Earnings Surprises

Following a strong end to 2025, we are pleased to have continued our positive momentum in 2026. The first quarter marked another period of strong execution of our Comprehensive Value Strategy and significant progress increasing our earnings power and dividend capacity.

American delivered year-over-year revenue growth of more than 16% in the second quarter, exceeding our initial expectations and continuing the momentum we’ve built across the business.

We delivered third quarter fiscal 2026 results that were ahead of our expectations, with significant year-over-year growth in backlog, revenue, and adjusted EBITDA.

In the second quarter, we delivered record quarterly revenue and substantial year-over-year growth in revenue and Adjusted EBITDA of 10% and 25%, respectively. Sustained strength in our core T&D markets remains the primary driver of performance within our SER segment and for the Company as a whole.

Our first quarter results reflect strong execution in our continuing businesses, with 10 percent growth in Adjusted EBITDA outpacing revenue growth.

We at Bloom are ushering in the era of digital power for the digital age. Bloom is rapidly becoming the standard and “go-to choice” for on-site power.

I am pleased to highlight the tremendous topline growth and steady EBITDA margin expansion we continue to deliver at CECO. This is the first time our quarter-end backlog has eclipsed $1 billion, which reflects our incredible 2.2 book-to-bill ratio during the first quarter.

Our second quarter results reflect continued progress as we execute our strategy and invest in the long-term growth of the business. Second quarter sales increased 18.6% from the first quarter, and gross margin improved approximately 420 basis points to 27.1%.

AV's fiscal year 2027 is off to a strong start, with record first-quarter revenue and funded backlog and landmark strategic wins.

Our first quarter results reflect strong net sales growth and solid order demand as we advanced key strategic priorities across the business.

While the first quarter reflected historically low North American agricultural equipment demand, a complex trade environment, and ongoing challenges in Brazil, our performance was consistent with expectations.

Loar had a strong start to the year with net sales, Adjusted EBITDA and Adjusted EBITDA Margin achieving record highs. As a result of these first quarter results, with further evaluation of orders to date, and considering the proprietary content of our portfolio, we have increased our guidance for 2026.

AGCO delivered healthy first‑quarter sales and margin results, reflecting disciplined execution in a demanding agricultural market and dynamic global environment.

Our strategic priorities in Fiscal 2026 remain clear: restoring growth, rebuilding margins impacted by tariffs, and returning the business to its long‑term historical cash flow profile.

After successfully completing the H&E integration in the first quarter, the second quarter marked an important turning point for Herc Rentals, with our key metrics improving on a combined, comparable basis, both sequentially and year-over-year.

What a quarter! I am so proud of our global team's execution, which delivered record second-quarter and first-half results.

Over the years, we have maintained a significant hedge position against our refining investments. While I believe this strategy has generally served well in mitigating risk, our results this quarter were impacted by exceptional geopolitical events that disproportionately affected our long refining exposure versus crack spreads and other short refinery positions.

We are off to a healthy start in 2026, with first quarter results reflecting the scale and diversity of our combined platform. Demand remained resilient across many of our core recurring and compliance-driven service lines.

Strong customer demand led to another record quarter for Legence, with new highs in revenue, Adjusted EBITDA and backlog and awarded contracts.

We are disappointed by the loss we took this quarter on the Construction Management project. The project is nearing completion, but lower subcontractor productivity is driving a delayed completion and a higher estimated cost to complete.

Our second quarter results highlight the demand for our solutions and the effectiveness of our strategy in a dynamic macro environment. Parsons delivered strong book-to-bill ratios in both segments, achieved profitable growth in its core business, and secured strategic contract wins for long-term success.

I am encouraged by the significant number of new awards we secured in recent months across diverse markets, including gas-fueled and nuclear power, refining, data centers, mining, and uranium enrichment.

The second quarter demonstrated how we are operating the business differently: as booking trends shifted, we moved quickly to resize fleet, protect utilization and returns, and deliver Adjusted EBITDA in line with our initial expectations.

We are off to a great start in 2026, with strong first quarter results highlighted by record operating cash flow and adjusted earnings per share that was up 58% year-over-year.

Following a year of meaningful financial and strategic progress, we began 2026 with significant momentum and delivered another quarter of strong performance,

Greenbrier executed well in Q3, delivering solid results across both Leasing & Fleet Management and Manufacturing.