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Lincoln Electric (LECO)
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Lincoln Electric Holdings, Inc. (LECO - Analyst Report) recently reported its fiscal 2011 second quarter results delivering an adjusted EPS of $0.68 versus $0.39 in the year-over-year quarter. Total revenue, as reported by the company, increased 35.6% year over year to $699.3 million.
Lincoln Electric is pursuing a multi-year strategy to become more cost competitive by building manufacturing facilities in Eastern Europe and Asia besides acquiring companies complementing Lincoln's operations elsewhere in the world. Lincoln forayed into the Russian market with the acquisition of Mezhgosmetiz-Mtsensk OAO and OOO Severstal-metiz.
In addition, Lincoln acquired number of welding companies in North America. These acquisitions will expand Lincoln's presence across the globe. Thus, we reiterate our Outperform recommendation with a target price of $41.00.
Lincoln Electric (LECO) : FULL ANALYST REPORT
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