US Machinery: Machinery Week 1 Earnings Wrap Up

研报英文原文证据摘录

US Machinery: Machinery Week 1 Earnings Wrap Up

Viewpoint |

24 Jul 2026 13:43:18 ET │ 14 pages

US Machinery

Machinery Week 1 Earnings Wrap Up

CITI'S TAKE

Kyle Menges AC

With week 1 of Machinery earnings in the books, we reflect on what stood +1-212-816-1817

out and what may have fallen below the headlines. Click below to read our kyle.menges@citi.com

takeaways.

Randy Marker

Quick Machinery Read-Throughs — We view another quarter of solid rental results +1-212-816-3537

from URI as a positive read to rental co’s (HRI, SUNB, WSC, EQPT). With a robust randy.marker@citi.com

mega project outlook supporting a constructive demand outlook, we would

anticipate investor focus around the rental companies to increasingly shift to margin

execution. Raised capex outlooks this past month (URI & EQPT) point to a more

positive outlook for OSK and TEX as well. URI’s guidance for ~10% rental revenue

growth is quite impressive to us with its largest end-market likely being flat-to-

down in ’26 (see here). Volvo’s raised CE market guide for both NA and China is a

positive read to CE OEMs. Expectations around Europe have been mixed, as we

gather a more uncertain demand outlook in construction, ag, and short-cycle, while

Volvo modestly raised its market guide for Europe HD. Commentary on the

supply/demand outlook from truckers (JBHT, KNX) continued to skew positively,

likely contributing to a slightly higher NA market outlook for Daimler and TRATON.

Volvo left its NA class 8 truck guide unchanged; we see likelihood that PCAR

maintains or modestly raises the low-end of its US&CAN outlook. We also gather a

better-than-feared outlook for China truck, which we view as a positive read for

CMI. We think CMI’s announced phased approach to MY27 could limit upside to ’26