Nuts & Bolts: GE Kicks off Earnings

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Nuts & Bolts: GE Kicks off Earnings

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Nuts & Bolts

GE Kicks off Earnings

Industry Overview

PNR Prelim. 2Q, FY EPS Guide Lowered; Began CFO Search 20 July 2026

Pentair (PNR) announced preliminary results for 2Q26 and provided revised guidance for High Grade Credit

FY26. Prelim 2Q results: Adj. EPS expected to be ~$1.12 vs. prior guide of $1.47-$1.50. United States

FY26 guide: Adj. EPS of approx. $4.60-$4.80 vs. prior guide of $5.30-$5.40 due to the Aerospace/Defense, Autos, Capital

Goods, Transportationadverse impact of Pool channel inventory/the positive impact of IEEPA refunds. PNR also

announced that it began a search to identify its next CFO and that Bob Fishman, PNR’s Douglas Karson

former Executive VP and CFO, was appointed Interim Executive VP and CFO. This follows Research Analyst

BofAS

Nicholas Brazis’ departure from PNR to pursue an opportunity at a private company. +1 646 855 7405

GE 2Q EPS Beat/FY Guide Raise, but Investors’ Bar is High doug.karson@bofa.comSomaia Barakah

GE Aerospace (GE) reported 2Q26 earnings. 2Q results: Adj. EPS of $2.02 (Bloomberg Research Analyst

(BBG) est. $1.86). FY26 outlook: Adj. EPS raised to $7.65 to $7.85 (BBG est. $7.56) from somaia.barakah@bofa.com

$7.10 to $7.40; FCF raised to $8.9bn to $9.2bn from $8.0bn to $8.4bn; operating profit Shane Steinlauf

raised to $10.55bn to $10.75bn (BBG est. $10.40bn) from $9.85bn to $10.25bn. Research Analyst

Ferguson to Acquire FloWorks for $1.6bn shane.steinlauf@bofa.com

Ferguson (FERG) announced that it has entered into a definitive agreement to acquire

FWI Holdings, Inc. (FloWorks), an industrial distributor and service provider of highly

technical valves and flow control solutions. The cash transaction values FloWorks at an

enterprise value (EV) of approx. $1.6bn.