European Industrials Q1 Results Summary

J.P. Morgan's European Industrials review highlights a trend of resilient demand and order beats, specifically noting strong performances from Siemens and Alstom and upgrades in the defence sector.

Key Takeaways

• 1.Industrial earnings demonstrate resilient demand, with order intakes consistently beating expectations across reported companies.
• 2.Siemens' results allayed fears regarding software demand, with Digital Industries ARR growing +11% and triple-digit growth in Data Center orders.
• 3.The European Defence sector remains a high-conviction area, with estimate raises for Leonardo (acquisition impact) and Babcock (underlying strength).

Table of Contents

• Today:
• Keywords
• In Focus Today
• Pan European Industrials Research
• Industrials Overnight
• Global Industrials Research
• Global Macro Research
• Save the Date: J.P. Morgan Events
• J.P. Morgan Industrials Contacts

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