Andrew Costello's questions to Lincoln Electric Holdings Inc (LECO) leadership • Q2 2025
Question
Andrew Costello of Morgan Stanley inquired about current order and demand trends, specifically how activity progressed from Q2 into July and how that informs the second-half outlook. He also asked for clarification on the Harris Products Group's volume growth, seeking to understand the underlying organic demand excluding the initial inventory stocking for a new retail partner.
Answer
EVP, CFO & Treasurer Gabriel Bruno confirmed that July order trends were holding steady, supporting the updated guidance. He noted strengthening in general industries but continued caution in heavy industries and some volume pressure in automotive. For the Harris segment, Bruno explained that excluding the one-time retail channel stocking, underlying volumes would have been 'more flattish' and are expected to trend that way into Q3.