Machinery – Prelim HD Truck Orders Rose 231% y/y in June, Better than Expected on Soaring Freight Rates and EPA27 Prebuy

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Machinery – Prelim HD Truck Orders Rose 231% y/y in June, Better than Expected on Soaring Freight Rates and EPA27 Prebuy

Truist Securities

Equity Research Report July 6, 2026

INDUSTRIALS: Machinery

Machinery – Prelim HD Truck Orders Rose

231% y/y in June, Better than Expected on Jamie Cook, CFA

212-303-4116 Soaring Freight Rates and EPA27 Prebuy Jamie.Cook@truist.com

ACT Research released preliminary truck orders for June.

Kevin Wilson, CFA

212-590-0996 Heavy duty (Class 8): HD truck preliminary net orders totaled 31,400 units in June,

Kevin.S.Wilson@truist.com up 18% m/m and 231% y/y, growing y/y for the seventh consecutive month. ACT

noted the strong orders suggest either higher than expected industry builds into year-

Stephen Farkouh end or orders spilling into 1H 2027. New truck demand continues to be supported by

212-401-4459 improving spot and contract rate driving fleets to satisfy pent-up demand and replace

Stephen.Farkouh@truist.com older equipment ahead of EPA 2027. Driver shortages as well as higher fuel prices and

some capacity tightness have helped sustain spot rate strength, with aggregate DAT

3 Page Document spot rates (net fuel) up nearly 50% y/y at the end of June. Using preliminary orders and

current OEM build plans, ACT estimates Class 8 backlog increased by ~7.9k units m/

m (or ~4%) to ~188.9k units, more than double that in June 2025.

Reasons for this report Medium duty (Class 5-7): MD truck preliminary net orders were 20,700 units in June,

✓ Quick Reaction to Newsflow/Volatility up 67% y/y and 5% m/m. ACT believes the strength in orders was driven largely by

dealer inventory stocking ahead of 2027, although demand continues to be supported ✓ Industry Data Update

by ongoing US economic resilience offset by tailwinds from low consumer sentiment