US Electrical Equipment & Multi-Industry "EE/MI Morning Note - Industrial ..."

Research evidence excerpt

US Electrical Equipment & Multi-Industry "EE/MI Morning Note - Industrial ..."

Global Research

4 June 2026ab

US Electrical Equipment & Multi-Industry Equities

AmericasEE/MI Morning Note - Industrial Sentiment Call,

FAST, HON, Positioning Industrial, Diversified

Amit Mehrotra

Analyst

amit.mehrotra@ubs.com

REMINDER- We're hosting our weekly UBS Industrials call today at 11am ET, where +1-201-352 1410

we'll discuss what's most top of mind for the sector. Click here to register for the call.

Neal Burk

May FAST Daily Sales Preview- FAST will release its May daily sales later this morning. neal.burk@ubs.com

Normal seasonality would suggest that May sales are up 13% year over year, marginally +1-212-713 4066

lower from April. Our analysis assumes May sales up 3% sequentially from April, in line Pratap Singh

with the average of the last five years. The company starts facing tougher comp in May, Analyst

particularly from strong Fastener acceleration last year due to company specific pratap-za.singh@ubs.com

initiatives. Therefore, it will be an important month to see whether the strong +1-212-821 3112

momentum can be sustained despite tougher comps. Zachary Walljasper

Associate Analyst

HON Aerospace Investor Day- Honeywell shares were down 5% yesterday, following zachary.walljasper@ubs.com

+1-212-713 9829

the inaugural Investor Day of its Honeywell Aerospace business which will soon be a

stand alone entity. While we don’t think the financial framework was meaningfully

different from expectations, we think it underscored relatively modest performance of

Honeywell Aerospace relative to some A&D peers. We continue to see value in HON

remainco, in particular its Building Automation business which has been consistently

growing high-single digit organically.