Welding equipment manufacturer Lincoln Electric (NASDAQ:LECO) will be reporting results tomorrow morning. Here’s what to expect.

Lincoln Electric beat analysts’ revenue expectations by 2.5% last quarter, reporting revenues of $1.02 billion, down 3.4% year on year. It was an exceptional quarter for the company, with an impressive beat of analysts’ EPS estimates and a solid beat of analysts’ EBITDA estimates.

Is Lincoln Electric a buy or sell going into earnings? Read our full analysis here, it’s free.

This quarter, analysts are expecting Lincoln Electric’s revenue to be flat year on year at $976.1 million, improving from the 5.6% decrease it recorded in the same quarter last year. Adjusted earnings are expected to come in at $2.23 per share.

Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Lincoln Electric has missed Wall Street’s revenue estimates three times over the last two years.

Looking at Lincoln Electric’s peers in the industrial machinery segment, some have already reported their Q1 results, giving us a hint as to what we can expect. Snap-on’s revenues decreased 3% year on year, missing analysts’ expectations by 4.1%, and Worthington reported a revenue decline of 3.9%, topping estimates by 6.7%. Snap-on traded down 11.9% following the results while Worthington was up 24%.

Read our full analysis of Snap-on’s results here and Worthington’s results here.

Investors in the industrial machinery segment have had fairly steady hands going into earnings, with share prices down 1.3% on average over the last month. Lincoln Electric is down 3% during the same time and is heading into earnings with an average analyst price target of $224.56 (compared to the current share price of $183.45).

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