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US Electrical Equipment & Multi-Industry: EE/MI Morning Note – Machine tools orders suggest CGNX upside? Dodge, Existing home sales
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US Electrical Equipment & Multi-Industry: EE/MI Morning Note – Machine tools orders suggest CGNX upside? Dodge, Existing home sales
Global Research
10 July 2026ab
US Electrical Equipment & Multi-Industry Equities
AmericasEE/MI Morning Note – Machine tools orders
suggest CGNX upside? Dodge, Existing home Industrial, Diversified
sales Amit MehrotraAnalyst
amit.mehrotra@ubs.com
+1-201-352 1410
Strong machine tools orders in June support 2Q strength for Cognex – The Japan Neal Burk
AnalystMachine Tool Builders' Association (JMTBA) published preliminary June machine tools
neal.burk@ubs.com
orders yesterday, which showed further acceleration in demand. Orders outside of Japan
+1-212-713 4066
were up 56% year over year in June, up from 38% in May. This translates into 2Q
growth of 46% year over year, accelerating from +35% in 1Q. This sustained strength in Pratap Singh
Analystmachine tools orders should be supportive of broad automation capex momentum. For
pratap-za.singh@ubs.com
Cognex, based on historical regression, this indicates organic sales growth acceleration +1-212-821 3112
to +25% year over year in 2Q, up from 21% in the first quarter. This is meaningfully
ahead of the consensus estimates, which expect a slight moderation to +17% yoy in 2Q, Zachary Walljasper
Associate Analystalthough we note quarterly growth for the company can vary depending on many
zachary.walljasper@ubs.com
factors. This data represents new orders for Japanese metal-cutting machine tools, +1-212-713 9829
which can be considered a good reference for global automation capex. Historically,
orders from outside of Japan have been well correlated with Cognex's organic growth.
See our Japan machinery sector team's note for details: Link.
Here are some other details from the release:
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