US Electrical Equipment & Multi-Industry: EE/MI Morning Note - TT preview, AI Survey, Nuclear (FLS, GEV), Macro

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US Electrical Equipment & Multi-Industry: EE/MI Morning Note - TT preview, AI Survey, Nuclear (FLS, GEV), Macro

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US Electrical Equipment & Multi-Industry Equities

AmericasEE/MI Morning Note - TT preview, AI Survey,

Nuclear (FLS, GEV), Macro Industrial, Diversified

Amit Mehrotra

Analyst

amit.mehrotra@ubs.com

TT Preview- We model 2Q EPS of $4.26, in line with expectations though we see some +1-201-352 1410

potential upside on better Commercial and Resi hvac growth in the Americas. We expect

Neal Burk

growth in 2Q to be driven by Americas commercial HVAC growing at 11% year over

year (vs. guidance of 10%). We model resi HVAC to be flattish while transport neal.burk@ubs.com

refrigeration should be down 15% due to timing of deliveries. We expect EMEA organic +1-212-713 4066

sales growth and margins to remain weak due to middle east headwinds (but note

Pratap Singh

Middle East is only 3% of TT's sales). For the second half, we expect accelerating growth

driven by improvement in Americas commercial, resi hvac and transport refrigeration, pratap-za.singh@ubs.com

which should also be supportive to margin expansion. We also think the order +1-212-821 3112

momentum in the company's Commercial HVAC business is sustainable, and the

Zachary Walljasper

company continues to create meaningful differentiation through its service and AI- Associate Analyst

enabled offerings. (link to note). The bottom line is we continue to see further zachary.walljasper@ubs.com

outperformance opportunity in TT shares on the back of positive revisions to 2027 +1-212-713 9829

expectations.

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