Lincoln Electric Holdings Inc

LECO: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$169.00	Pccnyff	Cvbsjyfq

Lincoln Electric Delivers Solid Third-Quarter Margin Performance; Increasing Fair Value Estimate

Krzysztof Smalec , Dawit Woldemariam

Oct 28, 2022

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.

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