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Eaton Reports Record Quarterly Results With 23% Backlog Growth and 1.2 Book-to-Bill Ratio

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Eaton Corporation reports record second quarter earnings per share of $1.86 and adjusted earnings per share of $2.21, up 18% over 2022. Sales in the quarter were $5.9 billion, a quarterly record and up 13% from the second quarter of 2022. The company raised its full-year adjusted earnings per share guidance to between $8.65 and $8.85.
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  • Eaton Corporation reports record second quarter earnings per share of $1.86 and adjusted earnings per share of $2.21, up 18% over 2022. Sales in the quarter were $5.9 billion, a quarterly record and up 13% from the second quarter of 2022. The company raised its full-year adjusted earnings per share guidance to between $8.65 and $8.85.
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  • None.
  • Record second quarter earnings per share of $1.86 and record quarterly adjusted earnings per share of $2.21, up 18% over 2022
  • 13% organic sales growth, above the high end of guidance, record quarterly segment margins of 21.6%, 150 basis points above the second quarter of 2022 and a 33% incremental margin
  • Robust operating cash flow of $851 million, up 150%, and free cash flow of $691 million, up 244% versus prior year
  • Raised adjusted earnings per share guidance midpoint to $8.75 reflecting 16% growth over 2022

DUBLIN--(BUSINESS WIRE)-- Intelligent power management company Eaton Corporation plc (NYSE:ETN) today announced that earnings per share were $1.86 for the second quarter of 2023. Excluding charges of $0.21 per share related to intangible amortization, $0.08 per share related to acquisitions and divestitures, and $0.06 per share related to a multi-year restructuring program, adjusted earnings per share of $2.21 were a quarterly record and up 18% over the second quarter of 2022.

Sales in the quarter were $5.9 billion, a quarterly record and up 13% from the second quarter of 2022, driven entirely by organic sales growth.

Segment margins were 21.6%, a quarterly record and a 150-basis point improvement over the second quarter of 2022.

Operating cash flow in the quarter was $851 million and free cash flow was $691 million, up $511 million and $490 million, respectively, over the same period in 2022 and in-line with full year targets.

The company raised its full year adjusted earnings per share guidance to between $8.65 and $8.85, up $0.35 at the midpoint. For the third quarter of 2023, the company anticipates organic growth of 9-11% and adjusted earnings per share of between $2.27 and $2.37.

Craig Arnold, Eaton chairman and chief executive officer, said, "Achieving quarterly record adjusted earnings marked the end of a very strong first half of the year. Demand across our markets continues to be strong, propelling backlogs to record levels. We’re confident we can achieve our increased guidance for the year and that we remain well positioned to capitalize on reindustrialization in North America and Europe as well as the secular growth drivers of electrification, energy transition and digitalization."

Business Segment Results

Sales for the Electrical Americas segment were a record $2.5 billion, up 19% from the second quarter of 2022, driven entirely by organic sales growth. Operating profits were a record $669 million, up 35% over the second quarter of 2022. Operating margins in the quarter were a record 26.4%, up 320 basis points over the second quarter of 2022.

The twelve-month rolling average of orders in the second quarter was up 7% organically, with particular strength in data center and distributed IT, industrial facilities, and commercial and institutional markets. Backlog at the end of June was up 30% organically over June 2022.

Sales for the Electrical Global segment were a record $1.6 billion, up 5% from the second quarter of 2022. Organic sales were up 6%, partially offset by the impact of a small divestiture. Operating profits were $290 million, a second quarter record and up 3% over the second quarter of 2022. Operating margins in the quarter were 18.5%, down 40 basis points over the second quarter of 2022.

The twelve-month rolling average of orders in the second quarter was up 1% organically, with strength in utility and data center and distributed IT markets.

On a rolling twelve-month basis, book-to-bill ratio for the Electrical businesses remains very strong at 1.2.

Aerospace segment sales were a record $848 million, up 14% from the second quarter of 2022, driven entirely by organic sales growth. Operating profits were $191 million, a second quarter record and up 17% from the second quarter of 2022. Operating margins in the quarter were 22.5%, up 60 basis points over the second quarter of 2022.

The twelve-month rolling average of orders in the second quarter was up 26% organically with particular strength in defense OEM and commercial and defense aftermarket. Backlog at the end of June was up 26% over June 2022. On a rolling twelve-month basis, book-to-bill ratio for the Aerospace segment remains very strong at 1.2.

The Vehicle segment posted sales of $751 million, up 6% from the second quarter of 2022, driven entirely by organic sales growth. Operating profits were $115 million, up 6% over the second quarter of 2022. Operating margins in the quarter were 15.3%, flat to the second quarter of 2022.

eMobility segment sales were a record $161 million, up 18% over the second quarter of 2022, driven entirely by organic sales growth. The segment recorded an operating loss of $1 million with a 100-basis point improvement over the second quarter of 2022 driven by higher volumes, partially offset by wage and commodity inflation.

Eaton is an intelligent power management company dedicated to improving the quality of life and protecting the environment for people everywhere. We are guided by our commitment to do business right, to operate sustainably and to help our customers manage power ─ today and well into the future. By capitalizing on the global growth trends of electrification and digitalization, we’re accelerating the planet’s transition to renewable energy, helping to solve the world’s most urgent power management challenges, and doing what’s best for our stakeholders and all of society.

Founded in 1911, Eaton is marking its 100th anniversary of being listed on the New York Stock Exchange. We reported revenues of $20.8 billion in 2022 and serve customers in more than 170 countries. For more information, visit www.eaton.com. Follow us on Twitter and LinkedIn.

Notice of conference call: Eaton’s conference call to discuss its second quarter results is available to all interested parties today as a live audio webcast at 11 a.m. United States Eastern time via a link on Eaton’s home page. This news release can be accessed under its headline on the home page. Also available on the website before the call will be a presentation on second quarter results, which will be covered during the call.

This news release contains forward-looking statements concerning third quarter and full year 2023 adjusted earnings per share, third quarter 2023 organic sales growth, and anticipated restructuring program charges and savings. These statements should be used with caution and are subject to various risks and uncertainties, many of which are outside the company’s control. The following factors could cause actual results to differ materially from those in the forward-looking statements: the course of the COVID-19 pandemic globally and government actions related thereto; geopolitical tensions, unanticipated changes in the markets for the company’s business segments; unanticipated downturns in business relationships with customers or their purchases from us; competitive pressures on sales and pricing; supply chain disruptions, unanticipated changes in the cost of material, labor, and other production costs, or unexpected costs that cannot be recouped in product pricing; the introduction of competing technologies; unexpected technical or marketing difficulties; unexpected claims, charges, litigation or dispute resolutions; strikes or other labor unrest; natural disasters; the performance of recent acquisitions; unanticipated difficulties completing or integrating acquisitions; new laws and governmental regulations; interest rate changes; changes in tax laws or tax regulations; stock market and currency fluctuations; and unanticipated deterioration of economic and financial conditions in the United States and around the world. We do not assume any obligation to update these forward-looking statements.

Financial Results

The company’s comparative financial results for the three months ended June 30, 2023, are available on the company’s website, www.eaton.com.

EATON CORPORATION plc

 

 

 

 

 

 

 

CONSOLIDATED STATEMENTS OF INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

June 30

 

Six months ended

June 30

 

 

(In millions except for per share data)

2023

 

2022

 

2023

 

2022

Net sales

$

5,866

 

 

$

5,212

 

 

$

11,349

 

 

$

10,054

 

 

 

 

 

 

 

 

 

Cost of products sold

 

3,747

 

 

 

3,505

 

 

 

7,346

 

 

 

6,774

 

Selling and administrative expense

 

986

 

 

 

828

 

 

 

1,890

 

 

 

1,618

 

Research and development expense

 

187

 

 

 

168

 

 

 

366

 

 

 

333

 

Interest expense - net

 

42

 

 

 

31

 

 

 

91

 

 

 

63

 

Gain on sale of business

 

 

 

 

 

 

 

 

 

 

24

 

Other expense (income) - net

 

7

 

 

 

(41

)

 

 

(4

)

 

 

(50

)

Income before income taxes

 

898

 

 

 

720

 

 

 

1,660

 

 

 

1,339

 

Income tax expense

 

153

 

 

 

119

 

 

 

276

 

 

 

205

 

Net income

 

745

 

 

 

601

 

 

 

1,384

 

 

 

1,135

 

Less net income for noncontrolling interests

 

(1

)

 

 

 

 

 

(3

)

 

 

(1

)

Net income attributable to Eaton ordinary shareholders

$

744

 

 

$

601

 

 

$

1,382

 

 

$

1,133

 

 

 

 

 

 

 

 

 

Net income per share attributable to Eaton ordinary shareholders

 

 

 

 

 

 

 

Diluted

$

1.86

 

 

$

1.50

 

 

$

3.45

 

 

$

2.82

 

Basic

 

1.86

 

 

 

1.51

 

 

 

3.47

 

 

 

2.84

 

 

 

 

 

 

 

 

 

Weighted-average number of ordinary shares outstanding

 

 

 

 

 

 

 

Diluted

 

400.7

 

 

 

400.7

 

 

 

400.6

 

 

 

401.2

 

Basic

 

398.9

 

 

 

399.0

 

 

 

398.7

 

 

 

399.1

 

 

 

 

 

 

 

 

 

Cash dividends declared per ordinary share

$

0.86

 

 

$

0.81

 

 

$

1.72

 

 

$

1.62

 

 

 

 

 

 

 

 

 

Reconciliation of net income attributable to Eaton ordinary shareholders to adjusted earnings

 

 

 

 

 

 

 

Net income attributable to Eaton ordinary shareholders

$

744

 

 

$

601

 

 

$

1,382

 

 

$

1,133

 

Excluding acquisition and divestiture charges, after-tax

 

30

 

 

 

44

 

 

 

41

 

 

 

47

 

Excluding restructuring program charges, after-tax

 

24

 

 

 

8

 

 

 

31

 

 

 

22

 

Excluding intangible asset amortization expense, after-tax

 

88

 

 

 

99

 

 

 

186

 

 

 

198

 

Adjusted earnings

$

886

 

 

$

751

 

 

$

1,639

 

 

$

1,400

 

 

 

 

 

 

 

 

 

Net income per share attributable to Eaton ordinary shareholders - diluted

$

1.86

 

 

$

1.50

 

 

$

3.45

 

 

$

2.82

 

Excluding per share impact of acquisition and divestiture charges, after-tax

 

0.08

 

 

 

0.11

 

 

 

0.10

 

 

 

0.12

 

Excluding per share impact of restructuring program charges, after-tax

 

0.06

 

 

 

0.02

 

 

 

0.08

 

 

 

0.05

 

Excluding per share impact of intangible asset amortization expense, after-tax

 

0.21

 

 

 

0.24

 

 

 

0.46

 

 

 

0.50

 

Adjusted earnings per ordinary share

$

2.21

 

 

$

1.87

 

 

$

4.09

 

 

$

3.49

 

See accompanying notes.

EATON CORPORATION plc

 

 

 

 

 

 

 

BUSINESS SEGMENT INFORMATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

June 30

 

Six months ended

June 30

 

 

(In millions)

2023

 

2022

 

2023

 

2022

Net sales

 

 

 

 

 

 

 

Electrical Americas

$

2,538

 

 

$

2,131

 

 

$

4,832

 

 

$

4,022

 

Electrical Global

 

1,569

 

 

 

1,495

 

 

 

3,069

 

 

 

2,932

 

Aerospace

 

848

 

 

 

742

 

 

 

1,650

 

 

 

1,459

 

Vehicle

 

751

 

 

 

708

 

 

 

1,490

 

 

 

1,379

 

eMobility

 

161

 

 

 

136

 

 

 

308

 

 

 

262

 

Total net sales

$

5,866

 

 

$

5,212

 

 

$

11,349

 

 

$

10,054

 

 

 

 

 

 

 

 

 

Segment operating profit (loss)

 

 

 

 

 

 

 

Electrical Americas

$

669

 

 

$

495

 

 

$

1,194

 

 

$

857

 

Electrical Global

 

290

 

 

 

282

 

 

 

564

 

 

 

561

 

Aerospace

 

191

 

 

 

163

 

 

 

371

 

 

 

321

 

Vehicle

 

115

 

 

 

108

 

 

 

222

 

 

 

221

 

eMobility

 

(1

)

 

 

(2

)

 

 

(5

)

 

 

(5

)

Total segment operating profit

 

1,264

 

 

 

1,046

 

 

 

2,346

 

 

 

1,955

 

 

 

 

 

 

 

 

 

Corporate

 

 

 

 

 

 

 

Intangible asset amortization expense

 

(113

)

 

 

(122

)

 

 

(237

)

 

 

(250

)

Interest expense - net

 

(42

)

 

 

(31

)

 

 

(91

)

 

 

(63

)

Pension and other postretirement benefits income

 

11

 

 

 

9

 

 

 

22

 

 

 

28

 

Restructuring program charges

 

(29

)

 

 

(10

)

 

 

(39

)

 

 

(28

)

Other expense - net

 

(192

)

 

 

(171

)

 

 

(340

)

 

 

(302

)

Income before income taxes

 

898

 

 

 

720

 

 

 

1,660

 

 

 

1,339

 

Income tax expense

 

153

 

 

 

119

 

 

 

276

 

 

 

205

 

Net income

 

745

 

 

 

601

 

 

 

1,384

 

 

 

1,135

 

Less net income for noncontrolling interests

 

(1

)

 

 

 

 

 

(3

)

 

 

(1

)

Net income attributable to Eaton ordinary shareholders

$

744

 

 

$

601

 

 

$

1,382

 

 

$

1,133

 

See accompanying notes.

EATON CORPORATION plc

 

 

 

CONDENSED CONSOLIDATED BALANCE SHEETS

 

 

 

 

 

 

 

June 30,

 

December 31,

(In millions)

2023

2022

Assets

 

 

 

Current assets

 

 

 

Cash

$

353

 

$

294

Short-term investments

 

977

 

 

261

Accounts receivable - net

 

4,399

 

 

4,076

Inventory

 

3,670

 

 

3,430

Prepaid expenses and other current assets

 

904

 

 

685

Total current assets

 

10,303

 

 

8,746

 

 

 

 

Property, plant and equipment - net

 

3,267

 

 

3,146

 

 

 

 

Other noncurrent assets

 

 

 

Goodwill

 

14,914

 

 

14,796

Other intangible assets

 

5,285

 

 

5,485

Operating lease assets

 

594

 

 

570

Deferred income taxes

 

354

 

 

330

Other assets

 

2,056

 

 

1,940

Total assets

$

36,772

 

$

35,014

 

 

 

 

Liabilities and shareholders’ equity

 

 

 

Current liabilities

 

 

 

Short-term debt

$

94

 

$

324

Current portion of long-term debt

 

402

 

 

10

Accounts payable

 

3,192

 

 

3,072

Accrued compensation

 

465

 

 

467

Other current liabilities

 

2,571

 

 

2,488

Total current liabilities

 

6,725

 

 

6,360

 

 

 

 

Noncurrent liabilities

 

 

 

Long-term debt

 

8,804

 

 

8,321

Pension liabilities

 

642

 

 

649

Other postretirement benefits liabilities

 

173

 

 

177

Operating lease liabilities

 

482

 

 

459

Deferred income taxes

 

531

 

 

530

Other noncurrent liabilities

 

1,428

 

 

1,444

Total noncurrent liabilities

 

12,060

 

 

11,580

 

 

 

 

Shareholders’ equity

 

 

 

Eaton shareholders’ equity

 

17,953

 

 

17,038

Noncontrolling interests

 

36

 

 

38

Total equity

 

17,988

 

 

17,075

Total liabilities and equity

$

36,772

 

$

35,014

See accompanying notes.

EATON CORPORATION plc
NOTES TO THE SECOND QUARTER 2023 EARNINGS RELEASE

Amounts are in millions of dollars unless indicated otherwise (per share data assume dilution). Columns and rows may not add and the sum of components may not equal total amounts reported due to rounding.

Note 1. NON-GAAP FINANCIAL INFORMATION

This earnings release includes certain non-GAAP financial measures. These financial measures include adjusted earnings, adjusted earnings per ordinary share, and free cash flow, each of which differs from the most directly comparable measure calculated in accordance with generally accepted accounting principles (GAAP). A reconciliation of each of these financial measures to the most directly comparable GAAP measure is included in this earnings release. Management believes that these financial measures are useful to investors because they provide additional meaningful financial information that should be considered when assessing our business performance and trends, and they allow investors to more easily compare Eaton Corporation plc's (Eaton or the Company) financial performance period to period. Management uses this information in monitoring and evaluating the on-going performance of Eaton and each business segment.

The Company's third quarter and full year adjusted earnings guidance for 2023 is as follows:

 

Three months ended

September 30, 2023

 

Year ended

December 31, 2023

Net income per share attributable to Eaton ordinary shareholders - diluted

$2.00 - $2.10

 

 

$7.46 - $7.66

 

Excluding per share impact of acquisition and divestiture charges, after tax

0.05

 

 

0.20

 

Excluding per share impact of restructuring program charges, after tax

0.02

 

 

0.11

 

Excluding per share impact of intangible asset amortization expense, after tax

0.20

 

 

0.88

 

Adjusted earnings per ordinary share

$2.27 - $2.37

 

 

$8.65 - $8.85

 

A reconciliation of net income attributable to Eaton ordinary shareholders per share to adjusted earnings per ordinary share is as follows:

 

Year ended

December 31, 2022

Net income per share attributable to Eaton ordinary shareholders - diluted

$

6.14

 

Excluding per share impact of acquisition and divestiture charges, after tax

 

0.37

 

Excluding per share impact of restructuring program charges, after tax

 

0.07

 

Excluding per share impact of intangible asset amortization expense, after tax

 

0.99

 

Adjusted earnings per ordinary share

$

7.57

 

A reconciliation of operating cash flow to free cash flow is as follows:

 

Three months ended

June 30

(In millions)

2023

 

2022

Operating cash flow

$

851

 

 

$

340

 

Capital expenditures for property, plant and equipment

 

(160

)

 

 

(139

)

Free cash flow

$

691

 

 

$

201

 

Note 2. ACQUISITIONS AND DIVESTITURE OF BUSINESSES

Acquisition of a 49% stake in Jiangsu Ryan Electrical Co. Ltd.

On April 23, 2023, Eaton acquired a 49 percent stake in Jiangsu Ryan Electrical Co. Ltd., a manufacturer of power distribution and sub-transmission transformers in China. Eaton accounts for this investment on the equity method of accounting and is reported within the Electrical Global business segment.

Acquisition of a 50% stake in Jiangsu Huineng Electric Co., Ltd’s circuit breaker business

On July 1, 2022, Eaton acquired a 50 percent stake in Jiangsu Huineng Electric Co., Ltd’s circuit breaker business, which manufactures and markets low-voltage circuit breakers in China. Eaton accounts for this investment on the equity method of accounting and is reported within the Electrical Global business segment.

Russia

During the second quarter of 2022, in light of the ongoing war with Ukraine, the Company decided to exit its business operations in Russia and recorded charges of $29 million presented in Other expense (income) - net on the Consolidated Statements of Income. The charges consisted primarily of write-downs of accounts receivable, inventory and other assets, and accruals for severance.

Acquisition of Royal Power Solutions

On January 5, 2022, Eaton acquired Royal Power Solutions for $610 million, net of cash received. Royal Power Solutions is a U.S. based manufacturer of high-precision electrical connectivity components used in electric vehicle, energy management, industrial and mobility markets. Royal Power Solutions is reported within the eMobility business segment.

Sale of Hydraulics business

On August 2, 2021, Eaton completed the sale of the Hydraulics business to Danfoss A/S and recognized a pre-tax gain of $617 million in 2021. The Company finalized negotiations of post-closing adjustments with Danfoss A/S and recognized an additional pre-tax gain of $24 million in the first quarter of 2022 and received cash of $22 million in the second quarter of 2022 from Danfoss A/S to fully settle all post-closing adjustments.

Note 3. ACQUISITION AND DIVESTITURE CHARGES

Eaton incurs integration charges and transaction costs to acquire and integrate businesses, and transaction, separation and other costs to divest and exit businesses. Eaton also recognizes gains and losses on the sale of businesses. A summary of these Corporate items is as follows:

 

Three months ended
June 30

 

Six months ended
June 30

(In millions except for per share data)

2023

 

2022

 

2023

 

2022

Acquisition integration, divestiture charges and transaction costs

$

38

 

 

$

51

 

 

$

51

 

 

$

79

 

Gain on the sale of the Hydraulics business

 

 

 

 

 

 

 

 

 

 

(24

)

Total before income taxes

 

38

 

 

 

51

 

 

 

51

 

 

 

55

 

Income tax benefit

 

7

 

 

 

7

 

 

 

10

 

 

 

8

 

Total after income taxes

$

30

 

 

$

44

 

 

$

41

 

 

$

47

 

Per ordinary share - diluted

$

0.08

 

 

$

0.11

 

 

$

0.10

 

 

$

0.12

 

Acquisition integration, divestiture charges and transaction costs in 2023 and 2022 are related to the acquisition of Royal Power Solutions and other acquisitions completed prior to 2022, including other charges and income to acquire and exit businesses. Costs in 2023 also included certain indemnity claims associated with the sale of 50% interest in the commercial vehicle automated transmission business in 2017. Costs in 2022 also included charges of $29 million presented in Other expense (income) - net on the Consolidated Statements of Income related to the decision in the second quarter of 2022 to exit the Company's business operations in Russia. These charges consisted primarily of write-downs of accounts receivable, inventory and other assets, and accruals for severance. These charges were included in Cost of products sold, Selling and administrative expense, Research and development expense, or Other expense (income) - net. In Business Segment Information, the charges were included in Other expense - net.

Note 4. RESTRUCTURING CHARGES

In the second quarter of 2020, Eaton initiated a multi-year restructuring program to reduce its cost structure and gain efficiencies in its business segments and at corporate in order to initially respond to declining market conditions brought on by the COVID-19 pandemic. Since the inception of the program, the Company has incurred charges of $364 million. These restructuring activities are expected to be completed in 2023 with total estimated charges of $380 million cumulatively for the entire program and projected mature year savings of $265 million when fully implemented. The remaining charges in 2023 are expected to relate primarily to plant closing and other costs.

A summary of restructuring program charges is as follows:

 

Three months ended

June 30

 

Six months ended

June 30

(In millions except for per share data)

2023

 

2022

 

2023

 

2022

Workforce reductions

$

15

 

 

$

2

 

 

$

17

 

 

$

7

 

Plant closing and other

 

15

 

 

 

8

 

 

 

22

 

 

 

21

 

Total before income taxes

 

29

 

 

 

10

 

 

 

39

 

 

 

28

 

Income tax benefit

 

6

 

 

 

2

 

 

 

8

 

 

 

6

 

Total after income taxes

$

24

 

 

$

8

 

 

$

31

 

 

$

22

 

Per ordinary share - diluted

$

0.06

 

 

$

0.02

 

 

$

0.08

 

 

$

0.05

 

Restructuring program charges related to the following segments:

 

Three months ended

June 30

 

Six months ended

June 30

(In millions)

2023

 

2022

 

2023

 

2022

Electrical Americas

$

1

 

 

$

5

 

 

$

3

 

 

$

10

 

Electrical Global

 

14

 

 

 

1

 

 

 

18

 

 

 

6

 

Aerospace

 

2

 

 

 

2

 

 

 

3

 

 

 

5

 

Vehicle

 

1

 

 

 

3

 

 

 

3

 

 

 

6

 

eMobility

 

6

 

 

 

 

 

 

7

 

 

 

 

Corporate

 

5

 

 

 

 

 

 

6

 

 

 

2

 

Total

$

29

 

 

$

10

 

 

$

39

 

 

$

28

 

These restructuring program charges were included in Cost of products sold, Selling and administrative expense, Research and development expense, or Other expense (income) - net, as appropriate. In Business Segment Information, these restructuring program charges are treated as Corporate items.

Note 5. INTANGIBLE ASSET AMORTIZATION EXPENSE

Intangible asset amortization expense is as follows:

 

Three months ended

June 30

 

Six months ended

June 30

(In millions except for per share data)

2023

 

2022

 

2023

 

2022

Intangible asset amortization expense

$

113

 

 

$

122

 

 

$

237

 

 

$

250

 

Income tax benefit

 

24

 

 

 

23

 

 

 

51

 

 

 

52

 

Total after income taxes

$

88

 

 

$

99

 

 

$

186

 

 

$

198

 

Per ordinary share - diluted

$

0.21

 

 

$

0.24

 

 

$

0.46

 

 

$

0.50

 

 

Eaton Corporation plc

Jennifer Tolhurst

Media Relations

+1 (440) 523-4006

jennifertolhurst@eaton.com



Yan Jin

Investor Relations

+1 (440) 523-7558

Source: Eaton Corporation plc

FAQ

What were Eaton Corporation's second quarter earnings per share?

Eaton Corporation reported earnings per share of $1.86 for the second quarter of 2023.

How much did sales increase in the second quarter of 2023?

Sales in the quarter were $5.9 billion, up 13% from the second quarter of 2022.

What is Eaton Corporation's full-year adjusted earnings per share guidance?

Eaton Corporation raised its full-year adjusted earnings per share guidance to between $8.65 and $8.85.

Eaton Corporation, plc Ordinary Shares

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