{
  "report_rows": [
    {
      "kpi": "Adjusted EPS (Q2'26)",
      "prediction": "BEAT",
      "answer": "pred ~$1.02 vs. cons $0.99",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Net sales (Q2'26)",
      "prediction": "IN-LINE",
      "answer": "pred ~$985M vs. cons $990M",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "North America segment margin (Q2'26)",
      "prediction": "MISS",
      "answer": "pred ~23.0% vs. cons ~24.0%",
      "confidence": "LOW"
    }
  ],
  "guide_rows": [
    {
      "kpi": "FY2026 adjusted EPS guide",
      "prediction": "UNCHANGED",
      "answer": "guide reaffirmed ~$3.70-4.00 (mid $3.85) vs. cons $3.78 (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY2026 sales growth guide",
      "prediction": "UNCHANGED",
      "answer": "guide ~+2% to +4% vs. cons ~+2.5% (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "China strategic assessment / Rest-of-World outlook",
      "prediction": "UNKNOWN",
      "answer": "China Q2 guided ~-15% QoQ, 35-40% decrementals vs. cons implied ~-10% (Q2/H2'26); any partnership decision is the swing catalyst",
      "confidence": "LOW"
    },
    {
      "kpi": "North America price-increase realization (H2 margin recovery)",
      "prediction": "BETTER",
      "answer": "4-7% water heater/boiler price hikes (mid-May) flowing to ~24-25% NA margin in H2 vs. cons ~24% (H2'26)",
      "confidence": "LOW"
    }
  ],
  "day1_residual_pct": 1.5,
  "day1_confidence": "LOW",
  "day5_residual_pct": 2.0,
  "day5_path": "STABILIZE",
  "day5_rationale": "Beaten-down, reset name that already bounced ~9% into the print (58.8 on 7/21 to 64 on 7/28, then back to 62.2). A modest trough-quarter beat plus a reaffirmed FY guide should be a relief, but the pre-print run-up caps upside and invites some profit-taking. Out-period math is roughly neutral: an in-line-to-slight beat doesn't force upward revisions, and the implicit H2 back-half-loaded guide (needing price realization + China stabilization) keeps estimates from rising much. If China clarity comes, modest follow-through; absent a third guidance cut, the stock stabilizes rather than trends. A renewed trim is the key downside risk given two prior cuts.",
  "day5_confidence": "LOW"
}