Construction Machinery & Heavy Transportation Equipment

Luck Stone announced in mid-September 2026 that it had expanded its collaboration with Caterpillar to roll out autonomous hauling technology to two additional Virginia quarries, building on a site where autonomous Cat trucks have already moved more than 3.50 billion tons without reported injuries. The expansion includes the first-ever deployment of Caterpillar's autonomous haulage on Cat 775 trucks, and the company is pairing the automation with workforce skill development to address quarry safety and productivity challenges. The move reinforces Caterpillar's broader push into autonomy and AI, which analysts tie to higher quality recurring revenue, and follows the company's August update highlighting record backlog and heavy investment in digital and automation. Caterpillar's narrative projects $94.5 billion revenue and $17.4 billion earnings by 2029, with a $970.37 fair value implying 20% upside, while some of the most optimistic analysts already assumed revenues above US$112,200,000,000 and earnings near US$20,700,000,000 by 2029. Investors are still weighing rising tariffs and pricing pressure against the pace at which digital and service income can scale.

Wabtec reported second-quarter revenues of $3.18 billion, up 17.5% year on year and 3.3% above analysts' expectations, as the 12 heavy transportation equipment stocks tracked posted a satisfactory quarter with group revenues beating consensus by 2.2% and next-quarter revenue guidance 8.6% above estimates. Chairman and CEO Rafael Santana said Wabtec delivered a strong first half with solid second-quarter execution driving robust sales growth, margin expansion and a 22% increase in adjusted EPS growth, though the quarter was mixed as full-year EPS guidance only slightly topped expectations while organic revenue estimates missed significantly. Wabash posted the group's best quarter, with revenues of $417.2 million, down 9.1% year on year but 3.6% above expectations, alongside a solid EBITDA beat and next-quarter revenue guidance exceeding analysts' expectations. Greenbrier delivered the weakest performance of the group, with revenues of $576.5 million, down 31.6% year on year and 5.9% short of expectations, plus full-year revenue and EPS guidance missing significantly. PACCAR reported revenues of $7.55 billion, flat year on year and in line with expectations, while Commercial Vehicle Group reported revenues of $195.2 million, up 13.5% year on year and 13.8% above expectations, delivering the group's biggest estimate beat and highest full-year guidance raise. On average, shares of the tracked companies are down 11.3% since the latest earnings results.

Caterpillar announced on September 15 that its self-driving haul trucks at a Luck Stone quarry are moving large tonnage, with expansion to two more Virginia quarries, Boscobel and Bealeton, including the first autonomous deployment of Cat 775 trucks. The company disclosed no order value, truck count, or profit contribution from the autonomy milestone, and autonomy was named on the earnings call only as a source of higher SG&A and R&D expenses inside Resource Industries. In the second quarter of 2026, revenue reached $20.5 billion, up 24% year over year, with adjusted EPS of $8.17, up 73%, while backlog climbed to $72 billion, up roughly $35 billion versus a year earlier. Power & Energy is the engine, with segment sales up 17% to $8.2 billion and power generation sales up 72% on large gensets and turbines for data centers, and gas prime orders extend toward the back half of 2028 and into 2029. Caterpillar trades at $798.51 against a consensus analyst target of $975.61, a trailing PE of 34x, and full-year tariff costs of around $2.2 billion for 2026, with expected IEEPA tariff recoveries of approximately $400 million.

Cummins executives said North American truck demand is recovering and data-center power demand remains exceptionally strong, with orders for its QSK95 generator now stretching into the second half of 2028. Speaking at Morgan Stanley's Laguna Conference, James Hopkins, Cummins' vice president of financial planning, capital management and investor relations, said the truck market has improved over the last six months on stronger fleet profitability and greater clarity around 2027 emissions rules, and that the higher 2027 cost structure supports continued demand into the second half of 2026. Hopkins said the Environmental Protection Agency's semi-final rule gives the industry flexibility in 2027, letting manufacturers sell historical powertrains with a non-conforming penalty or offer new powertrains meeting the 35 mg/bhp-hr NOx requirement, though end-user costs are expected to rise either way. Nick Arens, Cummins' executive director of investor relations, said supply constraints on the larger engine are pushing customers to smaller 78-liter, 60-liter and 50-liter options, and he reaffirmed confidence in the company's target of more than $9 billion of data-center-related exposure by 2030, largely supported by diesel standby demand. Cummins expects 55 gigawatts of high-horsepower engine capacity by 2030, plans limited prototype production of its 130-liter natural-gas prime-power product in the second half of 2028 ahead of a ramp in 2029 and 2030, and said a battery energy storage system application for data centers should contribute revenue in the low hundreds of millions of dollars over the next several years while diluting overall margins.

Caterpillar expanded its autonomous hauling partnership with Luck Stone to additional quarry sites in the United States, marking the first use of autonomous haulage on Cat 775 trucks specifically configured for quarry operations. The partners are targeting gains in safety, production consistency and workforce development through wider use of automation across these quarries. Caterpillar, a machinery heavyweight with a reported market value of about $360.2 billion, builds large-scale construction and mining equipment that can directly use autonomous hauling systems in quarries. The company's Narrative holds that heavy equipment is shifting from pure iron to technology plus services, with autonomy and electrification supporting multi-year demand and profitability, and deploying autonomy on Cat 775 fleets can deepen Caterpillar's services and software footprint rather than just sell more trucks. Rivals including Komatsu and Volvo are also targeting that services and software territory, while analysts flag tariff pressure, pricing competition and high capital intensity as weak points that could amplify earnings swings if customers hesitate on autonomy rollouts.

AB Volvo's fair value estimate has been lifted to SEK 356.12 from SEK 347.55, with published analyst price targets now spanning a wide SEK 290 to SEK 376 range. Citi raised its target twice, from SEK 354 to SEK 358 and then to SEK 376, while keeping a Buy rating, and Erste Group initiated coverage with a Buy rating, citing a massive surge in new truck orders, particularly in North America, plus higher internal forecasts for truck sales in Europe and China. Morgan Stanley lifted its target to SEK 355 from SEK 342 while maintaining an Equal Weight stance, and Barclays nudged its target up to SEK 290 from SEK 280 while keeping an Underweight rating at the bottom of the range. Alongside the fair value change, the revenue growth assumption moved from 6.71% to 6.90%, the net profit margin from 10.36% to 9.87%, the future P/E from 14.74x to 15.78x, and the discount rate from 7.37% to 7.42%.

After market close on September 17, Fulongma announced plans to sign a contract related to autonomous sanitation driving technology development and to cooperate with Huawei Cloud Computing Technologies on developing autonomous sanitation driving technology. The cooperation is an exclusive strategic partnership between the two sides in the field of intelligent sanitation, with a total contract value of 200 million yuan including tax. According to the announcement, the two sides have planned agreed three-ton and six-ton vehicle platforms, sweeping and washing business scenarios, and other elements. Huawei Cloud will conduct technical research on vehicle intelligent upgrades, drive-by-wire optimization, and cloud adaptation, and will exclusively develop and deploy the Fulongma Sanitation Autonomous Driving System for Fulongma, including cloud-based, vehicle-side software, and vehicle-side intelligent hardware solutions. Huawei Cloud will lead the adaptation and verification of autonomous driving algorithm software for three vehicle platforms in sweeping and washing scenarios. This is not the first time the two sides have joined forces. On December 11, 2025, Fulongma and Huawei signed a framework cooperation agreement, and on September 12 the two sides further signed a strategic cooperation agreement on embodied intelligence in the sanitation robot field. In the first half of 2026, Fulongma achieved revenue of 2.608 billion yuan, up 7.63 percent year on year, and net profit attributable to the parent company of 101 million yuan, up 7.27 percent year on year. Sanitation equipment business revenue was 808 million yuan, up 61.15 percent year on year, and sales of new energy sanitation equipment reached 938 units, up 81.43 percent year on year, accounting for 38.70 percent of total sales.

Caterpillar Inc. is accelerating autonomous technology adoption in the quarry industry with the first deployment of its autonomous haulage solution on a Cat 775 truck, as Luck Stone moves forward with deploying the technology at two additional Virginia quarries. The expansion follows the pilot run at Luck Stone's Bull Run Quarry, where autonomous trucks have hauled more than 3.5 million tons since going live in November 2024. Caterpillar will now integrate autonomous hauling technology across two fleets of Cat 775 trucks at Luck Stone's Boscobel and Bealeton operations, and will provide complementary technologies supporting loaders and other site equipment. Caterpillar's autonomous trucks collectively have hauled more than 13 billion tons and traveled more than 455 million kilometers without reported injuries. The development underscores Caterpillar's efforts to move beyond traditional equipment sales by integrating automation, digital technologies and services into customer operations.

Karin Rådström is steering Daimler Truck, the world's largest commercial-vehicle manufacturer, through a cultural and strategic overhaul as Chinese competition looms over the European truck market. Since becoming CEO in 2024, Daimler Truck's share price has risen almost 40%, from €33.15 to €46.24, and zero-emissions vehicle sales climbed 67% in 2025, though group net profits fell 48% year-on-year in the second quarter despite a 5% revenue uplift, hit primarily by tariffs. Chinese companies currently hold just 1.36% of the European commercial-vehicle market, according to Dataforce, but SuperPanther and Sinotruk have begun production in Austria and Windrose has set up a European headquarters in Antwerp, while Windrose's Global E700 offers a 700 km fully loaded range against 500 km for Daimler Truck's flagship model. Defense is a key growth pillar: Daimler Truck aims to double defense-related revenues to €1 billion, or $1.17 billion, by 2028, a figure that would still represent only 2% of overall annual revenue, and it plans to invest mid-three-digit-million euros in its new Daimler Truck Defence brand while targeting Level 4 autonomous trucks for the U.S. market by 2027. Rådström, only the second woman to lead a DAX 40 company, has pushed a "simpler, faster, and stronger" operating mantra to cut bureaucracy, a shift Citi analyst Klas Bergelind says has decentralized the organization even as cultural change takes time.

Luck Stone and Caterpillar are expanding their autonomous hauling program to two additional Virginia quarries after an 18-month pilot at the Bull Run Quarry hauled more than 3.5 million tons. The expansion will integrate Caterpillar's autonomous hauling technology across two fleets of Cat 775 trucks at Boscobel and Bealeton, supported by local Cat dealer Carter Machinery. This marks the first-ever deployment of Caterpillar's autonomous haulage solution on the Cat 775, a key haul truck model in the quarry industry. The Bull Run autonomous trucks have hauled more than 3.5 million tons since going live in November 2024. Collectively, Caterpillar autonomous trucks have hauled more than 13 billion tonnes and safely traveled more than 455 million kilometers with no reported injuries while operating.

Caterpillar has drawn heavy investor search interest on Zacks.com, with the construction equipment maker now carrying a Zacks Rank #2 (Buy) on upward earnings estimate revisions. Caterpillar is expected to post earnings of $6.95 per share for the current quarter, a year-over-year change of +40.4%, and the Zacks Consensus Estimate has moved +0.3% over the last 30 days. The consensus earnings estimate of $27.37 for the current fiscal year indicates a year-over-year change of +43.6% and has changed +1.5% over the last 30 days, while the next fiscal year's consensus estimate of $32.99 indicates a change of +20.5% and has changed +1.1% over the past month. On the revenue side, the consensus sales estimate for the current quarter of $20.19 billion indicates a year-over-year change of +14.5%, with current and next fiscal year estimates of $79.37 billion and $87.98 billion indicating +17.4% and +10.9% changes, respectively. In the last reported quarter, Caterpillar posted revenues of $20.54 billion, up 24% year over year, and EPS of $8.17 versus $4.72 a year ago, beating the Zacks Consensus Estimate of $19.31 billion by +6.37% on revenue and surprising by +30.72% on EPS, with the company topping consensus EPS and revenue estimates in each of the trailing four quarters. Caterpillar is graded D on the Zacks Value Style Score, indicating it trades at a premium to its peers.

After market close on September 15, Hangcha Group announced plans to issue convertible corporate bonds to unspecified investors, raising no more than 2.259 billion yuan with a term of six years. After deducting issuance expenses, the proceeds will be directed to a forklift robot smart factory project, a new energy forklift expansion project, a forklift robot and logistics robot research and development project, and replenishing working capital, with planned allocations of 759 million yuan, 705 million yuan, 225 million yuan, and 570 million yuan respectively. The total investment in the forklift robot smart factory project is 872 million yuan. The matter has been approved by the company's board of directors and still requires submission to the shareholders' meeting for review. This marks another major commitment by Hangcha Group to intelligent development following its 2025 acquisition of Zhejiang Guozi Robotics Technology Company. In the first half of 2026, the company's revenue from intelligent logistics integration and robotics-related business reached 796 million yuan, up 30.81 percent year on year, while cumulative new orders for Hangcha Guozi Intelligent reached 892 million yuan, up 29.26 percent year on year.

Deere reported revenues of $12.61 billion, up 4.9% year on year, exceeding analysts' expectations by 1.4% on a strong quarter that included a beat of analysts' EPS estimates. Among the 6 agricultural machinery stocks tracked, group revenues came in line with analysts' consensus estimates while next quarter's revenue guidance was 6.3% below, and share prices have held steady, up 1.3% on average since the latest earnings results. Alamo reported revenues of $450.7 million, up 7.6% year on year, outperforming analysts' expectations by 3% and delivering the biggest analyst estimate beat of the whole group. AGCO reported revenues of $2.61 billion, flat year on year, falling short of analysts' expectations by 4.9% and posting the weakest full-year guidance update among its peers. The Toro Company reported revenues of $1.23 billion, up 8.4% year on year, beating analysts' expectations by 3% and scoring the fastest revenue growth in the group, while Titan International reported revenues of $484.8 million, up 5.2% year on year, surpassing analysts' expectations by 1% and delivering the highest full-year guidance raise among its peers.

Yutong Bus announced that its wholly owned subsidiary Hong Kong Shengyu plans to invest $100 million, approximately 677 million yuan, as a limited partner to subscribe to units of Lochpine Green Fund I, LP. The fund primarily invests in upstream and downstream sectors related to carbon neutrality and cutting-edge technologies, covering areas such as new lithium battery materials, green transportation, and electrification upgrades. This investment does not constitute a related-party transaction or a major asset restructuring, and does not require submission to the board of directors or shareholders' meeting for approval.

Yutong Bus announced on September 14 that its wholly owned subsidiary Hong Kong Shengyu plans to subscribe to fund interests in Lochpine Green Fund I, LP with a capital contribution of $100 million. The fund has a target size of $1.5 billion and a term of 10 years, primarily investing in upstream and downstream carbon-neutral sectors and frontier technologies, including new lithium battery materials, green transportation, and electrification upgrades. In the first half of 2026, Yutong Bus achieved revenue of 16.719 billion yuan and net profit attributable to the parent of 1.867 billion yuan.

Cummins' Power Systems segment posted a record $2.3 billion in second-quarter 2026 revenue, up 19% year over year, as AI-driven data center backup power demand became a genuine tailwind for the engine maker. The company also extended its dividend growth streak to 17 straight years, with the quarterly payout climbing from $0.175 through the 2008 and 2009 financial crisis to $2.20 by August 2026, and total dividends paid growing from $66 million in 2006 to $1.055 billion in 2025. Over the past decade a $1,000 investment in Cummins grew to roughly $6,120, a total return of 511.96%, excluding dividends. Risks include a $69 million quarterly EBITDA loss in the Accelera segment, $458 million in hydrogen-related charges, and a trailing price-to-earnings ratio of 28 against a forward ratio of 16. Management is guiding 15% to 25% global power generation revenue growth in 2026, with diesel genset orders selling into the second half of 2028.

Sany Heavy Industry completed its first share buyback of 623,900 shares through centralized bidding on September 11, with a total transaction amount of 12.31 million yuan. This marks the first implementation of the company's previously announced buyback plan of 400 million to 800 million yuan. Tianan New Material and Yongmaotai also disclosed buyback progress over the weekend. The two companies announced their buyback plans in late July and early August respectively. Tianan New Material has cumulatively repurchased 19.35 million yuan, while Yongmaotai has cumulatively repurchased 47.57 million yuan. As of September 11, Yongmaotai had repurchased a total of 3.3018 million shares, accounting for 1.001% of the company's total share capital, an increase of 0.58% from the previous disclosure. Jonjee Hi-Tech plans to buy back shares worth 300 million to 600 million yuan, and as of September 11 it had cumulatively repurchased 380 million yuan. According to disclosures, more than 10 companies released buyback or shareholding increase announcements over the weekend.

Caterpillar reported its biggest quarter ever, with Q2 2026 revenue of $20.54 billion, the first time the company has crossed $20 billion in a single quarter, and EPS of $8.17 against a $6.1974 estimate. Operating margin expanded to 20.9% and net income jumped 64.89% year over year, while the backlog grew sequentially by $9 billion to $72 billion, up roughly 92% year over year, with some Power & Energy customers placing orders as far out as 2030. The Power Generation product line grew 72% in the quarter on data center demand, and Caterpillar is bringing back roughly 1.5 gigawatts of 10-megawatt gas reciprocating engine capacity, with first shipments in Q4. CEO Joe Creed said no one is slowing down at the moment and that customers are asking for more units if the company can get them out. On the bear side, Caterpillar expects $2.2 billion in full-year 2026 tariff costs, and Resource Industries profit fell 39% in Q1 on tariff-driven manufacturing pressure, though $392 million of IEEPA tariff recoveries already flowed through Q2. Among peers, Cummins Q2 2026 Power Systems revenue grew 19% to $2.26 billion, and Eaton Q2 revenue grew 21.39% with Electrical rolling orders up 41% organically.

XCMG Machinery has released its first-half 2026 financial results, reporting revenue of RMB 61.25 billion, up 11.75% year-over-year, with overseas revenue exceeding 50% of total for the first time. Overseas revenue rose 21.03% to RMB 30.92 billion, while net profit attributable to shareholders reached RMB 3.96 billion. R&D investment increased 25.07% to RMB 3.30 billion, and revenue from new energy products approached RMB 10 billion, up 25.82%. The company also noted that revenue from lifting machinery and earthmoving machinery grew 20.37% and 27.80%, respectively, and that it established new trading subsidiaries in France and Nigeria during the period.

SANY Heavy Industry reported H1 2026 revenue of approximately USD 7.89 billion, up 19.49% year over year, with attributable net profit of USD 838.887 million, up 9.13%. Q2 revenue rose 24.39% to USD 4.328 billion, exceeding the H1 growth rate, while attributable net profit increased 16.93% to USD 473.108 million. Operating cash flow totaled USD 1.440 billion, and total assets reached USD 26.708 billion at June 30. Overseas revenue grew 21.82% to USD 4.724 billion, accounting for 61.33% of core business revenue, with Africa surging 47.66% to USD 790.234 million, the Americas up 24.70% to USD 930.294 million, Asia and Australia up 17.38% to USD 1.981 billion, and Europe up 12.68% to USD 1.022 billion. Among major product lines, piling machinery jumped 63.11% to USD 322.433 million, excavation machinery rose 21.77% to USD 3.141 billion, concrete machinery increased 21.25% to USD 1.330 billion, lifting machinery grew 8.22% to USD 1.245 billion, and road machinery increased 5.52% to USD 335.850 million. The company continues to prioritize globalization, moving from product exports to localized industrial operations overseas.

WINFARM, the leading French player in agricultural consulting and distance-selling, reported first-half 2026 revenue of €76.3 million, up 2.4% year-on-year, with second-quarter growth accelerating to 4.1% on a strong rebound in its Farming Production division. The Farming Supplies segment, which accounts for 87% of total revenue, grew 1.5% to €66.1 million, driven by gains at VITAL CONCEPT and EQUIDEOS brands, while Farming Production, representing 12% of revenue, rose 8.8% to €9.0 million, boosted by international expansion in Asia, where sales jumped 55%. The company expects improved operating profitability and continued deleveraging for full-year 2026, with operating profit near breakeven in the first half.

Caterpillar's second-quarter 2026 results showed its power generation backlog surging 92% year over year to over $72 billion, driven by AI and data center demand. Large generator sets and turbines grew 72%, and the company's main constraint is now production capacity, not demand. About 59% of the backlog is slated for delivery within the next year, with orders extending through 2030, decoupling Caterpillar from the traditional construction cycle. To meet demand, Caterpillar plans to restart its 10-megawatt gas engine platform, adding about 1.5 gigawatts of capacity, with shipments beginning before year-end. The stock has risen over 90% in the past 12 months, trading around $815 per share.

FLSmidth & Co. A/S has reported transactions under its share buy-back programme, initiated on 18 May 2026, with a total value of up to DKK 1.0 billion. During the period from 31 August to 4 September 2026, the company repurchased 47,500 shares at an average price of approximately DKK 575.94, totaling about DKK 27.36 million. This brings the accumulated number of shares bought back under the programme to 977,673, with a total transaction value of DKK 491,461,513.65. Following these transactions, FLSmidth holds 4,408,644 treasury shares, corresponding to 7.65 percent of its total share capital.

At a press conference after the Cabinet meeting on the 4th, Minister of Land, Infrastructure, Transport and Tourism Yasuyuki Kaneko announced that the ministry has decided to support capital investment for Imabari Shipbuilding, its subsidiary Japan Marine United (JMU), and Namura Shipbuilding, aiming to double domestic shipbuilding capacity. This is the first round of government support for the revitalization of the shipbuilding industry, and over the next 10 years, a total of 600 billion yen will be invested by the public and private sectors combined. From the Ministry's shipbuilding revitalization fund, up to 213.1 billion yen will be provided to the three companies, with up to 113.8 billion yen in subsidies to Imabari Shipbuilding and its group company Tadotsu Shipbuilding, 49.4 billion yen to JMU, and 49.9 billion yen to Namura Shipbuilding and its group company Hakodate Dock. Through these capital investments, the plan is to increase the three companies' building capacity to 1.5 times their current level.

At a press conference after the Cabinet meeting on the 4th, Minister of Land, Infrastructure, Transport and Tourism Yasuyuki Kaneko announced that the ministry has decided to support equipment investment for Imabari Shipbuilding, the largest domestic shipbuilder, its subsidiary Japan Marine United (JMU), and Namura Shipbuilding, with the aim of doubling domestic shipbuilding capacity. This is the first round of government support for the revitalization of the shipbuilding industry, and over the next 10 years, a total of about 600 billion yen will be invested by the public and private sectors combined. From the Ministry's shipbuilding revitalization fund, up to 213.1 billion yen will be provided to the three companies, with subsidies of up to 113.8 billion yen for Imabari Shipbuilding and its group company Tadotsu Shipbuilding, 49.4 billion yen for JMU, and 49.9 billion yen for Namura Shipbuilding and its group company Hakodate Dock. Through these equipment investments, the three companies will increase their construction capacity by 1.5 times from the current level.

Caterpillar Inc. is accelerating its push into AI-powered industrial operations through a collaboration with FieldAI, aiming to reshape construction, mining, and manufacturing with robotics and digital technologies. The partnership focuses on physical AI, enabling machines to interpret real-world environments for autonomous inspections, enhanced situational awareness, and operational optimization, while also leveraging NVIDIA accelerated computing and Omniverse to develop digital twins. This builds on Caterpillar's existing autonomous mining presence, and competitor Komatsu is pursuing a similar path with AIM Intelligent Machines for autonomous bulldozers and excavators. Caterpillar shares have gained 90.9% in the past year, outperforming the industry's 75.3% growth, and the Zacks Consensus Estimate points to 43.5% earnings growth in 2026 and 20.2% in 2027.

FLSmidth & Co. A/S announced its intention to establish a fourth business line focused on Crushing, Sizing & Screening (CSS), effective 1 January 2027, as part of its strategic growth journey. Alanas Kraujalis, currently interim President of the Service Business Line, will be appointed President of the new CSS Business Line, while Petri Virrankoski is set to join FLSmidth during 2027 to lead the Service Business Line. The CSS Business Line will consolidate higher-volume, repeatable offerings currently within the Service and Products Business Lines, aiming to enhance site-level customer engagement and aftermarket pull-through. This move expands FLSmidth from three to four business lines, with the Capital Products Business Line retaining focus on larger, engineered offerings. Additional details will be shared at the Capital Markets Day on 17 November 2026.

Caterpillar Inc.'s Power & Energy segment, its largest operating segment, generated $28.6 billion in sales and revenues in 2025, up from a 10.4% compound annual growth rate between 2020 and 2025, with operating margins rising from 16.4% to 26.3%. The momentum continued into 2026, with first-half revenues of $15.3 billion, up 19% year over year, and record second-quarter operating margins of 29.8%. The segment, which serves power generation, oil and gas, and industrial markets, is benefiting from surging demand for data center and AI infrastructure, prompting Caterpillar to plan expanding large reciprocating engine capacity to nearly three times 2024 levels and gas turbine capacity by 2.5 times by 2030. Compared with peers, Cummins Inc.'s Power Systems segment saw 2025 sales of $7.46 billion, up 16%, while GE Vernova Inc.'s Power segment grew 10% to $19.8 billion and its electrification segment rose 26% to $9.6 billion. Caterpillar shares have gained 87.7% in the past year, and the Zacks Consensus Estimate points to 43.5% earnings growth in 2026 and 19.9% in 2027.

Allison Transmission reported second-quarter adjusted earnings of $2.73 per share, up 19.2% year over year and above the Zacks Consensus Estimate of $2.60, while revenues surged 92% to $1,566 million, beating expectations. The top-line growth was driven by the addition of Allison Off-Highway, which contributed $706 million in sales, and record quarterly sales in the legacy Transmission unit, which generated $860 million. The company raised its full-year 2026 net sales guidance to $5.8-$6.0 billion and adjusted EBITDA to $1.465-$1.575 billion, while narrowing net income to $600-$700 million. Management also reaffirmed its $120 million annual run-rate synergy target from the Off-Highway acquisition, with 90% of identified synergies already in execution. Shares have risen 0.1% since the earnings report, outperforming the S&P 500, but estimates have trended downward, and the stock holds a Zacks Rank #3 (Hold).

Caterpillar Inc. is poised to gain further from the AI data center boom, with a record order backlog of $72 billion at the end of second-quarter 2026, up 92% year over year, and 59% of that backlog expected to be delivered over the next 12 months. The company is seeing robust demand for reciprocating engines used in data centers, and it plans to nearly triple large reciprocating engine capacity and more than triple Power Generation sales by 2030 compared to 2024 levels. Caterpillar is also restarting a 10-megawatt gas reciprocating engine platform, adding about 1.5 gigawatts of capacity with shipments expected from fourth-quarter 2026. Management expects strong third-quarter sales growth and higher adjusted operating margin year over year, with full-year 2026 sales and revenues growing in the mid-to-high teens. The stock has surged 36% year to date, and the Zacks Consensus Estimate for current-year earnings has improved 9.1% over the last 30 days.

FLSmidth has signed a lifecycle agreement with Lloyds Metals and Energy Limited, one of India's leading iron ore mining and metals processing companies, to cover the full FLS equipment flowsheet across LMEL's mining operations. The order value was not disclosed. As part of the broader partnership, the two companies are developing a state-of-the-art repair centre to bring advanced repair and service capability closer to the installed equipment base. The agreement builds on a series of orders received from Lloyds Metals over the past two years and includes a dedicated on-site FLS team, a bespoke maintenance programme, continuous learning for upskilling, and on-site management of consumables and spare parts. LMEL operates the single largest iron ore mine in India and is scaling its production and processing capacities, and this agreement supports that growth while reinforcing FLS's long-term customer partnerships in the Indian subcontinent.

Range Technology plans to contribute 1 billion yuan of its own funds to invest in Xiamen Shidai Shenyuan Venture Capital Fund Partnership, a limited partnership. The fund has a total committed size of 4.90001 billion yuan, with Range Technology holding a 20.4081 percent stake. The fund will focus on frontier technology areas such as artificial intelligence and embodied intelligence. Bestechnic plans to repurchase shares worth 50 million to 100 million yuan, at a price not exceeding 150 yuan per share, for employee stock ownership plans or equity incentives. CATL's wholly owned subsidiary Ningbo Wending plans to participate as a limited partner in Xiamen Shidai Yiyuan Venture Capital Fund Partnership, with a committed contribution of 1.12 billion yuan and a 19.4175 percent stake in the fund. The company's controlling shareholder Xiamen Ruiting will also participate in the fund as a limited partner, making this investment a related-party co-investment. Hangcha Group plans to issue convertible bonds to raise no more than 2.259 billion yuan, with a term of six years, for a forklift robot smart factory project, a new energy forklift expansion project, a forklift robot and logistics robot research and development project, and to supplement working capital. Weikang Pharmaceutical has received an approval notice from the National Medical Products Administration for a supplementary application for clinical trials of its Huangjia Ruangan Granules, agreeing to conduct a Phase III clinical trial for liver fibrosis caused by chronic hepatitis B virus infection.

China State Shipbuilding Corporation released its 2026 interim report, with total operating revenue of 91.53 billion yuan, up 26.01% year on year, and net profit attributable to the parent of 9.954 billion yuan, up 163.51% year on year. Both indicators ranked first among peer companies that have disclosed results. Net cash inflow from operating activities was 10.918 billion yuan, an increase of 13.719 billion yuan year on year. The company's asset-liability ratio was 62.41%, down 5.98 percentage points from the same period last year; gross margin was 17.37%, up 5.16 percentage points year on year; ROE was 6.53%, up 0.95 percentage points year on year. Diluted earnings per share were 1.32 yuan, up 107.69% year on year. The number of shareholders was 613,900, and the top ten shareholders held 56.25% of the total share capital.

Caterpillar Inc. reported its first-ever $20 billion sales quarter, driven by surging demand for power generation equipment from AI data centers, and the company's power and energy division nearly matched its traditional construction segment in revenue. In the second quarter, the power and energy division brought in over $8.2 billion, a 17% year-over-year increase, with operating profit exceeding $2 billion, topping construction's profit. Total sales and revenues reached $20.5 billion, up 24% from $16.6 billion a year earlier, with profit per share of $7.77 and adjusted operating margin expanding to 21.9%. The order backlog stood at $72 billion at the end of June, up 92% from a year earlier. Caterpillar also announced a workforce commitment in Arkansas worth up to $3 million, the fifth allocation under its five-year, $100 million Building the Future Workforce Initiative. However, the stock's forward price-to-earnings ratio has climbed above 30, making it more expensive than Microsoft, Alphabet, or Nvidia, and leaving little room for disappointment if AI infrastructure spending slows.