Lincoln Electric is a manufacturer of welding, cutting, and brazing products, claiming leading market share globally. Alongside rivals ITW and Colfax, Lincoln Electric is one of the top three players that offer a complete welding-solutions package, including equipment and consumables, which we think differentiates the firm from smaller competitors.