Key Highlights

  • Innio raised 2026 adjusted EBITDA guidance to $780 million to $800 million from $720 million to $740 million.
  • Crane lifted adjusted EPS guidance to $7.23 to $7.38 from $6.85 to $7.05 after a record $2.05 quarter.
  • Hubbell raised adjusted EPS guidance to $20.40 to $20.60, with Electrical Solutions sales up 51%.
  • Herc Holdings raised rental revenue guidance to $4.475 billion to $4.550 billion and net rental capex to $1.0 billion to $1.1 billion.
  • Mirion narrowed adjusted EBITDA guidance to $285 million to $292 million while raising revenue growth to about 24% to 25%.

Which Industrial Companies Raised 2026 Outlooks on October 27?

Eight industrial companies raised some or all of their 2026 targets with results on Tuesday, October 27. Hubbell (NYSE:HUBB) lifted adjusted EPS guidance to $20.40 to $20.60, and Crane (NYSE:CR) to $7.23 to $7.38 after record adjusted EPS of $2.05. Innio (NASDAQ:INIO) raised adjusted EBITDA guidance to $780 million to $800 million on data center demand, Applied Industrial Technologies (NYSE:AIT) raised fiscal 2027 EPS by $0.05, PPG Industries (NYSE:PPG) raised the low end of its range to $7.90, Illinois Tool Works (NYSE:ITW) set GAAP EPS at $11.45 to $11.55, Herc Holdings (NYSE:HRI) raised rental revenue and adjusted EBITDA ranges, and Mirion Technologies (NYSE:MIR) raised revenue targets but narrowed EBITDA.

Hubbell: Did Data Center Demand Lift Adjusted EPS to $5.91?

Hubbell reported adjusted EPS of $5.91, up 14%, against $5.75 as screened, on net sales of $1,872.5 million, up 25%, with about 13 points from acquisitions. Electrical Solutions sales rose 51% to $845 million on data center demand, and adjusted EBITDA reached $506.9 million. Net debt to total capital rose to 51% from 28% at the end of 2025 after $3,005.7 million of acquisition spending in nine months.

Crane: What Sits Behind a Record 22.5% Adjusted Operating Margin?

Crane posted adjusted EPS of $2.05, up from $1.67 and above $1.82 as screened, with sales up 28.1% to $754.6 million, of which core growth was 7.7% and acquisitions 21.1 points. Process Flow core orders grew 19.7%, and backlog was $1,894.9 million. The pending Trillium pump purchase is expected to close in the fourth quarter, and the UK Building Services sale for 230 million pounds is expected in early 2027.

Innio: Is Record Data Center Demand Behind the Raised Outlook?

Innio, maker of Jenbacher gas engines, reported revenue of $1,167.9 million, up 57%, and adjusted EPS of $0.15 against $0.12 as screened. Data center revenue was $463 million against $38 million and now makes up about 60% of equipment revenue. Backlog reached $7,963.4 million, up 142%, adjusted EBITDA was $245.4 million at a 21.0% margin, and net leverage fell to 2.1 times from 3.6 times.

Applied Industrial Technologies: Why Was the Raise Only $0.05?

Applied Industrial Technologies earned GAAP EPS of $2.97 against $2.63 and $2.89 as screened, on sales of $1,291.2 million, up 7.6%, with organic growth of 7.1%. Fiscal 2027 EPS guidance moved to $11.70 to $12.20 because of a lower share count after $80.0 million of buybacks, while sales and margin guidance were maintained. Free cash flow fell to $73.4 million from $112.0 million on a working capital outflow.

PPG Industries: Did Pricing Offset Cost Inflation?

PPG Industries reported adjusted EPS of $2.25, up 6%, against $2.12 as screened, on sales of $4,353 million, up 7% with organic growth of 5%. Pricing fully offset cost inflation, and Performance Coatings sales rose 10%. Industrial Coatings segment EBITDA fell 11% as index-based pricing lagged costs. Fourth-quarter organic growth is guided to low single digits, and the call is on October 28 at 8:00 a.m. Eastern.

Illinois Tool Works: Is the Beat Hiding a $40 Million Tornado Hit?

Illinois Tool Works reported GAAP EPS of $3.00, up 6.8%, against $2.97 as screened, on revenue of $4,236 million, up 4.4%, with organic growth of 3.8%. A tornado at two Welding plants cut revenue by about $40 million. Operating margin was 27.8%, and guidance for revenue growth rose to 4.5% to 5.5%, its third raise of the year. The annualized dividend rose 7% to $6.88.

Herc Holdings: Why Did Capital Spending Rise Along With EBITDA?

Herc Holdings rents construction and industrial equipment. It reported adjusted EPS of $3.91 against $2.92 as screened, on revenue of $1,364 million, with rental revenue up 12% to $1,254 million. Adjusted EBITDA guidance is $2.10 billion to $2.15 billion, and net rental capex guidance rose to $1.0 billion to $1.1 billion from $850 million to $950 million. Net debt was $8.0 billion, a leverage ratio of 3.90 times.

Mirion Technologies: Did 85% Order Growth Outrun a Trimmed Margin Outlook?

Mirion supplies radiation detection products to nuclear, defense and medical customers. It reported revenue of $277.8 million, up 24.5% with organic growth of 6.5%, and adjusted EPS of $0.12 against $0.12 as screened. Orders including acquisitions rose 85% to $386 million. Adjusted EBITDA guidance was narrowed to $285 million to $292 million, with the margin range cut to 24.7% to 25.2% from 25.0% to 26.0%.

Industrial Outlooks Compared: Who Raised by the Most?

On calculated midpoints, Crane's adjusted EPS guidance rose about 5.1% ($7.305 versus $6.95), Innio's adjusted EBITDA about 8.2% ($790 million versus $730 million), Herc Holdings' adjusted EBITDA about 1.8%, PPG Industries' EPS about 1.3% ($8.00 versus $7.90), Illinois Tool Works' EPS about 0.4% and Hubbell's about 0.5%, while Applied Industrial Technologies' rose about 0.4%. Mirion's EBITDA midpoint fell about 1.4% ($288.5 million versus $292.5 million, calculated).

Third-quarter revenue growth ran from 57% at Innio to 4.4% at Illinois Tool Works, a gap of about 52.6 points (calculated). Acquisitions supplied about 75% of Crane's 28.1% growth (21.1 of 28.1 points, calculated) and about 74% of Mirion's 24.5% came from acquisitions and currency (calculated from its 6.5% organic growth). Against screened EPS estimates, Herc Holdings' 33.8% was widest and Mirion's negative 2.03% the only miss.

What to Watch Next: Calls, Deal Closings and Dividend Dates

Crane and Mirion host calls at 10:00 a.m. Eastern on Wednesday, October 28, and PPG Industries at 8:00 a.m. Eastern. Crane pays $0.255 on December 9 to holders of record on November 30, and Applied Industrial Technologies pays $0.51 on November 30 to holders of record on November 13. Crane expects the Trillium closing in the fourth quarter and the UK sale in early 2027, Applied Industrial Technologies reports fiscal second-quarter results in January 2027, and Hubbell and Herc Holdings report fourth-quarter results in early 2027.