Key Highlights

  • Ingersoll Rand reported orders up 21% to $2,345 million and a $2 billion repurchase increase.
  • MasTec reported Revenue up 29.9% to $5,152.3 million and 18-month Backlog of $24,546 million.
  • SPX Technologies reported HVAC backlog of $1,102.5 million versus $578.5 million.
  • Veralto reported sales up 7.5% to $1,509 million with Operating Margin of 19.7%.
  • OSI Systems reported diluted EPS of $1.51 versus $1.18 on revenue of $403.5 million.

Are industrial Earnings growing on orders and backlog?

The latest industrial reports show growth in Demand measures, with some margin pressure. Ingersoll Rand (NYSE:IR) reported third quarter 2026 revenues of $2,065 million, up 6%, and orders of $2,345 million, up 21%. MasTec (NYSE:MTZ) reported revenue of $5,152.3 million, up 29.9%, with diluted EPS of $1.89 versus $2.04.

SPX Technologies (NYSE:SPXC) reported revenue of $714.5 million, up 20.5%, and diluted EPS of $1.62. Veralto (NYSE:VLTO) reported sales of $1,509 million and diluted EPS of $1.03. OSI Systems (NASDAQ:OSIS) reported fiscal 2027 first quarter revenue of $403.5 million, up 4.9%, and diluted EPS of $1.51.

Ingersoll Rand: What sits behind reported EPS of $1.73 versus $1.01?

Net income attributable to the company was $670 million, or $1.73 per diluted share, against $0.61 a year earlier. Other Operating Income of $355.3 million included IEEPA Tariff refunds. Excluding the refunds, adjusted EPS was $1.01 and adjusted EBITDA was $552 million at a 26.7% margin.

Industrial Technologies and Services orders rose 25% to $1,898 million, including an order of about $195 million for an engineered-to-order solution. Operating Cash Flow was $648 million and free cash flow was $623 million, compared with $355 million and $326 million a year earlier. Liquidity was $3.9 billion at September 30, 2026. In addition, the Board added $2 billion to the repurchase program after $350 million of repurchases in the quarter. Precision and Science Technologies orders rose 7% to $448 million, and settlements tied to the ILC Dover transaction total roughly $425.1 million.

MasTec: How large is the $24.5 billion backlog?

Estimated 18-month backlog was $24,546 million at September 30, 2026, versus $16,780 million a year earlier. Power Delivery revenue rose 65.2% to $1,835.2 million with a 13.2% EBITDA margin versus 9.4%, Clean Energy and Infrastructure revenue rose 33.9% to $1,825.9 million, while Communications revenue fell 11.8% to $806.9 million.

Organic revenue grew about 12%, and acquisitions contributed $716 million, including the Superior Group, completed on July 20, 2026. Adjusted EBITDA was $486.4 million at a 9.4% margin, unchanged from the prior year. Total Debt obligations were $4,191.1 million versus $2,345.6 million at year end, and net interest expense rose to $61.8 million from $45.4 million. Operating income was $275.4 million, with the margin at 5.3% versus 6.3%.

SPX Technologies: Can HVAC capacity keep pace with a $1,102.5 million backlog?

HVAC revenue climbed 35.5% to $525.0 million, with 22.3 percentage points organic and 13.0 points from acquisitions, mainly on Data Center cooling demand. Segment margin fell to 23.0% from 24.4% on labor and Supply chain inefficiencies tied to growth, and segment income rose 28.0% to $120.8 million.

Detection and Measurement revenue fell 7.7% to $189.5 million, though margin widened to 27.8%. The FIS Water Acquisition closed on September 15, 2026 for net cash of $405.0 million, lifting total debt to $1,334.7 million from $501.6 million at the start of the year. Operating cash flow for the nine months was $179.5 million, and capital expenditures were $79.6 million, including $53.8 million for HVAC capacity expansion.

Veralto: Why did operating margin slide to 19.7%?

Sales rose 7.5% to $1,509 million, with core sales up 5.1%, and Water Quality sales grew 9.8% to $939 million, while Product Quality & Innovation sales rose to $570 million from $548 million. Operating profit fell to $298 million from $326 million as selling, general and administrative expenses rose to $541 million from $451 million on restructuring, a reduced tax indemnification and higher labor costs.

EPS still rose to $1.03 from $0.95 because income taxes fell to $20 million from $67 million, helped by a $47 million discrete benefit. The company completed the $465 million Cleanwater1 acquisition on October 5, 2026, after earlier acquiring In-Situ for approximately $426 million and GlobalVision for approximately $195 million. It repurchased about $89 million of stock in the quarter.

OSI Systems: What drove $1.51 EPS while Healthcare fell 13.8%?

Revenue rose 4.9% to $403.5 million, with Security up 3.9% to $264.1 million and Optoelectronics and Manufacturing up 16.4% to $104.3 million. Healthcare revenue fell to $35.1 million from $40.7 million on lower patient monitoring revenues.

Gross margin narrowed to 30.7% from 32.0%. Operating expenses were flat at $90.2 million, and income from operations was $33.6 million versus $33.1 million. Net Income was $24.6 million versus $20.6 million, and diluted shares were 16.3 million against 17.5 million. Middle East conflicts delayed some customer projects, but the company said the related orders remain in backlog. Operating cash flow was $37.1 million versus $17.1 million, and cash and cash equivalents were $236.3 million.

How do the five compare on a calculated basis?

Ingersoll Rand's book to bill ratio was about 1.14 (calculated: orders of $2,345 million over revenues of $2,065 million). MasTec's backlog grew about 46.3% year over year (calculated), well ahead of its 29.9% revenue growth.

At SPX Technologies, HVAC was about 73.5% of revenue (calculated: $525.0 million over $714.5 million), and total debt rose by about $833.1 million since the start of the year (calculated).

Veralto's operating margin fell about 3.5 percentage points (calculated: 23.2% to 19.7%), yet EPS rose, while OSI Systems' diluted EPS grew about 28.0% (calculated) on a lower share count.

What to Watch Next: Closings, Guidance and Backlog Conversion

Ingersoll Rand expected to close a U.S.-based pump manufacturer acquisition on October 30, 2026. Its full-year guidance calls for revenue growth of 5.5% to 7.0%, adjusted EBITDA excluding the third quarter refunds of $2,130 million to $2,190 million, and adjusted EPS on the same basis of $3.58 to $3.70.

MasTec expects about 23% of its backlog to be realized in 2026. Veralto repurchased about $523 million of stock over nine months, and its quarterly Dividend of $0.13 per share is payable on October 30, 2026. SPX Technologies has authority from May 12, 2026 to repurchase up to $100.0 million of stock in any fiscal year and made none in the nine months. OSI Systems has 773,172 shares available under its repurchase program after the Board added one million shares in August 2026.