Lincoln Electric (LECO) - Bull of the Day
August 02 2011 - 8:00PM
Zacks
Lincoln Electric Holdings, Inc. (LECO) 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.
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