Lincoln Electric Holdings Inc

LECO: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$348.00	Jgxxs	Hqdyykpq

Lincoln Electric Earnings: Full-Year Outlook Maintained Despite Slow Start to the Year

Krzysztof Smalec

Apr 25, 2024

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.

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