ESAB (ESAB) is expected to report Q1 results "modestly below prior expectations" due to a temporary pause in Middle East orders and some war-related cost and supply-chain headwinds, Oppenheimer said Monday in a report.

ESAB makes welding equipment and gas-control systems used across industrial, infrastructure and energy markets. Oppenheimer said broader 2026 demand trends remain generally in line and noted it is encouraged by ESAB's reaffirmed guidance ranges, which call for total sales growth of 6% to 9%, EBITDA of $575 million to $595 million and adjusted earnings per share of $5.70 to $5.90

Oppenheimer trimmed its EPS estimates to $5.80 from $5.87 in 2026 and to $6.50 from $6.55 in 2027, while maintaining an upside bias given ESAB's positioning in high-growth markets and its runway for mergers and acquisitions.

Q1 results are due May 7.

Oppenheimer maintained its outperform rating on ESAB stock with a $140 price target.

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