US Machinery: 2Q26 Earnings Preview: Let the Good Times Roll?

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US Machinery: 2Q26 Earnings Preview: Let the Good Times Roll?

7,801 • Looking for URI to provide updated color on actions it is taking to mitigate margin headwinds

17% • URI likely to remain conservative on local market outlook, while mega project tailwinds continue to accelerate

• Recent results from peers suggests some likely upside to HRI's guidance, particulrly on topline

Buy HRI $148.91 $175 $484 $484 $2,050 $2,061 • Looking for latest thoughts on revenue synergy capture; $100-120mn of incremental revenue synergies in '26 are 2H-weighted

19% • Impacts from rising fuel costs & HRI's pass-through / mitigation strategy will be of particular focus

• Data center / power gen runway remains key debate; looking for any color on latest customer conversations / agreements

CAT $952.41 $1,100 $6.01 $6.24 $24.80 $24.81 • We think CAT needs to post another quarter of QoQ backlog growth to meet investor expectations, driven by power + mining

16% • Recent channel feedback on the outlook for heavy CE and mining demand in particular has been positive

• Looking for another beat & raise in 2Q; ALH highlighted broad-based growth in 1Q despite a choppy macro environment

ALH $26.26 $31 $123 $127 $470 $471 • Continue to view ALH as well-positioned vs peers regarding tariffs and ability to get price / market share in 2H26

18% • Update on capital allocation priorities; On its 1Q call, ALH alluded to potentially looking at buybacks in the nearer-term

• End-market and PMI reads have been positive, which could suggest some upside to TKR's ~LSD% '26 organic growth guide

TKR $137.31 $160 $1.62 $1.62 $6.00 $6.16 • TKR's guide embeds a 10c EPS headwind from cost inflation, while our understanding is logistics costs have moved higher