Key Highlights

  • Custom Truck One Source (NYSE:CTOS) raised 2026 adjusted EBITDA guidance to USD 447.5 million to USD 460 million, its third raise this year, though third-quarter revenue of USD 495.2 million trailed an estimate of about USD 516.5 million.
  • Hawkins (NASDAQ:HWKN) reported EPS of USD 1.34 against USD 1.08 a year earlier as sales rose 12% to USD 313.8 million, led by Water Treatment up 16%, and expects the second half to resemble the first.
  • Dorman Products (NASDAQ:DORM) reported net sales up 3.3% to USD 561.7 million and trimmed full-year sales growth guidance to 2% to 3%, while gross margin fell to 39.4% from 44.4% on tariff pricing timing.
  • Polaris (NYSE:PII) reports on October 27, 2026 against consensus EPS of USD 0.59, after raising 2026 revenue guidance to USD 7.3 billion to USD 7.5 billion at the second quarter.

Custom Truck One Source (NYSE:CTOS): raised guidance and a revenue miss

Custom Truck One Source rents and sells specialty trucks and equipment to utility, infrastructure and construction customers. Its Specialty Equipment Rentals segment produced adjusted EBITDA of USD 121.9 million, up 22.5%, at a 54.6% margin against 52.4%. Average equipment on rent rose 10.5% to USD 1.39 billion, and the yield was 39.4% against 38.2%. In the equipment manufacturing and sales segment, adjusted EBITDA was USD 36.6 million, but third-party new equipment sales fell 5.5% because a vendor recall and hail damage shifted more than USD 20 million of deliveries into the fourth quarter. That timing effect explains the revenue shortfall. Fleet utilization reached 81.5% against 79.3% a year earlier. CEO Ryan McMonagle said record demand across core transmission and distribution markets drove 16% year-over-year adjusted EBITDA growth, and described the fleet investment as capital behind visible, long-duration demand, with the larger earnings benefit arriving in 2027. Guidance now has rental segment revenue at USD 870 million to USD 890 million from USD 850 million to USD 875 million, net rental fleet investment at USD 210 million to USD 230 million from USD 170 million to USD 200 million, and levered free cash flow slightly positive rather than above USD 50 million. CFO Chris Eperjesy expects fourth-quarter revenue and adjusted EBITDA to rise both year over year and sequentially.

Hawkins (NASDAQ:HWKN): water treatment strength

Hawkins distributes and blends chemicals for water treatment, industrial customers and food and health sciences. In the quarter ended September 27, 2026, sales were USD 313.8 million, up from USD 280.4 million. Water Treatment, its largest segment, grew 16% to USD 175.0 million. Industrial Solutions rose 10% to USD 62.2 million, and Food and Health Sciences rose 5% to USD 76.7 million. Gross profit rose 13% to USD 76.6 million, about 24% of sales, and operating income rose to USD 41.9 million from USD 33.9 million. Net income of USD 27.8 million equals USD 1.34 per diluted share, up 24% on EPS, simple arithmetic on two reported figures. Adjusted EBITDA of USD 59.1 million was 16% higher, so profit grew faster than sales, which signals operating leverage in the quarter. Dave Symonds and Associates, a Florida water distributor focused on blended phosphates, closed during the quarter, and Eagle Labs, a Dallas-Fort Worth water treatment distributor with two locations and in-house manufacturing, closed after quarter end. CEO Patrick Hawkins said results reflect the agility of employees and the resilience of the business model, and said Hawkins (NASDAQ:HWKN) will keep investing in higher-margin businesses and acquiring accretive companies. Water Treatment gross profit growth of 20% outpaced sales growth of 16%, which points to margin gains in the mix.

Dorman Products (NASDAQ:DORM): tariff margin pressure

Dorman sells aftermarket replacement parts for cars, trucks and specialty vehicles. Third-quarter net sales rose 3.3% from USD 543.7 million. Light Duty sales were USD 443.7 million, up 3%, Heavy Duty USD 66.1 million, up 5%, and Specialty Vehicle USD 51.9 million, up 3%. Diluted EPS was USD 1.98 against USD 2.48, and adjusted EPS of USD 2.08 beat a consensus of USD 2.00 in published market data even though it fell 21% year over year. Management attributed the decline to the timing of tariff-related pricing that benefited the third quarter of 2025, which lifted the prior-year margin. SG&A rose to USD 138.7 million, or 24.7% of sales, from USD 135.7 million. In the segment table, Light Duty margin fell to 18.5% from 23.7%, and Heavy Duty fell to 0.0% from 4.5%, while Specialty Vehicle improved to 13.1% from 12.8%. Operating cash flow was USD 64.6 million in the quarter and USD 260.9 million year to date. Long-term debt rose to USD 440.7 million from USD 402.4 million at year-end 2025. For 2026, net sales growth guidance moved to 2% to 3%, diluted EPS to USD 7.95 to 8.15, and adjusted EPS to USD 8.50 to 8.70, implying a decline of 4% to 2% on 2025. Guidance includes tariffs enacted as of October 26, 2026 but excludes later changes.

Polaris (NYSE:PII): preview against USD 0.59 consensus

Polaris makes off-road vehicles, snowmobiles, boats and commercial vehicles. Its third-quarter report is scheduled for October 27, 2026, so this article is a preview, not a results piece. Consensus EPS is USD 0.59 from about 16 analysts, with one downgrade and no upgrades in the past month, according to published market data. A year earlier, third-quarter sales were about USD 1.8 billion. Because results had not been released when this piece was written, no reported figures are used. The report will be judged against the raised revenue range and a stock that has underperformed: it fell 23.0% from July 28 to October 26, 2026 while SPDR S&P 500 ETF Trust (NYSEARCA:SPY) rose 3.3%. At the July 28, 2026 report, Polaris cited growth in utility side-by-sides, commercial vehicles and aftermarket parts, which offset softness in recreational powersports caused by higher interest rates and cautious consumers. The company reached its highest utility side-by-side share since 2021 and gained off-road share for a fifth straight quarter. Dealer inventory was down 8% with days' supply slightly above 100, dealer sales velocity improved 18% in the first half, and the company said it was putting dealers in the best position for success. Commercial demand is tied to infrastructure, rental fleets and data center construction. Management expected second-half retail to be roughly flat, with utility outperforming.

Where Things Stand

The answer is that Custom Truck One Source (NYSE:CTOS) is best placed on guidance, with EBITDA raised to USD 447.5 million to USD 460 million. Hawkins (NASDAQ:HWKN) is best placed on growth. Dorman Products (NASDAQ:DORM) faces margin pressure and a lower sales range. Polaris (NYSE:PII) is judged on its October 27 report. Results were available for three of the four. The group shares exposure to input costs, tariffs and capital spending cycles. Polaris is a preview and carries more uncertainty. This is not investment advice.