Lincoln Electric Holdings, Inc. ( LECO Quick Quote LECO - Free Report) announced that it received an initial order from DC-America to supply four Velion 150kW DC fast chargers. DC-America provides prewired, pre-commissioned charging depots for charge point operators, fleets and installation contractors. The Velion chargers, along with the DC-America modular platform and structural raceway system, will be integrated into DC-America's NEVI Formula program-compliant offerings. Lincoln Electric plans to start the production of the Velion system, which includes a 150kW power tower and a free-standing pedestal, in the fourth quarter of 2023. The first 150kW Velion DC fast charger surpasses 75% domestic content and can operate in temperatures ranging from -31 to 122 Fahrenheit. It is designed to have an uptime of more than 97% and an output of up to 1000V/150A and 500V/300A, with a charging efficiency of 95%. The product is designed to provide dependable performance under a variety of operating conditions. It is supported by Lincoln Electric's nationwide multi-point service network. The 150kW Velion DC fast charger is the first of numerous DC fast charging solutions that Lincoln Electric will launch. The company has increased its manufacturing capacity in Cleveland, OH, to 6,000 units per year. Lincoln Electric is focused on product development. Its product launches are likely to aid growth. It reported record adjusted earnings of $2.44 per share in the second quarter of 2023, beating the Zacks Consensus Estimate of $2.32. The bottom line increased 12% year over year. Total revenues rose 9.4% year over year to a record $1,061 million. However, the top line missed the Zacks Consensus Estimate of $1,099 million. The improvement in revenues can be attributed to 4.5% growth in organic sales and 5.2% benefits from acquisitions. These gains were partly offset by unfavorable foreign currency exchange of 0.2%. Price Performance
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Lincoln Electric’s shares have gained 32% in the past year compared with the
industry’s growth of 15.8%. Zacks Rank & Key Picks
Lincoln Electric currently has a Zacks Rank #3 (Buy).
Some better-ranked stocks from the Industrial Products sector are Caterpillar Inc. ( CAT Quick Quote CAT - Free Report) , Astec Industries, Inc. ( ASTE Quick Quote ASTE - Free Report) and Eaton Corporation plc. ( ETN Quick Quote ETN - Free Report) . CAT and ASTE sport a Zacks Rank #1 (Strong Buy), and ETN has a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here. Caterpillar has an average trailing four-quarter earnings surprise of 18.5%. The Zacks Consensus Estimate for CAT’s 2023 earnings is pegged at $19.81 per share. The consensus estimate for 2023 earnings has moved north by 11.4% in the past 60 days. Its shares gained 51.6% in the last year. Astec has an average trailing four-quarter earnings surprise of 20%. The Zacks Consensus Estimate for ASTE’s 2023 earnings is pegged at $2.81 per share. The consensus estimate for 2023 earnings has moved 4% north in the past 60 days. ASTE’s shares gained 22.8% in the last year. The Zacks Consensus Estimate for Eaton’s 2023 earnings per share is pegged at $8.80. The consensus estimate for 2023 earnings has moved 4% north in the past 60 days. It has a trailing four-quarter average earnings surprise of 3%. Shares of ETN rallied 68.8% in the last year.