NEW YORK (TheStreet) -- Shares of Lincoln Electric (LECO) were rising 5.81% to $66.64 on heavy trading volume mid-afternoon Friday after the company posted better-than-expected earnings for the 2016 third quarter.

Before today's opening bell, the Euclid, OH-based maker of welding, cutting and brazing products reported adjusted earnings of 89 cents per diluted share, surpassing analysts' estimates of 83 cents per share.

Revenue fell 12% to $567.6 million year-over-year. Analysts were looking for revenue of $582.3 million.

"As we navigate through this challenging portion of the cycle, our year-over-year sales performance continues to improve on easier comparisons and successful commercial initiatives in the equipment product line," CEO Christopher Mapes said in a statement.

"While market trends remain mixed, we are focused on cost controls, productivity and positioning Lincoln Electric for long-term success," he added.

More than 1.05 million of the company's shares changed hands so far today compared to its average 30-day volume of 315,769 shares.

Separately, TheStreet Ratings Team has a "Buy" rating with a score of B- on the stock.

The company's strengths can be seen in multiple areas, such as its good cash flow from operations, expanding profit margins, largely solid financial position with reasonable debt levels by most measures and solid stock price performance.

The team believes its strengths outweigh the fact that the company has had sub par growth in net income.

Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

You can view the full analysis from the report here: LECO

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