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

Research evidence excerpt

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

Global Research

20 July 2026ab

US Electrical Equipment & Multi-Industry Equities

AmericasEE/MI Morning Note – Will MMM have a AAA

quarter? +GEV, DOV, HON and others Industrial, Diversified

Amit Mehrotra

Analyst

amit.mehrotra@ubs.com

Here come earnings. We'll take a medium-sized step into earnings season this week +1-201-352 1410

with MMM (Tuesday morning), GEV, OTIS and TDY on Wednesday morning, and

Neal Burk

HON and DOV on Thursday morning.

We think MMM is due for a catch up in performance with shares actually down a neal.burk@ubs.com

+1-212-713 4066 bit year to date while the broader market and industrial group are up 9% and

16%, respectively. The company already positively soft-preannounced earlier in Pratap Singh

the quarter, so we think it's less about what the company reports rather than the Analyst

sustainability of the better 2Q organic growth. Net/net we think a better cyclical pratap-za.singh@ubs.com

+1-212-821 3112 backdrop is converging with payback from self help initiatives...so we think

valuation can structurally move higher to better correspond with a 4% through Zachary Walljasper

cycle growth profile. For the quarter, we think organic growth could be 3.5-4% for Associate Analyst

the quarter and full year guidance could be increased to towards our Street-high zachary.walljasper@ubs.com

+1-212-713 9829 estimate.

For GEV, we think orders in the company's Power segment will be higher

sequentially, and we'll see another increase in Electrification organic growth. We

also expect more SRAs to be converted to firm orders, which will optically help

backlog pricing.

See below for our more detailed previews ahead of this week:

MMM- We model 2Q EPS of $2.25, above consensus of $2.23.