Wolfe Industrial Weekly #954

Research evidence excerpt

Wolfe Industrial Weekly #954

Electrical Equipment & Multi-Industry

Distributors - Market Underweight

Industrial Technology - Market Weight

Multi-Industry - Market Weight

Wolfe Industrial Weekly #954 May 11, 2026

Views into FPS/MAIR Earnings & US HVAC/Non-Res Exhibit 1 - EE/MI

Updates Performance for Week

Ended May 08

ROK 11.4%

GTES 8.4%

NVT 6.9%

MAIR 4.6%The Wolfe Byte VRT 3.6%

SWK 3.2%

FPS 3.0%

EMR 2.8%MAIR & FPS earnings are this week, and we expect both companies to report FTV 2.4%

S&P 500 2.3%

AME 0.8%

RRX 0.6%

0.6%upside surprises on data center momentum. Speaking of momentum, AHRI data MMMHON 0.3%

NDSN 0.1%

ITW -0.3%

PH -0.4%point to an ~8.5m unit market in 2026, well ahead of Street. But let's not get too ZBRA -0.5%

EE/MI Median -0.9%

VLTO -0.9%

LII -1.0%excited until we see May/June shipments. CARR -1.2%

XYL -1.4%

ITT -1.8%

GGG -2.0%

GEV -2.1%

SPXC -2.5%

DOV -2.6%

IR -2.9%

PNR -2.9%

OTIS -2.9%

HUBB -3.1%Our EE/MI & Distributor coverage ended the week down -1% & flat respectively, HAYW -3.1%

JCI -3.8%

TT -4.2%

-5.6%trailing the +2% gain for the S&P 500. Earnings season continues to be the dominant ETNVNT -14.4%

-20% -15% -10% -5% 0% 5% 10% 15%

performance driver, with ROK (+11%) keying off a strong beat/raise that is typical at

Exhibit 2 - US Cap Goodsthis stage of an ISM inflection; GTES (+8%) also bounced as a corrective to its knee- Subsector Performance

jerk post-earnings sell-off. Meanwhile, VNT was sharply lower (-14%) following for Week Ended May 08

broad-based margin weakness and a soft 2Q26 outlook. Aero 3.5%

Distributors 0.1%It was a similar story across our distributor coverage: GWW outperformed (+7%):

its strong triple beat (sales, margin, EPS) and an unexpected 4% raise to FY26 Diversified ManufacturingFlow -0.9%-0.3%

EE/MI -0.9%