North America Equity Research 07 August 2026 ATI J P M O R G A N A Transformational Quarter, Mainly for AA&S A 12% bump to the 2026 adj EBITDA forecast got the market's attention yesterday, driving nine points of appreciation for ATI in a flat market and mgmt commentary suggested continued momentum behind the earnings outlook. This quarter's upside came primarily from AA&S, though HPMC, which typically receives the bulk of investor attention, seems poised for a strong 2H and beyond. On the back of this stro ...

J P M O R G A N North America Equity Research 07 August 2026 MDA Space First Look at Q2 Earnings MDA posted a solid quarter, in our view, with sales and adj EBITDA each 7-8% above our forecasts and modestly higher guidance. Importantly, contract wins announced during the quarter with the Canadian Space Agency and Japan's Ministry of Defense meant that MDA returned to growing its backlog. Cash flow fell a bit short, but we assume MDA can recover this in 2H. We anticipate a portion of the call today will focu ...

ab 5 August 2026 Global Research US Daily Brief Today's Research – Aug 05, 2026 Space Exploration Technologies Corp (SPCX, Buy, US$210) - Solid progress on all fronts (John C. Hodulik, CFA) Hitting on all cylinders with Starship progress, accelerating Connectivity growth and new AI cloud deals. Machinery, Engineering & Construction - Q2 Wrap: CAT, CMI (Steven Fisher, CFA) CAT and CMI model updates and takeaways post Q2. This report has been prepared by UBS Securities LLC. ANALYST CERTIFICATION AND REQUIRED ...

7 August 2026 | 6:26AM BST Equity Research GS EUROPEAN EXPRESS: Smiths Group | Airbus | Deutsche Telekom | Harbour Energy | Macro | Global | Corporate Access Smiths Group (SMIN.L): Buyback supports earnings ahead of a potential O&G capex recovery: reinstate at Buy - We reinstate our Buy rating on Smiths as its simplified structure — following the divestment of Detection and Interconnect — should result in higher margins, an upper-quartile 26% 2027 ROIC, and a more focused equity story around structurally at ...

J P M O R G A N North America Equity Research 07 August 2026 CACI International FY27 Guidance Does Not Disappoint See page 6 for analyst certification and important disclosures. Overweight CACI, CACI US Price (06 Aug 26):$628.79 ▲Price Target (Dec-27):$715.00 Prior (Dec-26):$645.00 Aerospace & Defense Seth M. Seifman, CFA AC (1-212) 622-5597 seth.m.seifman@jpmorgan.com Rocco J Barbero (1-212) 622-8140 CACI delivered an impressive Q4 print alongside a FY27 guide that exceeded expectations. The outlook is und ...

Specialist Sales APAC Specialist Sales 07 August 2026 J P M O R G A N LIG D&A, Sumitomo Rubber, YZJ (PT Raised), Bridgestone Preview, Japan FA Feedback Joann Kim +852 2800 8016 joann.kim@jpmorgan.com SPX slipped 0.2% in a quiet session with weak breadth, as an underwhelming batch of earnings (including DDOG, SNDK, WDC) weighed on sentiment. Yields moved higher on corporate issuance and Fed-credibility concerns (curve flattening, USD firmer), while crude jumped 4.5% after Iran signaled potential shipping res ...

核心观点 - ESCO Technologies 2026财年第三季度业绩强劲，营收和利润均实现两位数增长，并再次上调全年业绩指引 [1][3][4] 财务业绩概览 - 第三季度销售额同比增长14%，达到3.39亿美元 [1][7] - 第三季度GAAP持续经营每股收益同比增长31%，至1.26美元 [1][7] - 第三季度调整后持续经营每股收益同比增长38%，至2.20美元 [1][7] - 第三季度有机销售额增长8%，即2000万美元 [7] - 第三季度GAAP持续经营业务EBIT为4967万美元 [30] - 第三季度调整后持续经营业务EBIT为7467.6万美元 [30] - 年初至今，经营活动产生的净现金为1.93亿美元，同比增加1.05亿美元 [7] 业务分部表现 航空航天与国防 (A&D) - 第三季度销售额同比增长23%，至1.682亿美元，其中有机增长9%（920万美元），Maritime贡献2270万美元 [8] - 第三季度调整后EBIT同比增长28%，至5050万美元，利润率为30.0% [8] - 第三季度订单量为1.957亿美元，订单出货比为1.16，期末积压订单创纪录达11亿美元 [8] - 业绩增长由商用航空航天和海军业务强劲表现带动 [8] 公用事业解决方案集团 (USG) - 第三季度销售额同比增长8%，至1.0亿美元，其中Doble增长17%（1290万美元），NRG下降29%（530万美元） [8] - 第三季度调整后EBIT同比增长50万美元，至2230万美元，利润率为22.3% [8] - 第三季度订单量同比增长20%，至1.269亿美元，订单出货比为1.27，期末积压订单为1.894亿美元 [9] - Doble订单增长30%（2640万美元），NRG订单下降27%（500万美元） [9] RF测试与测量 (Test) - 第三季度销售额同比增长5%，至7090万美元 [16] - 第三季度调整后EBIT同比增长8%，至1160万美元，利润率为16.4% [16] - 第三季度订单量同比增长42%，至8700万美元，订单出货比为1.23，期末积压订单创纪录达2.486亿美元 [16] - 订单增长由工业屏蔽项目和用于美国数据中心的电磁干扰滤波器驱动 [16] 订单与积压 - 第三季度新增订单为4.1亿美元，订单出货比为1.21 [7] - 截至6月30日，积压订单创纪录达到15.4亿美元 [7] - 年初至今，积压订单增加超过4亿美元 [4] 并购活动 - 公司已同意收购Megger Group Limited，该交易预计将于2027财年第一季度完成 [11] - Megger将并入公用事业解决方案集团 [11] 业绩展望 - 上调2026财年全年销售额指引至13.0亿至13.3亿美元（同比增长19%至21%） [17] - 上调2026财年全年调整后每股收益指引至8.30至8.40美元（同比增长38%至39%） [17] - 第四季度调整后每股收益预计在2.55至2.65美元之间（同比增长10%至14%） [17] 股息 - 下一季度现金股息为每股0.08美元，将于2026年10月15日支付 [12]