Revenue Growth and Composition
Net sales of $1.517 billion in Q1 2026, an 11% increase year-over-year driven by 8% organic growth and 3% from acquisitions.
Strong Adjusted Operating Profit and Margin Expansion
Adjusted operating profit of $301 million in Q1, up 18% year-over-year, with adjusted operating margins expanding 110 basis points versus prior year.
Adjusted EPS Improvement
Adjusted earnings per diluted share of $3.93 in Q1, a 16% increase year-over-year.
Raised Full-Year Guidance
Full-year sales growth outlook raised to 8%–11%, organic sales growth raised to 6%–9% (up 1–2 points vs prior outlook), and full-year adjusted EPS raised to $19.30–$19.85.
Data Center Momentum
Electrical Solutions data center end-market grew ~40% in Q1; full-year data center growth outlook raised to >25% (previously ~15%); long-cycle modular skid backlog provides strong visibility.
Utility Solutions Strength
Utility Solutions Q1 net sales $949 million (up 11% Y/Y), with organic growth of 7% and Grid Infrastructure organic growth of 12%; Utility adjusted operating profit grew ~21% with margins expanding ~190 basis points.
Capital Allocation and Balance Sheet
Repaid capital to shareholders with $168 million of share repurchases in Q1 at an average < $500 per share; balance sheet described as strong and positioned to fund CapEx and M&A; target of at least 90% free cash flow conversion on adjusted net income for 2026.
Acquisitions Performing and Strategic Opportunity
Acquisitions added ~3 points to Q1 growth; DMC Power and Systems Control integrating well and supporting strong T&D demand; identified a long-term high-voltage (765 kV) transmission TAM of ~$1.5 billion over ten years as incremental opportunity.