Analyst Consensus ?
ConsensusHold21 ratings
Bullish838.1%
Neutral1361.9%
Bearish00.0%
Lincoln Electric Holdings, Inc. · LECO · FY2025 Q3 · Calendar Q4 2025
Lincoln Electric: Sales Growth, Automation Lag and Steady Guidance
Lincoln Electric delivered sales growth and stronger margins, supported by pricing, acquisitions and consumables demand, while weaker automation sales and soft EMEA demand temper the picture. The maintained outlook places weight on continued pricing, cost savings and an expected sequential automation improvement.
Reported Before market openNASDAQIndustrials
$15.46B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$2.47
Consensus $2.39
EPS surprise
+3.3%
Reported versus consensus
Reported revenue
$1.06B
Consensus $1.09B
Revenue surprise
-2.9%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
+0.7%
Event window
SPY move
-1.1%
Same window
Abnormal move
+1.8%
Stock minus SPY
Volume
2.1×
Versus trailing sessions
Subsequent drift
+1.4%
Up to 20 sessions
LECOSPY benchmark
Ask FN2 about LECO FY2025 Q3
Transcript, numbers and history already loaded
Why did LECO rise 0.7% after beating EPS estimates in FY2025 Q3?What changed in LECO's guidance and outlook in FY2025 Q3?Give me the bull and bear case for LECO after FY2025 Q3 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Management maintained its full-year outlook after Q2’s raised guidance. Q3 sales increased 7.9% year over year, adjusted operating margin improved to 17.4%, and automation sales remained below the prior year despite expected sequential improvement in Q4. Strong cash generation supported shareholder returns and a higher dividend.
Guidance delta
Full-year top-line and margin guidance was maintained. Management expected modest sequential margin improvement and automation sales to rise 15–20% sequentially in Q4.
Key takeaways
- Sales growth was primarily driven by pricing and acquisition contributions, with higher consumable demand also noted.
- Adjusted operating margin improved to 17.4%; management described EBIT margins as stable across segments.
- Automation sales fell year over year, though management expected 15–20% sequential growth in Q4.
- Cash generation supported $94 million in shareholder returns and a 5.3% dividend increase.
Management priorities
- Integrate acquisitions, including Alloy Steel.
- Invest $136 million in growth initiatives and capital expenditure.
- Build on automation order momentum and focus on automation growth into 2026.
- Continue cost-saving efforts and return capital through dividends and share repurchases.
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Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$285.5Current
$232Low
$303.47Average
$360High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Nov 3, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Barclays | Overweight | Overweight | Maintain | Oct 29, 2026 |
| UBS | Buy | Buy | Maintain | Oct 28, 2026 |
| Stifel | Hold | Hold | Maintain | Oct 28, 2026 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Oct 28, 2026 |
| Baird | Outperform | Outperform | Maintain | Oct 28, 2026 |
| Jefferies | Hold | Buy | Downgrade | Mar 31, 2026 |
| Keybanc | Overweight | Overweight | Maintain | Feb 13, 2026 |
| Roth Capital | Buy | Buy | Maintain | Feb 3, 2026 |
| Loop Capital | Buy | Buy | Maintain | May 24, 2024 |
| Oppenheimer | Perform | Perform | Maintain | Apr 29, 2024 |
| Seaport Global | Buy | Neutral | Upgrade | Oct 31, 2023 |
| Vertical Research | Hold | Sell | Upgrade | Apr 28, 2021 |
| Stifel Nicolaus | Hold | Buy | Downgrade | Oct 9, 2019 |
| Gabelli & Co. | Buy | Hold | Upgrade | Oct 26, 2018 |
| Longbow Research | Neutral | Underperform | Upgrade | Feb 15, 2017 |
| Northcoast Research | Neutral | Buy | Downgrade | Nov 15, 2016 |
| Wellington Shields | Hold | Gradually Accumulate | Downgrade | Aug 24, 2016 |
| RBC Capital | Sector Perform | Sector Perform | Maintain | Jun 23, 2015 |
| BB&T Capital | Hold | Buy | Downgrade | Mar 10, 2015 |
| Janney Montgomery Scott | Neutral | Buy | Downgrade | Sep 27, 2013 |
| Janney Capital | Neutral | Buy | Downgrade | Sep 27, 2013 |
Named analyst price targets
Upside is calculated against the persisted current price $285.5. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| D.A. Davidson | Analyst unavailable | $340 | $283.1 | +19.1% | Oct 29, 2026 |
| Barclays | Analyst unavailable | $350 | $280.59 | +22.6% | Oct 29, 2026 |
| UBS | Analyst unavailable | $360 | $283.64 | +26.1% | Oct 28, 2026 |
| Stifel Nicolaus | Analyst unavailable | $290 | $282.37 | +1.6% | Oct 28, 2026 |
| Robert W. Baird | Analyst unavailable | $322 | $282.37 | +12.8% | Oct 28, 2026 |
| Stifel Nicolaus | Analyst unavailable | $271 | $262.1 | -5.1% | Oct 19, 2026 |
| UBS | Analyst unavailable | $340 | $277.33 | +19.1% | Aug 10, 2026 |
| Morgan Stanley | Angel Castillo | $283 | $281.96 | -0.9% | Aug 10, 2026 |
| D.A. Davidson | Chris Dankert | $320 | $267.86 | +12.1% | Jun 15, 2026 |
| Barclays | Adam Seiden | $300 | $262.06 | +5.1% | May 5, 2026 |
| Morgan Stanley | Analyst unavailable | $250 | $267.24 | -12.4% | May 4, 2026 |
| Stifel Nicolaus | Nathan Jones | $275 | $265 | -3.7% | May 1, 2026 |
| Seaport Global | Analyst unavailable | $320 | $289.74 | +12.1% | Feb 17, 2026 |
| Morgan Stanley | Analyst unavailable | $240 | $289.28 | -15.9% | Feb 17, 2026 |
| Robert W. Baird | Mircea Dobre | $330 | $295.28 | +15.6% | Feb 13, 2026 |
| Stifel Nicolaus | Analyst unavailable | $300 | $296.14 | +5.1% | Feb 13, 2026 |
| KeyBanc | Steve Barger | $340 | $296.14 | +19.1% | Feb 13, 2026 |
| Barclays | Analyst unavailable | $310 | $296.14 | +8.6% | Feb 13, 2026 |
| Roth Capital | Tom Hayes | $297 | $270.8 | +4.0% | Feb 3, 2026 |
| Barclays | Adam Seiden | $280 | $257.42 | -1.9% | Jan 23, 2026 |
| Stifel Nicolaus | Analyst unavailable | $253 | $257.98 | -11.4% | Jan 23, 2026 |
| Morgan Stanley | Angel Castillo | $208 | $250.01 | -27.1% | Jan 12, 2026 |
| Stifel Nicolaus | Nathan Jones | $252 | $242.54 | -11.7% | Dec 16, 2025 |
| Roth Capital | Analyst unavailable | $285 | $236.1 | -0.2% | Oct 31, 2025 |
| Barclays | Analyst unavailable | $260 | $235.02 | -8.9% | Oct 20, 2025 |
| Stifel Nicolaus | Nathan Jones | $178 | $179.95 | -37.7% | Apr 14, 2025 |
| KeyBanc | Steve Barger | $230 | $210.53 | -19.4% | Nov 14, 2024 |
| Stifel Nicolaus | Nathan Jones | $185 | $192.2 | -35.2% | Oct 16, 2024 |
| KeyBanc | Steve Barger | $210 | $175.89 | -26.4% | Sep 4, 2024 |
| Robert W. Baird | Mircea Dobre | $212 | $175.21 | -25.7% | Sep 4, 2024 |
| Loop Capital Markets | Chris Dankert | $265 | $205.57 | -7.2% | May 24, 2024 |
| Robert W. Baird | Mircea Dobre | $236 | $207.06 | -17.3% | May 23, 2024 |
| Robert W. Baird | Mircea Dobre | $252 | $227.93 | -11.7% | Apr 25, 2024 |
| Stifel Nicolaus | Nathan Jones | $241 | $239.51 | -15.6% | Apr 17, 2024 |
| Loop Capital Markets | Steve Barger | $232 | $194.31 | -18.7% | Jun 28, 2023 |
| Robert W. Baird | Mircea Dobre | $152 | $139.91 | -46.8% | Oct 27, 2022 |
| Morgan Stanley | Analyst unavailable | $136 | $141.14 | -52.4% | Aug 1, 2022 |
| Robert W. Baird | Mircea Dobre | $150 | $136.58 | -47.5% | Jul 28, 2022 |
| Morgan Stanley | Analyst unavailable | $126 | $123.09 | -55.9% | Jul 18, 2022 |
| Stifel Nicolaus | Nathan Jones | $122 | $122.65 | -57.3% | Jul 18, 2022 |
| Morgan Stanley | Analyst unavailable | $150 | $137.3 | -47.5% | Apr 29, 2022 |
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Start freeCompany context
Snapshot as of publicationLincoln Electric Holdings, Inc., an enterprise established in Cleveland, Ohio, in 1895, operates globally, focusing on the innovation, production, and sale of equipment and materials for welding, cutting, and brazing applications. The company is organized into three distinct divisions: Americas Welding, International Welding, and The Harris Products Group. Its extensive product portfolio encompasses a broad spectrum of welding machinery, including arc welding power sources, plasma cutters, wire feeding systems, automated robotic welding setups, comprehensive automation solutions, and fume extraction devices. Additionally, Lincoln Electric provides a variety of consumables such as electrodes, fluxes, various welding accessories, and specialized welding and fabrication materials.…
Historical context
All LECO earningsIndustrials peers this season
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Latest beats and misses
Who reports nextBeat on EPS
- MTCHFY2026 Q3 · November 2, 2026+2.2% EPS+1.6% move
- IDXXFY2026 Q3 · November 2, 2026+6.2% EPS+21.8% move
- FOXFY2027 Q1 · November 2, 2026+22.7% EPS-0.4% move
- FOXAFY2027 Q1 · November 2, 2026+27.6% EPS-0.8% move
- MARFY2026 Q3 · November 2, 2026+6.3% EPS+4.3% move
- NBIXFY2026 Q3 · November 2, 2026+72.3% EPS-0.5% move
Missed on EPS
- RYAAYFY2027 Q2 · November 2, 2026-0.3% EPS+2.9% move
- GLPIFY2026 Q3 · October 29, 2026-11.5% EPS-1.3% move
- LYBFY2026 Q3 · October 30, 2026-1.2% EPS+5.0% move
- CCJFY2026 Q3 · October 30, 2026-101.4% EPS-7.9% move
- VALEFY2026 Q3 · October 29, 2026-24.6% EPS+1.9% move
- PINSFY2026 Q3 · October 29, 2026-5.4% EPS-2.8% move
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Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-11-03T03:40:41.790731+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-11-03T03:40:41.787976+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-11-03. For educational purposes only; not investment advice.