US Electrical Equipment & Multi-Industry: EE/MI Morning Note – Why MMM Consensus is 10% too low, +Earnings incoming

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US Electrical Equipment & Multi-Industry: EE/MI Morning Note – Why MMM Consensus is 10% too low, +Earnings incoming

Global Research

22 July 2026ab

US Electrical Equipment & Multi-Industry Equities

AmericasEE/MI Morning Note – Why MMM Consensus is

10% too low, +Earnings incoming Industrial, Diversified

Amit Mehrotra

Analyst

amit.mehrotra@ubs.com

Earnings incomings- This morning, GEV, OTIS, and TDY will be releasing their 2Q +1-201-352 1410

results. Below are some of our earnings expectations.

Neal Burk

GEV- We think 2Q results can be a positive catalyst for GEV shares. Our sense is Analyst

order momentum remains strong, with emphasis on the "at least" in "at least neal.burk@ubs.com

+1-212-713 4066 110GW" of backlog by year end (vs. 100 at the end of 1Q). So, we think the recent

concerns around order momentum slowing is likely too pessimistic. We also see Pratap Singh

another raise to Electrification expectations as likely, reflecting notable traction in Analyst

new business opportunities following the Prolec acquisition. (link to note) pratap-za.singh@ubs.com

+1-212-821 3112

OTIS- Full-year guidance does not appear to be at risk to the degree implied by the

Zachary Walljasper

current share price, supported by more proactive pricing actions and lower Middle Associate Analyst

East-related costs relative to prior expectations. zachary.walljasper@ubs.com

+1-212-713 9829

TDY- Entering 2Q, we model EPS at the high end of guidance for TDY, in line with

consensus. With recent trends, we still believe full year results can come in better

than guided. To this point, 1H EPS over the last few years has on average

accounted for about 47% of full year EPS which would imply 2026 adjusted EPS

should shake out closer to $24.60 vs current consensus of $24.16.