CSW Industrials: 1Q First Take: Synergies Show Up in a Record Quarter as the Organic Trend Improves

研报英文原文证据摘录

CSW Industrials: 1Q First Take: Synergies Show Up in a Record Quarter as the Organic Trend Improves

J P M O R G A N North America Equity Research

30 July 2026

CSW Industrials Overweight

CSW, CSW US

1Q First Take: Synergies Show Up in a Record Quarter Price (29 Jul 26):$272.61

as the Organic Trend Improves

North America Small and Mid Cap

CSW Industrial delivered a record 1Q27, with adj. EPS of $3.84 (vs. consensus Industrials

$3.48) and revenue of $351M (vs. consensus $343M), as CS outperformed on the Tomohiko Sano AC

strength of 5.9% organic growth driven by positive price and volumes. SRS and (1-212) 622-1099

EBS reinforced the beat, each expanding margins >300bps YoY while contributing tomohiko.sano@jpmorgan.com

to overall organic growth. Adj. EBITDA margins expanded ~290bps YoY to 29.0% Ethan Coyle

(vs. consensus 27.3%), as acquisition synergies and pricing actions flowed (1-212) 270-0613

ethan.coyle@jpmchase.com

through, and management reiterated confidence in continued organic growth

Brendan Shea, CFA

through the remainder of FY27. We view the print as positive for the shares, with

(1-212) 622-0770

our initial read supporting our Overweight rating. brendan.shea@jpmorgan.com

J.P. Morgan Securities LLC

• Broad-Based Beat Led by Contractor Solutions: CSW exceeded both our

and consensus expectations on the top and bottom line across all segments,

delivering adj. EPS of $3.84 (vs. consensus/JPMe $3.48/$3.79). CS led the

beat, growing organically 5.9% (+330bps sequentially) alongside inorganic

growth of 34.4%, as positive volumes and pricing drove margins to 34.2% (vs.

consensus/JPMe 31.9%/33.9%), representing ~120bps of YoY expansion.

SRS and EBS similarly exceeded expectations, growing organically 16.5%

and ~7.0% (excl.