Machinery

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.

Illinois Tool Works reported second-quarter revenues of $4.30 billion, up 6.1% year on year and 2.7% above analysts' expectations, as the general industrial machinery sector posted a strong quarter overall. The company's organic growth reached 4.5 percent, operating margin came in at 26.7 percent, and GAAP earnings per share rose 10 percent to $2.84, according to President and Chief Executive Officer Christopher A. O'Herlihy. Across the 12 general industrial machinery stocks tracked, revenues beat consensus estimates by 2.6% while next quarter's revenue guidance came in 3.3% below, and share prices in the group have fallen 7.7% on average since the latest results. Illinois Tool Works shares are down 6.1% since reporting and trade at $267.51. Among peers, Columbus McKinnon posted the fastest revenue growth at $531.5 million, up 125% year on year, while Albany delivered the weakest performance against analyst estimates with revenues of $329.5 million, up 5.8% year on year but 3.1% short of expectations.

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.

Ingersoll Rand reported second-quarter revenues of $2.05 billion, up 8.5% year on year and 4.6% above analysts' expectations, in what was a strong quarter for the company. The industrial equipment maker also beat analysts' EPS estimates, while its full-year EBITDA guidance met expectations, though the stock is down 14% since reporting and currently trades at $72.48. Across the 12 gas and liquid handling stocks tracked, group revenues beat consensus estimates by 2% while next quarter's revenue guidance came in 0.8% below, and share prices have fallen 7% on average since the latest earnings results. SPX Technologies posted the best quarter with revenues of $679 million, up 22.9% year on year and 5.8% above expectations, and achieved the highest full-year guidance raise of the group, while Graco delivered the weakest performance against analyst estimates with revenues of $590.6 million, up 3.3% year on year but 3% short of expectations. Flowserve reported revenues of $1.17 billion, down 1.6% year on year but 0.9% above expectations, and Parker-Hannifin reported revenues of $5.76 billion, up 9.8% year on year and 3.3% above expectations.

Nordson reported third-quarter fiscal 2026 adjusted earnings of $3.25 per share, up 19.0% year over year and 5.2% above the Zacks Consensus Estimate of $3.09, on revenues of $817.67 million that rose 10.3% and beat the consensus estimate of $779 million by 5.0%. Organic sales increased 11.7% year over year, with record third-quarter sales in each of its three business segments, and backlog was up 35% from the prior-year level. Industrial Precision Solutions revenues rose 4.7% to $367.25 million, Medical and Fluid Solutions revenues increased 5.0% to $230.54 million, and Advanced Technology Solutions revenues surged 28.4% to $219.88 million. Nordson now expects fiscal 2026 sales of $3,035-$3,075 million, up from the prior $2,930-$3,010 million range, and adjusted earnings of $11.80-$12.00 per share, compared with the previous $11.30-$11.80 range, calling for sales growth of 9-10% and adjusted earnings growth of 15-17%. The company also highlighted $1.1 billion of near-term capacity for strategic acquisitions, while net debt leverage improved to 1.7 times trailing 12-month EBITDA from 2.1 times at the end of fiscal 2025.

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.

Crane Company announced a definitive agreement on September 14 to acquire Trillium Flow Technologies' U.S. pump business for approximately $240 million. The operations primarily serve municipal water and wastewater customers and are expected to generate approximately $115 million in full-year revenue, with closing expected in the fourth quarter subject to regulatory approvals and customary conditions. The deal would add the Floway, Wemco, Roto-Jet and WSP brands to Crane's Process Flow Technologies segment, and Crane disclosed a price of approximately 14.6 times estimated 2026 adjusted EBITDA. The announcement did not quantify aftermarket revenue's share of the business, its margins, expected synergies, or integration costs, nor did it specify the funding mix. Process Flow Technologies' second-quarter sales rose 20.9% to $385.6 million while company-defined non-GAAP core sales declined 1.4%, and at June 30 Crane held $350.4 million of cash and $1.098 billion of debt before subsequently repaying another $90 million.

The U.S. House of Representatives passed the Ratepayer Protection Act by a near-unanimous margin, sending shares of nuclear reactor developers Oklo and NuScale Power sharply higher in Thursday morning trading. Oklo stock rose 13% to $40.37, while NuScale Power stock climbed 10% to $9.14, far outpacing the Global X Uranium ETF, which gained 4% to $42.92, and the SPDR S&P 500 ETF Trust, which rose 1% to $762.04. The bill would require large data centers to pay for the power generation and transmission upgrades their electricity demand creates rather than spreading those costs across other utility customers, though it still needs Senate approval before becoming law. Oklo's bull case rests on a signed pipeline that includes a 12 GW master power agreement with Switch and a 500 MW letter of intent with Equinix that included a $25 million pre-payment, but the company targets first commercial power delivery only in late 2027 to early 2028 and remains pre-revenue in its core reactor business, with shares down 44% year to date. NuScale Power, the only U.S. NRC design-certified small modular reactor technology provider, ended Q2 2026 with $1.9 billion in cash and investments, and its growth story centers on ENTRA1 Energy advancing discussions with TVA toward a definitive PPA for up to 6 GW of capacity, described as potentially the largest nuclear deployment program in U.S. history, though its stock is down 36% year to date and trades near its 50-day moving average of $9.06.

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.

Hyster and its authorized dealer Briggs Equipment UK have delivered a hydrogen fuel cell-powered Hyster ReachStacker to the Port of Tilbury in Essex, the first hydrogen fuel cell container handler to be deployed and fully operational in a real-world port application in the United Kingdom. The machine is powered by a Nuvera 60kW fuel cell engine that converts hydrogen into electricity to support a 130kWh lithium-ion battery, and it incorporates standardized Hyster software architecture used across other Hyster electric products. It is expected to help the Port of Tilbury cut its CO2 emissions footprint by more than 107,000 kilograms, or 79,600 pounds, of CO2 per year. On-board high-pressure tanks store 32kg of hydrogen, supporting long run times across a full 12-hour shift, and the ReachStacker can be refueled in less than 30 minutes, operating entirely on green hydrogen produced with an electrolyzer from GeoPura. The Port of Tilbury, part of the Forth Ports Group, is working toward net zero greenhouse gas emissions by 2042, and Briggs Equipment will provide front-line service and maintenance support while Hyster's Hypercare program supplies enhanced factory backing.

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.

CNH announced it will begin releasing software updates in the fourth quarter of 2026 to align with updated U.S. Environmental Protection Agency guidance on emissions-system fault inducement timing. The updates give customers more time to plan and complete repairs before certain engine derates are triggered, helping reduce avoidable downtime during critical operating periods. The initial rollout will prioritize high-horsepower agricultural equipment, with additional product families added throughout 2027. Customers with a CNH Electronic Service Tool subscription will be able to perform the update themselves, while dealers can also support installation remotely or on site. Scott Harris, President North America at CNH, said customers need solutions that help them stay productive, especially during seasonally critical windows.

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.

Rocket Lab Corporation is expanding its spacecraft component portfolio, commercializing technologies developed for its launch vehicles and spacecraft programs, including avionics subsystems, radios and batteries. The company says its flight hardware has flown on more than 1,800 missions, an installed base it cites as the foundation for broadening its product offering. Rocket Lab's strategy extends beyond launch services into the spacecraft supply chain, aiming to widen its addressable market and capture growing constellation demand. The Zacks Consensus Estimate projects Rocket Lab earnings per share growth of 81.48% in 2026 and 240% in 2027. The stock trades at a forward 12-month price-to-sales of 31.43X versus an industry average of 7.25X, and its shares have rallied 32.2% over the past year against a 4.9% decline for the industry. Northrop Grumman and L3Harris Technologies are also named as companies providing spacecraft and space-system technologies.

NuScale Power said it successfully fabricated specialized boron-oxide pellets, a critical component of its passive emergency cooling system, in collaboration with MilleniTEK on Sept. 1. The pellets, which automatically dissolve in reactor coolant to control core reactivity without operator intervention, are used in NuScale's 77 MWe Small Modular Reactor design and its Emergency Core Cooling System. The company said the fabrication milestone moves the pellets beyond a paper concept and one step closer to mass production and commercial deployment, and that producing the components before construction begins can shorten the supply process up front; NuScale has secured master service agreements with over 60 specialized suppliers. NuScale, the only small modular reactor developer to receive a Standard Design Approval from the Nuclear Regulatory Commission, currently has one project, the RoPower Doicești Project in Romania, where it plans to deploy up to six NuScale Power Modules with the first projected to come online in 2033. The company is also working with ENTRA1 Energy and hopes to close a deal with the Tennessee Valley Authority by year-end to explore deploying up to 6 GW, about 72, of its SMRs, though no firm commitment has been made.

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.

Stock Focus today rounds up the key points on several stocks. BGRIM is likely to close deals for large IPP gas-fired power plants in Vietnam and Malaysia totalling 3,000 megawatts by late this year to early next year, and is preparing to file for extensions of 22 existing power plant projects with a combined capacity of 3,000 megawatts under the PDP plan, and will open the first phase of its data centre this November. ADVICE said the iPhone 18 is hot, with the iPhone 18 Pro Max fully booked in pre-orders, and handsets will start being delivered this Friday, which will support third-quarter revenue in 2026, while the company maintains its full-year revenue growth target of 15% from a year earlier and aims to reach 29 branches by the end of 2026, up from 22 in the first half. MMM is pressing ahead with new partners to supply the property business, maintaining a stock of 800 units, with a strategy targeting the 4-5 million baht price segment, drawing on its Prukasa subsidiary to help with construction, and is confident fourth-quarter results will peak, targeting full-year growth of 30-40%. KCC has set its sights on 2026, aiming to bring 500 million baht of NPLs into its portfolio and grow at least 30% after raising 450 million baht through debentures, and is studying plans to buy more NPAs. EURO is expanding the luxury market together with SC, opening the luxury villa project The Gentry Cultivar Rama 9 priced at 30-50 million baht. POLY reaffirmed its full-year revenue growth target of 10% after first-half revenue of 628 million baht, with its automotive business rising to a 60% share on continuous orders from Toyota, and has just set up a subsidiary to move into the electrical and electronics business as a new S-curve. MGC is extending its Mobility Ecosystem through its SIXT car rental business, partnering with ROYS HOTEL to provide electric XPENG vehicles to shuttle guests, with ROYS HOTEL spending 300 million baht on a major renovation and aiming to open in 2027. In insurance, the cabinet approved a national catastrophe insurance plan covering 30 million households, with protection against floods, storms, earthquakes and loss of life, starting this October 1. TWPC is set to drive sales growth in its overseas food and sauce business above 10% after acquiring Well-Grow, which began contributing revenue in September, supporting fourth-quarter 2026 results. Brokers recommend buying KLINIQ and MASTER on expectations that second-half profit will accelerate, with KLINIQ having a network of more than 84 branches. SCB EIC reaffirmed that foreign capital remains interested in investing in Thailand and is watching for the government to issue new data centre rules this year. Finansia recommends buying STECON with a target of 22.50 baht, and Globlex recommends WHA with a target of 5.40 baht. SIRI is pushing low-rise sales towards a target of 25 billion baht and will launch Burasiri Well Krungthep Kreetha worth 6 billion baht, priced at 23-40 million baht, during September 19-20. BEM said the Expressway Authority of Thailand is discussing ways to reduce the impact before raising tolls on the Chalong Rat expressway on December 15, with the new rates starting at 80 baht for four-wheel vehicles, 130 baht for six-to-ten-wheel vehicles and 180 baht for vehicles with more than ten wheels. ONEAM will hold a meeting of GROREIT trust unitholders on October 28 to vote on selling the Royal Orchid Sheraton hotel, with three options: having ROH buy it back for 4.873 billion baht, selling it to Orchid Hospitality, which has offered 5.3 billion baht, or holding a general auction. If the sale succeeds, the trust will immediately proceed with liquidation.

Polynet Public Company Limited, or POLY, a manufacturer of automotive industrial parts, consumer products, and medical instruments, disclosed that it expects its business in the second half of 2026 to improve on the first half, while maintaining its full-year revenue growth target of 10% compared with 2025, when revenue was about 1.2 billion baht, after generating 628.06 million baht in revenue in the first half of this year. Chief Executive Officer Kanchana Laorattana said the automotive business group, which accounts for about 60% of total revenue, continues to receive orders from Toyota, and the company is in the process of adjusting selling prices to reflect higher costs, with completion expected in the third quarter of 2026. The consumer products group accounts for about 20%, and the medical instruments and equipment group another 20%. Most recently, the company established Polynet Electric and Solutions Company Limited, wholly owned at 100%, to expand into the electrical, electronics, and power transmission system businesses as a new revenue source, or new S-Curve, building on its existing rubber, plastic, and silicone parts business.

After market close on September 16, Deye Technology disclosed its share buyback plan via centralized bidding, proposing to use no less than 100 million yuan and no more than 200 million yuan of its own funds to repurchase shares, with a ceiling price of no more than 133 yuan per share, which is 1.56 times the company's closing price of 85.12 yuan on September 16. Based on this ceiling, the expected number of shares to be repurchased is approximately 751,900 to 1,503,800 shares, accounting for about 0.06 percent to 0.12 percent of the company's total share capital, while the buyback amount represents only 0.80 percent of total assets and 1.74 percent of net assets respectively. The repurchased shares will be used for employee stock ownership plans or equity incentives at an appropriate time in the future. If they cannot be transferred within the prescribed period, the untransferred shares will be cancelled. The buyback was proposed by the company's actual controller and chairman Zhang Hejun. The board of directors received his proposal letter on September 8, 2026, and subsequently approved the buyback plan at the 27th meeting of the third board of directors held on September 16. The announcement also stated that as of September 16, the company's controlling shareholder, actual controller, directors, and senior management have no plans to reduce their shareholdings in the next three months or six months.

Henggong Precision announced on the evening of September 16 that it plans to issue convertible corporate bonds to unspecified investors, raising no more than 810 million yuan in total, for projects including embodied AI robot body manufacturing and expansion of high-end equipment components. According to the plan, after deducting issuance expenses, the funds will be invested in five projects: 350 million yuan for the embodied AI robot body manufacturing project, with a total project investment of 399.8 million yuan; 50 million yuan for the embodied AI robot pilot base and Shanghai R&D center project; 278 million yuan for the high-end equipment components expansion project; 54.99 million yuan for the high-end components new materials expansion project; and 76.89 million yuan to supplement working capital. The total investment in these projects amounts to 946 million yuan. The convertible bonds will be issued at par value, with a face value of 100 yuan each, a term of six years from the date of issuance, annual interest payments, and priority placement to existing shareholders. The conversion period begins on the first trading day six months after the completion of the bond issuance and ends on the maturity date of the bonds. The issuance still requires approval by the company's shareholders' meeting, review and approval by the Shenzhen Stock Exchange, and registration approval by the China Securities Regulatory Commission before implementation. In the first half of the year, the company achieved operating revenue of 724 million yuan, up 37.37 percent year on year, and net profit attributable to shareholders of the listed company of 104 million yuan, up 57.03 percent year on year. Revenue from robot key components and robot complete machine manufacturing and scenario deployment business was 79.3847 million yuan, accounting for 10.97 percent of operating revenue, up 745.25 percent year on year.

Rocket Lab has fully financed its planned $8 billion acquisition of Iridium Communications, removing a major uncertainty around the deal while introducing substantial equity dilution for shareholders. The company raised roughly $1.94 billion by issuing 29.3 million shares and eliminated the need for a previously arranged $3.6 billion bridge loan. Rocket Lab said proceeds from its completed at-the-market offering, combined with available liquidity and Iridium's existing financing, are sufficient to cover the required cash consideration and transaction expenses. Iridium also amended its $1.775 billion term-loan facility to permit the change of control, allowing that debt to remain outstanding after closing, supported by Iridium's free cash flow and a Rocket Lab parent guarantee. Rocket Lab agreed in June to acquire Iridium for $54 per share in cash and stock; Iridium generated $871.7 million of 2025 revenue and $495 million of OEBITDA. The next milestones are Iridium shareholder approval, remaining regulatory clearances including FCC consent, and progress toward the targeted mid-2027 close, with U.S. antitrust waiting periods already expired.

Filter Vision Public Company Limited, or FVC, has announced a strategic adjustment across its four core business groups to accelerate revenue recognition in the second half of 2026, after its second-quarter 2026 results showed a clear recovery. Sales and service revenue came in at 111.42 million baht, up 10.15% from the same period a year earlier, with net profit from continuing operations of 4.41 million baht, a rise of 1,675%, while gross profit margin increased to 34.10%. For the first six months of 2026, total sales and service revenue reached 468.36 million baht, up 122.21% from the same period a year earlier. The highlight was the industrial estate development and full-service utilities business, which succeeded in selling land in Phase 2 of the World Lamphun Industrial Estate project under one contract worth a total of 611.49 million baht, with ownership transfer and revenue recognition expected within the fourth quarter of 2026. On the medical services side, KT Medical Service Public Company Limited, or KTMS, plans to expand its dialysis centres by three to five branches and add roughly 36 to 64 dialysis machines during the third quarter of 2026. The industrial and water systems business group has trading product orders from 16 customers worth 3.12 million baht, plus water system installation work, automatic drinking water dispensers, services and maintenance contracts for another 22 projects worth a combined 5.23 million baht. The commercial and residential business group has orders for ice machine system installation on two projects worth a combined 32.32 million baht, with revenue also expected to be recognised in the second half of 2026.

Berenberg analyst Michael Filatov issued Buy ratings on Rocket Lab USA and AST SpaceMobile, arguing that falling launch costs have pushed the space economy past $500bn in 2025 and put it on track to exceed $1trn by 2030. Filatov set an $83 price target on Rocket Lab, implying 33% upside, citing the company's vertically integrated launch, manufacturing and applications model, a record $2.36 billion backlog at the end of 2Q26 that was up 137% year-over-year, and 2Q26 revenue of $234 million, up 62% year-over-year and more than $3 million above forecast, alongside a GAAP loss of $0.08 per share. Rocket Lab's Electron rocket has made 95 launches to date, including 16 in 2026, and the company has pushed the first launch of its larger Neutron rocket to early next year, with delivery to the launch pad during 4Q26. For AST SpaceMobile, Filatov set a $92 target, implying 53% upside, pointing to its BlueBird satellite constellation, more than 60 mobile network operator partnerships covering roughly 3 billion subscribers, and a $1.3 billion revenue backlog, though the company's 2Q26 GAAP loss of $0.77 per share missed estimates by $0.48. Rocket Lab carries a Strong Buy consensus with a $110.13 average target, while AST SpaceMobile holds a Moderate Buy consensus with an $88.98 average target.

Perma-Pipe International Holdings reported second-quarter fiscal 2026 earnings per share of 31 cents, up from 10 cents a year earlier, as net sales rose 24.4% year over year to $59.6 million from $47.9 million on higher volumes in North America and the Middle East and North Africa region. Net income attributable to common stock climbed to $2.5 million from $0.9 million, while gross profit increased 20.7% to $17.4 million, though gross margin contracted to 29.2% from 30.1% as materials and logistics costs and the ramp-up of the Ohio manufacturing facility offset higher activity. Operating income rose to $4.3 million from $3.2 million, adjusted income before taxes increased to $8.3 million from $4.9 million, and backlog reached $142.3 million at quarter-end, up from $136.5 million at April 30, 2026 and $121.6 million at Jan. 31, 2026, with more than $67 million of new orders secured during the quarter, including oil and gas awards in MENA and Canada and the company's first critical-cooling infrastructure award in MENA. Chief executive officer Saleh Sagr pointed to the ramp-up of the new Ohio facility, increased production at the Qatar facility and continued demand across oil and gas, infrastructure and critical-cooling applications, and management said roughly 40-50% of backlog could convert to revenue in the third quarter, with the Ohio facility expected to reach full production by early 2027. Cash and cash equivalents rose to $31.8 million as of July 31, 2026 from $18.7 million at Jan. 31, 2026, long-term debt less current maturities increased to $30 million from $12.7 million, and operating activities generated $13.3 million of cash in the first six months of fiscal 2026 versus $1.3 million used in the prior-year period.

CECO Environmental raised its 2026 revenue guidance to $1.300-$1.375 billion from $1.275-$1.375 billion, with adjusted EBITDA projected at $200-$225 million and free cash flow conversion of at least 55% of adjusted EBITDA. The increase follows persistent strength in the company's Engineered Systems segment, where second-quarter 2026 revenues rose 35.2% year over year to $173.7 million, or 60.9% of total company revenues, and first-half 2026 segment revenues climbed 30.3% year over year. Orders for the Engineered Systems segment surged 200% to $672.1 million in the second quarter of 2026, including organic growth of 173.8%, driven by demand for CECO's energy and power technologies and by expansion in midstream and downstream markets. The company's backlog mixes fixed-price contracts recognized on a cost-to-cost basis, with long-cycle power generation and gas infrastructure projects making up a substantial portion while industrial process solutions add diversification. Among peers, Tetra Tech's Government Services Group net revenues rose 7% year over year in the third quarter of fiscal 2026, and Donaldson's Industrial Solutions segment revenues rose 7.7% year over year in the fourth quarter of fiscal 2026, helped by its Facet acquisition.

Rocket Lab USA completed an equity sale raising about $1.944 billion in gross proceeds to support its planned acquisition of Iridium Communications. The company sold 29.3 million shares through an at-the-market program, with the proceeds intended to cover the cash component of the transaction and any remainder available for growth initiatives and general corporate purposes. The financing progress came as Iridium amended a $1.775 billion term loan tied to the proposed combination, for which Rocket Lab will provide an unsecured guarantee after the deal closes, and Rocket Lab ended a previously arranged $3.6 billion bridge financing commitment. Rocket Lab agreed in June to buy Iridium in a cash-and-stock transaction valuing the satellite operator at roughly $8 billion, or $54 per share, with the deal expected to close in mid-2027. Chief Financial Officer Adam Spice said the combination could broaden the company beyond launch services and spacecraft production by adding satellite network operations and related services.

Rocket Lab completed a $1.944 billion at-the-market equity offering, giving the company enough financing to cover the cash portion of its roughly $8 billion acquisition of Iridium Communications and related costs. The offering raised the funds through the sale of 29.3 million shares, and Rocket Lab also amended Iridium's existing $1.775 billion term-loan facility and terminated a previously arranged $3.6 billion bridge financing commitment. Rocket Lab stock rose 3% to $64.14 in Tuesday morning trading on the news, while AST SpaceMobile fell 1% to $59.67 and SpaceX slipped 1% to $146.19. The Iridium deal would add recurring satellite communications revenue to Rocket Lab's launch and spacecraft businesses, creating a more vertically integrated space company, though the transaction still requires regulatory approvals and is not expected to close until mid-2027. The added 29.3 million shares leave dilution and execution risks in place as Rocket Lab integrates Iridium while developing its Neutron rocket.

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.

Capstone Energy+ announced on Tuesday that it delivered 2 additional MW of C1000S gas turbines to support a major U.S. midstream natural gas project in southern New Mexico. The expansion brings the customer's fleet to 12 C1000S systems, providing 12 MW of on-site power across 6 interconnected gas facilities. The project began in 2024 with 8 rental units and has since expanded to 12 units through purchases and additions. The project supports remote compressor stations across 200K+ acres and 200 miles of pipelines, where utility power is unavailable. The company said the latest expansion highlights demand for its low-maintenance, low-emissions, and reliable distributed power systems in critical energy infrastructure.

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.

Rocket Lab has raised $1.944B in gross proceeds from its at-the-market share sale, issuing 29.3M shares to help finance its pending acquisition of Iridium Communications. The company said the proceeds, together with Iridium's existing term loan and other available funds, are sufficient to fund the required cash consideration and related transaction costs. Iridium amended its existing $1.775B credit facility to permit the change of control, providing long-term financing backed by its free cash flow and a parent guarantee from Rocket Lab USA. Rocket Lab also terminated its $3.6B bridge facility, de-risking the capital structure ahead of the planned mid-2027 close of the Iridium acquisition.

Filter Vision Public Company Limited, or FVC, has announced a strategy adjustment across its four core business groups to cope with price competition and rising costs. Managing Director Wichit Techakasem disclosed during an earnings call that the company will focus on cost management, maintaining liquidity, and accelerating revenue recognition from its order backlog to drive 2026 results toward its growth target. In the industrial and water system operator business group, or B1, the company has trading product orders from 16 customers worth 3.12 million baht, plus water system installation work, automatic drinking water dispensers, services, and maintenance contracts for another 22 projects with a combined value of 5.23 million baht. The commercial and residential business group, or B2, has orders for ice machine system installation on 2 projects worth a combined 32.32 million baht, with revenue to be gradually recognised in the second half of 2026. The medical services business group, or B3, through KT Medical Service Public Company Limited, or KTMS, plans to expand its dialysis centres by 3 to 5 branches and add approximately 36 to 64 dialysis machines during the third quarter of 2026. The industrial estate development and integrated utility services business group, or B4, succeeded in selling land in the World Lamphun Industrial Estate Phase 2 project under 1 contract worth a total of 611.49 million baht. Ownership transfer and revenue recognition are expected within the fourth quarter of 2026, which will be a significant factor supporting results at the end of the year. For its second-quarter 2026 results, FVC reported sales and service revenue of 111.42 million baht, up 10.15% from the same period a year earlier, and net profit from continuing operations of 4.41 million baht, with gross profit margin rising to 34.10%. For the first six months of 2026, sales and service revenue totalled 468.36 million baht, up 122.21% from the same period a year earlier.

T1 Energy reported a net loss from continuing operations of $36.9 million for the second quarter of 2026, even as net sales reached $250.1 million and G1_Dallas module production climbed to 935 megawatts. The company signed a deal in August to supply Clearway Energy Group with 641 MW of solar modules built from domestic cells made at its G2_Austin fab, whose 2.1 GW Phase 1 remains under construction with first cells still targeted for the first quarter of 2027. In July, T1 paid $135 million to acquire TOPCon solar cell patents from Evervolt and closed its acquisition of KORE Power, creating a new T1 NRI brand aimed at the battery storage and AI data center markets. Net loss attributable to common stockholders widened to $44.5 million from $32.8 million a year earlier, though a larger share count pushed the per-share loss down to $0.16 from $0.21, and the price tag on G2_Austin Phase 1 rose to $510 million after a 20% contingency was added. As of June 30, T1 held $156.4 million in cash, cash equivalents, and restricted cash, of which only $79.1 million was unrestricted, and the company raised $120 million in July through convertible senior notes due 2031 that it framed as a bridge, leaving its comprehensive debt-heavy financing package for G2_Austin still unsecured. Full-year 2026 production guidance now points to the higher end of the prior 3.1 to 4.2 GW range, while short interest sits at 31.16% of the float and hedge fund ownership climbed from 36 funds to 47.

Filter Vision Public Company Limited, or FVC, has announced its operating plan for the second half of 2026, focusing on cost management, maintaining liquidity, and accelerating revenue recognition from its order backlog across four core business groups, after its second-quarter 2026 results showed sales and service revenue of 111.42 million baht, up 10.15% from the same period a year earlier, and net profit from continuing operations of 4.41 million baht, a rise of 1,675%, with gross profit margin increasing to 34.10%. For the first six months of 2026, sales and service revenue totalled 468.36 million baht, up 122.21% from the same period a year earlier. In the industrial and water-system operator business group, or B1, the company received trading product orders from 16 customers worth 3.12 million baht, plus 22 projects covering water-system installation, automatic drinking-water dispensers, services, and maintenance contracts, with a combined value of 5.23 million baht, which will be gradually recognised as revenue in the second half. In the commercial and residential business group, or B2, there are orders for ice-machine system installation on two projects with a combined value of 32.32 million baht, expected to be completed and recognised as revenue within the second half of 2026. In the medical services business group, or B3, KT Medical Service Public Company Limited, or KTMS, plans to expand its dialysis centres by three to five branches and add roughly 36 to 64 dialysis machines during the third quarter of 2026. Meanwhile, Irving Corporation Company Limited has orders for water-system installation on 12 projects with a combined value of 9.46 million baht, and Medical Vision Company Limited is installing medical specimen delivery and return air-pipe systems on three projects with a combined value of 0.47 million baht. In the industrial estate development and integrated utility services business group, or B4, the company succeeded in selling land in the World Lamphun Industrial Estate Phase 2 project under one contract with a combined value of 611.49 million baht, with ownership transfer and revenue recognition expected within the fourth quarter of 2026. Managing Director Wichit Techakasem said the backlog from all four business groups, which will be gradually recognised in the second half, together with the significant revenue from the land sale in the fourth quarter, will drive 2026 results to grow in line with the target, while the company will also focus on cost control and improving profitability for quality and sustainable growth.