LECO earnings analysis
What we found in LECO's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Lincoln Electric Holdings, Inc. reported Q1 2026 results with revenues of $1.121 billion and an EPS of $2.47, surpassing both consensus estimates and demonstrating an 11.7% growth in revenue year-over-year. The operating income margin improved slightly to 16.6%, driven by price increases despite lower volumes in certain segments, while cash flow from operations saw a significant decline compared to the previous year.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Growth Exceeds Expectations
- Revenue reached $1.121 billion, exceeding estimates of $1.073 billion.
- EPS Beat Consensus
- Earnings per share were reported at $2.47, beating the estimate of $2.43.
- Improved Operating Margin
- Operating income margin improved to 16.6%, up from 16.4% in Q1 2025.
- Strong Performance in The Harris Products Group
- Net sales in The Harris Products Group surged 42.3% to $188.2 million.
- Effective Tax Rate Improved
- The effective tax rate decreased to 21.3% from 22.7% a year earlier.
- Notable Cash Balance
- The company held $298.9 million in cash and cash equivalents.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Decline in Cash Flow from Operations
- Cash from operating activities dropped to $102.2 million from $185.7 million, signaling potential liquidity issues.
- Lower Sales Volumes in International Segment
- International Welding segment reported a 9.9% decline in sales volume, affected by geopolitical tensions.
- Increased Interest Expense
- Interest expense rose to $13.4 million from $12.1 million, indicating higher borrowing costs.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $2.47
- Gross margin
- 35.6%
- Operating margin
- 16.6%
- Segment
- Americas Welding
- Segment
- International Welding
- Segment
- The Harris Products Group
What they said about what is next.
Management anticipates capital expenditures to be between $110,000 and $130,000 for 2026.
The filing reads better than the one before it.
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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