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Company Research15 Apr 2024
The Industrial Machinery, Supplies, and Components Industry
Explore the industrial machinery industry's growth, driven by technology, sustainability, and digital transformation, impacting global economic development.
Lincoln Electric (LECO) investor relations material
Lincoln Electric Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary30 Oct, 2025
Executive summary
Net sales for Q3 2025 rose 7.9% year-over-year to $1.06 billion, driven by pricing, acquisitions, and resilient demand, with organic sales growth of 5.6%.
Adjusted EPS increased 15% to $2.47, and adjusted ROIC improved to 22.2%, with record cash flow generation and 149% cash conversion.
Operating model and cost management delivered $8 million in permanent savings and offset inflation and volume headwinds.
Strategic investments and operating model delivered top-quartile ROIC and over 165% total shareholder returns since 2020.
Net income for Q3 2025 was $122.6 million, up 21.7% year-over-year.
Financial highlights
Sales reached $1,061 million, up 7.9% year-over-year, with 7.8% from price, 1.7% from acquisitions, and 0.6% from FX, offset by 2.2% lower volumes.
Gross profit increased 11% to $389 million; gross margin expanded 90 bps to 36.7%.
Adjusted operating income margin was 17.4%, up 10 bps year-over-year; operating income for Q3 was $176.7 million (16.6% of sales).
Adjusted EBIT for Q3 was $187.5 million, up 9% year-over-year.
Cash flow from operations was $237 million in Q3, up 19% year-over-year, with 149% cash conversion; $94 million returned to shareholders.
Outlook and guidance
Full-year 2025 guidance includes low single-digit organic sales growth, neutral price/cost, and high-teens incremental operating income margin.
Interest expense expected at $50-55 million, capex at $100-120 million, and cash conversion above 100%.
Share repurchases projected at $300-400 million for the year.
Americas Welding EBIT margin expected at 18%-19%, International Welding at 11%-12%, Harris Products Group at 16%-17%.
Risks include trade/regulatory policies, economic/geopolitical headwinds, and inflation.
Q3 2025 cumulative tax impact from OBBBA?
Which segment had highest 9M 2025 rationalization?
Q3 2025 Americas Welding sales change from price?
Automation order conversion to 2026 revenue
European volume growth inflection drivers?
Incremental margins with volume-driven growth?
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Next Lincoln Electric earnings date
Q4 202513 Feb, 2026
Next Lincoln Electric earnings date
Q4 202513 Feb, 2026
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Frequently asked questions
Lincoln Electric Holdings Inc designs and manufactures arc welding products, robotic welding systems, and plasma and oxy-fuel cutting equipment. The company also provides welding education and automation solutions for industrial and commercial markets. It is headquartered in Cleveland, Ohio, and its shares are listed on the NASDAQ.
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