2Q26 Earnings Review of Overseas Home Appliance Makers: 31W2026 Weekly Report
Summaries are public. PDF access requires an active membership; all members have the same access. Sign in
Abstract
Caitong Securities' home-appliance weekly, reviewing 2Q26 results of overseas appliance makers, maintains a Positive rating on the sector. Traditional white-goods demand stayed soft: Electrolux, Whirlpool and A.O. Smith were pressured by weak North American demand, tariffs, rising raw-material costs and soft China sales, though price increases, cost cuts and product-mix shifts lifted some margins sequentially. Commercial HVAC names outperformed: Carrier posted 2Q26 net sales of $6.35bn (+4% yoy) with orders up about 40% and backlog above $8bn; Johnson Controls' 3QFY26 sales rose 9% to $6.61bn with a $21bn backlog (+32% organic); Trane's Americas revenue rose 12% to $5.27bn on orders up 44%, all driven by data-center demand (Carrier's data-center orders rose over 300%). SharkNinja kept double-digit growth, SEB's operating profit recovered, and LG Electronics grew on appliances, premium TVs and automotive electronics. June 2026 China shipments: air-conditioners -7.4%/-7.1% domestic/export; refrigerators -4.2%/+17.0%; washers -9.6%/+20.2%. Carrier, Johnson Controls and Trane raised full-year guidance; A.O. Smith narrowed sales-growth guidance to 2%-3%. Focus names include Gree, Midea, Hisense Home Appliances, Haier Smart Home, Ecovacs, Roborock, TCL Electronics, Hisense Visual, Dun'an Environment, Huaxiang, Vatti and Robam.