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    Andrew Costello

    Vice President and Equity Research Analyst at Morgan Stanley

    Andrew Costello is a Vice President and Equity Research Analyst at Morgan Stanley, specializing in medical technology companies and healthcare equipment. He covers major companies such as Teleflex Incorporated, regularly providing research notes and target price revisions that influence market sentiment. Costello joined Morgan Stanley in the early 2020s after building his career at other financial firms, and has earned recognition for his insightful sector analysis and accurate forecasts, appearing in investment platforms and financial filings. He holds FINRA registrations and maintains all required securities licenses to operate as an equity analyst.

    Andrew Costello's questions to LINCOLN ELECTRIC HOLDINGS (LECO) leadership

    Andrew Costello's questions to LINCOLN ELECTRIC HOLDINGS (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.

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