Industrials

AMETEK posted record Q2 2026 sales of $2.04 billion (+15%, of which 10 points organic) and adjusted EPS of $2.09, but the bigger signal was a 28% jump in orders that lifted backlog to a record $4.11 billion — even as management guided the second half to roughly 7% sales growth.

Allegion grew Q2 2026 revenue 12.7% to $1,151.5 million and raised full-year guidance, but only 6.9% was organic — an accelerating Americas business (+8.9% organic) masking an International segment whose revenue fell 1.2% organically and whose pre-acquisition operations lost $6.6 million of operating income.

A. O. Smith's Q1 2026 sales fell 1.9% to $945.6M, but currency and the Leonard Valve acquisition masked a ~5% underlying volume decline, and a 17% local-currency drop in China forced a cut to full-year EPS guidance.

3M reported a 40% drop in GAAP EPS to $1.23 that was driven almost entirely by a $699M non-cash swing in its retained Solventum stake, while adjusted EPS rose 14% to $2.14 and adjusted organic sales grew just 1.2%.

GAAP EPS fell 15%, but a $22.6M one-time restructuring charge accounts for most of the gap to adjusted EPS (-4%); the real story is a genuine 28% China demand decline against +3% organic growth in North America.

Adjusted organic sales grew 5.4%, but the 33% GAAP EPS growth is mostly one-off items: a $336M divestiture loss, a swing in Solventum stake value, and lower PFAS litigation costs, not operating improvement.