Industrials/Multi-Industry: DEM #673: BofA Transportation, Airlines, & Industrials Conference takeaways

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Industrials/Multi-Industry: DEM #673: BofA Transportation, Airlines, & Industrials Conference takeaways

Fireside takeaways

Trane: CHAVC strong with green shoots in transports

We hosted a fireside with Chair & CEO Dave Regnery and EVP & CFO Chris Kuehn.

Commercial HVAC remains strong driven by data centers, higher education, high-tech

industrials, and government. Management is seeing green shoots in its Transportation

segment given above-average fleet age and rising spot freight rates. Management

expects residential revenue to be flat for the year and has not seen any mix changes.

While 1Q US resi came in ahead of expectations, Trane level-set 1H production, so any

demand upside will drive lower channel inventory levels.

3M: Momentum continued in April

We hosted a fireside with Anurag Maheshwari, CFO & Executive Vice President. Order

momentum continued into April and was "better than expected." Management is more

confident in organic growth than it was a few weeks ago as industrial momentum

continues. Data centers and semiconductors are areas of demand strength.

Ametek: order inflection is real

We hosted a fireside chat with VP of Investor Relations & Treasurer Kevin Coleman.

Short-cycle orders have grown at a mid-teens pace for the last three quarters. The

bigger inflection in 1Q26 was around longer-cycle orders, which grew over 20% y/y. No

sign of pull-forward and demand strength continued in April. Coleman also sees the

pending Indicor Instrumentation acquisition (announced May 6, expected to close by year

end) driving "very good" year one adjusted EPS accretion, but did not quantify.

ITT: positive on recent M&A, short-cycle orders, defense

We hosted a fireside chat with President & CEO Luca Savi. ITT closed on the $4.8bn