Industrials/Multi-Industry: DEM #672: 1Q earnings season wrap up

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Industrials/Multi-Industry: DEM #672: 1Q earnings season wrap up

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Industrials/Multi-Industry

DEM #672: 1Q earnings season wrap up

Estimate Change

Revenue, ops, and EPS beat 11 May 2026

In this week’s Deus Ex Machina, we recap week 3 of earnings. ETN, JCI, EMR, MDLN, Equity

GWW, ROK, ITT, JBTM, VNT, MEG, and software name PTC reported. Of the 23 Americas

companies reporting so far, 5 missed on revenue, 7 missed on operating income, and 1 Industrials/Multi-Industry

missed on EPS. Median organic growth in 1Q26 was up +4.9% y/y, up from last quarter’s Andrew Obin

+4.6% pace. This is 130bps above our forecast for +3.6% y/y organic growth. On a two- Research Analyst

and three-year stack, 1Q shows acceleration from 4Q revenues. Median EPS growth is BofAS+1 646 855 1817

coming in at +11.5%, decelerating from +14.2% last quarter. This is 250bps above our andrew.obin@bofa.com

forecast for +9.0% EPS growth. Of the companies who have reported so far 13 David Ridley-Lane, CFA

Research Analyst

companies raised guide, 8 maintained guide, 1 introduced guidance, and 1 does not BofAS

guide. Next week FPS and ALH will be reporting. +1 646 855 2907

david.ridleylane@bofa.com

Short cycle wrap up DevinResearchLeonardAnalyst

ROK, GWW, and ITT all reported this week and are readthroughs for short cycle. ROK BofAS

+1 646 855 3698

orders rose double digits, with book to bill above Rockwell's 0.95-1.1x historical range. devin.leonard@bofa.com

Management highlighted accelerating demand in warehousing/e commerce (+30% y/y),

semiconductors (high teens), and data centers (more than doubling y/y), signaling

improving short cycle activity even as parts of large project capex remain cautious.

GWW average daily sales (ADS) improved sequentially from January to February before