The performance of machinery stocks last year was nothing worth writing home about with adverse currency movements, weakening economic conditions, particularly in China, and multi-year low commodity prices haunting the industry. The Machinery industry, which is broadly grouped under the Industrial Products sector (one of the 16 broad Zacks sectors), suffered a 17.2% decline in earnings in the fourth quarter of 2015.The first quarter of 2016 does not paint an impressive picture either. Only 14.3% of the companies have reported so far and overall, the sector is expected to log a 24.9% drop in earnings for the quarter. For a detailed account of the earnings outlook for this sector as well as others, please read our Earnings Trends report.Meanwhile, weak industrial production numbers, which comprise output of the manufacturing, mining and utility sectors, add to the woes. Per the latest Federal Reserve report, industrial production dropped at an annual rate of 2.2% led by the plunge in mining production. Moreover, capacity utilization is decreasing, reflecting limited industrial spending.While residential and commercial construction continue to be a source of strength, key markets for the machinery industry, like oil and gas, agriculture, and mining, are pulling the industry down, with no possibility of an improvement any time soon. The U.S. rig count currently stands at 443, down 55.2% from 988 a year ago. The rig count will likely dwindle even further in tandem with falling oil prices. Moreover, the U.S. Department of Agriculture estimates farm income to decrease further this year. Persistent economic weakness in China has sucked the mining machinery industry into its vortex.Keeping these headwinds in mind, it will be interesting to see how some of the machinery stocks fare in their upcoming releases next week. Apart from beats and misses, focus will also be on steps taken to overcome the headwinds as well as their outlook.Ingersoll-Rand Plc IR will release first-quarter 2016 financial results before the market opens on Apr 26. Ingersoll is striving to achieve steady improvement in operating profitability through investment in new products, expenditure on its IT platform and establishing its channel services footprint and product management capabilities. We expect Ingersoll-Rand to come up with a positive earnings surprise this season backed by its Zacks Rank #3 (Hold) and Earnings ESP of +2.70%. (Read more: Will Ingersoll-Rand Surpass Q1 Earnings Estimates?)Ingersoll-Rand’s Surprise History: In the prior quarter, this industrial goods manufacturer reported a positive earnings surprise of 1.08%. The above chart depicts Ingersoll-Rand’s fairly decent earnings surprise history, wherein the company beat earnings estimates thrice in the past four quarters with an average positive earnings surprise of 5.43%.Parker-Hannifin Corporation PH is slated to report third-quarter fiscal 2016 results on Apr 26, before the opening bell. The company’s diligent “Win Strategy,” which forms the core of its business system, has been a major growth driver over the past few quarters and also cushioned the company from major macroeconomic woes. Parker-Hannifin’s Zacks Rank #3 and Earnings ESP of +0.69% make us confident of an earnings beat. (Read more: Can Parker-Hannifin Score a Hat-trick with Q3 Earnings Beat?) Parker-Hannifin’s Surprise History: In the prior quarter, this leading manufacturer of motion & control technologies and systems posted a positive surprise of 28.81%. The stock beat earnings thrice in the trailing four quarters, with an average positive surprise of 3.36%.Pentair plc PNR, a diversified industrial manufacturing company, will also release first-quarter 2016 financial results before the market opens on Apr 26. While growth in Pentair’s residential/commercial verticals remains healthy, many of the company’s markets, especially those in the energy and industrial spaces, continued to face challenges in the quarter. Pentair is likely to miss expectations this season due to the combination of its Zacks Rank #3 and Earnings ESP of -2.78%. (Read more: Pentair Q1 Earnings: What's in Store for the Stock?) Pentair’s Surprise History: Last quarter, Pentair delivered a positive earnings surprise of 8.65%. The above chart depicts Pentair’s string of earnings surprises – the company outpaced the Zacks Consensus Estimate in three of the last four quarters, and met the same in one. The average positive surprise was 3.22%.Rockwell Automation Inc. ROK will report its second-quarter fiscal 2016 results on Apr 27, before the market opens. Despite the weakening oil and gas vertical, growth in the consumer, life sciences and auto verticals remains robust, with Rockwell Automation maintaining its focus on new product launches. We believe Rockwell Automation is likely to beat earnings given its Zacks Rank #2 (Buy) and Earnings ESP of +3.03%. (Read More: Rockwell Automation (ROK) Q2 Earnings: Likely to Beat?) Rockwell Automation’s Surprise History: In the last reported quarter, Rockwell Automation posted a positive earnings surprise of 11.19%. Notably, the company has delivered an average positive earnings surprise of 3.65% over the last four quarters.The Bottom LineThe chips seem to be down for the machinery space at the moment. But can these stocks turn the tables with positive surprises when they report next week? Stay tuned for our full earnings articles to see how these stocks finally fare this season.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report ROCKWELL AUTOMT (ROK): Free Stock Analysis Report PARKER HANNIFIN (PH): Free Stock Analysis Report INGERSOLL RAND (IR): Free Stock Analysis Report PENTAIR PLC (PNR): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research