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

Research evidence excerpt

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

Global Research

13 July 2026ab

US Electrical Equipment & Multi-Industry Equities

AmericasEE/MI Morning Note – FAST buyback,

MMM "solidly above 3%", +HVAC Shipments Industrial, Diversified

Amit Mehrotra

Analyst

amit.mehrotra@ubs.com

Earnings season kicks off this week with industrial distributor FAST set to report 2Q +1-201-352 1410

results tomorrow (along with June daily sales).

Neal Burk

We're expecting strong top line trends to drive EPS a bit higher than consensus. We've neal.burk@ubs.com

also noticed a meaningful step up in FAST's share repurchases, which have often +1-212-713 4066

preceded an increase in the stock price. FAST disclosed on Friday that it repurchased Pratap Singh

650,000 shares in 2Q for about $30 million. That follows 425,000 shares repurchased in Analyst

1Q (for about $20 million). While not huge numbers in the context of the company's pratap-za.singh@ubs.com

$54 billion market capitalization, the timing is noteworthy. The company did not +1-212-821 3112

repurchase any shares in each of the last three years (2023-2025), and each purchase Zachary Walljasper

prior to that was followed by a notable increase in equity value (10 million shares Associate Analyst

repurchased in 2022 at about $24 per share, 3.2 million shares repurchased in 2020 at zachary.walljasper@ubs.com

about $16 per share, etc.). Past performance is not indicative to the future results, but +1-212-713 9829

recent activity is notable in the context of accelerating revenue trends.

With respect to 2Q results set to be reported tomorrow morning, we're at 34c for EPS vs.

consensus of 33c. Our revenue forecast is a bit higher (we estimate daily sales in the