Earnings Pulse: Look Ahead

Research evidence excerpt

Earnings Pulse: Look Ahead

TD SECURITIES (USA) LLC INDUSTRY UPDATE

May 11, 2026

■Diversified Industrials, Automation & Earnings Pulse: Look Ahead

Robotics

Joe Giordano, CFA THE TD COWEN INSIGHT

646 562 1405

Upcoming Coverage Calendar 1Q26 Earnings (all ET):

joe.giordano@tdsecurities.com

Tuesday 5/12Michael Anastasiou

646 562 1437 ■ZBRA - 6:30am release, 8:30am call

michael.anastasiou@tdsecurities.com

■RAL - 6:55am release, 8:30am call

Chris Grenga, CFA

646 562 1387 See our Earnings Preview HERE

chris.grenga@tdsecurities.com

ZBRA ($400 PT, Buy) Incrementally Positive

■Thesis From Preview: We see a clearer path to upside if results mirror last quarter, when

strong execution was initially rewarded. Memory remains an overhang, but management

marked to market last quarter and our survey work shows enterprise hardware has the

strongest pricing momentum we track. Cost momentum is also improving (Fetch exit,

Elo R&D synergies), helping offset memory risk. Street numbers look undemanding,

recent pricing isn’t in guide, and expectations feel too low given stabilizing warehouse

construction and hiring (data available upon request).

■Incremental Since Preview: Reads into the quarter have largely been slightly positive into

the print. CGNX mentioned logistics automation markets grew DD in the Q; CDW was

more mixed as corporate customers are demand oriented for infrastructure hardware

and software vs. devices, though sales in this mkt overall was up q/q; SCSC mentioned

improved hardware demand y/y and q/q, while customers are increasingly looking for

complete solutions vs. point products (not a quarter read but structurally good for ZBRA

long term), AI data capture tailwinds also helping; AAPL memory comments were the only