Eaton Reports Record Second Quarter 2021 Results, Raises 2021 Outlook
Power management company Eaton Corporation plc reported a record adjusted earnings per share of $1.72 for Q2 2021, up 98% year-over-year. Total sales reached $5.2 billion, a 35% increase from Q2 2020, with organic sales growing by 27%. The company achieved a segment margin of 18.6%, a 390 basis point improvement from the previous year. Operating cash flow was $637 million, exceeding expectations, while free cash flow stood at $484 million. Eaton anticipates adjusted earnings per share for 2021 to range between $6.58 and $6.88.
- Adjusted earnings per share of $1.72, a record for Q2 2021, up 98% year-over-year.
- Sales increased to $5.2 billion, a 35% rise compared to Q2 2020.
- Segment margins improved to 18.6%, up 390 basis points from Q2 2020.
- Operating cash flow reached $637 million, stronger than expected.
- Free cash flow totaled $484 million.
- Strong performance across segments, with particularly remarkable growth in Vehicle sales, up 106%.
- Supply chain constraints impacted several businesses despite strong performance.
- Aerospace segment backlog remained flat compared to June 2020, with a 16% drop in the rolling average of orders.
Power management company Eaton Corporation plc (NYSE:ETN) today announced that earnings per share were
Sales in the second quarter of 2021 were
Craig Arnold, Eaton chairman and chief executive officer, said, “Building on the momentum from the first quarter, we achieved strong performance in the second quarter. We delivered record second quarter adjusted earnings per share and segment margins, and organic sales were slightly above the midpoint of our guidance range despite supply chain constraints impacting many of our businesses. We are pleased with how well our businesses are executing in this environment.”
Second quarter segment margins were
Operating cash flow in the second quarter of 2021 was stronger than expected at
During the quarter, we continued to improve our portfolio of businesses. The company closed the acquisition of Cobham Mission Systems, and the acquisition of a
“Driven by strong second quarter performance and anticipated higher organic sales for the remainder of the year, we now expect 2021 adjusted earnings per share to be between
Business Segment Results
Sales for the Electrical Americas segment were
The twelve-month rolling average of orders in the second quarter was up
Sales for the Electrical Global segment were
The twelve-month rolling average of orders in the second quarter was up
Aerospace segment sales were
The twelve-month rolling average of orders in the second quarter was down
The Vehicle segment posted sales of
eMobility segment sales were
Eaton’s mission is to improve the quality of life and the environment through the use of power management technologies and services. We provide sustainable solutions that help our customers effectively manage electrical, hydraulic, and mechanical power – more safely, more efficiently, and more reliably. Eaton’s 2020 revenues were
Notice of conference call: Eaton’s conference call to discuss its second quarter results is available to all interested parties as a live audio webcast today 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 prior to 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 2021 adjusted earnings per share, expected costs and benefits associated with restructuring actions, as well as full year 2021 organic sales and adjusted operating cash flow. 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; 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; unanticipated changes in the cost of material 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 six months ended June 30, 2021, are available on the company’s website, www.eaton.com.
EATON CORPORATION plc |
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CONSOLIDATED STATEMENTS OF INCOME |
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Three months ended
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Six months ended
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(In millions except for per share data) |
2021 |
|
2020 |
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2021 |
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2020 |
|||||||||||||
Net sales |
$ |
5,215 |
|
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|
$ |
3,856 |
|
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|
$ |
9,907 |
|
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|
$ |
8,645 |
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Cost of products sold |
3,545 |
|
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|
2,877 |
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|
6,729 |
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|
6,179 |
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|||||
Selling and administrative expense |
876 |
|
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|
691 |
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|
1,671 |
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|
1,556 |
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|||||
Research and development expense |
154 |
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|
126 |
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|
302 |
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|
279 |
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|||||
Interest expense - net |
37 |
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|
38 |
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|
75 |
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|
72 |
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|||||
Gain on sale of business |
— |
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— |
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— |
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|
221 |
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|||||
Other (income) expense - net |
(17 |
) |
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|
77 |
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(28 |
) |
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|
112 |
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|||||
Income before income taxes |
620 |
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|
|
47 |
|
|
|
1,158 |
|
|
|
668 |
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|||||
Income tax expense (benefit) |
114 |
|
|
|
(7 |
) |
|
|
193 |
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|
|
176 |
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|||||
Net income |
506 |
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|
54 |
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|
965 |
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|
492 |
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|||||
Less net income for noncontrolling interests |
— |
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(3 |
) |
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(1 |
) |
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(3 |
) |
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Net income attributable to Eaton ordinary shareholders |
$ |
506 |
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|
$ |
51 |
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$ |
964 |
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$ |
489 |
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Net income per share attributable to Eaton ordinary shareholders |
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Diluted |
$ |
1.26 |
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$ |
0.13 |
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|
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$ |
2.40 |
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|
|
$ |
1.20 |
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Basic |
1.27 |
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|
0.13 |
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2.42 |
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1.21 |
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Weighted-average number of ordinary shares outstanding |
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Diluted |
401.4 |
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401.3 |
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401.2 |
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|
406.2 |
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Basic |
398.8 |
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|
400.4 |
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|
|
398.6 |
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|
404.8 |
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Cash dividends declared per ordinary share |
$ |
0.76 |
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|
$ |
0.73 |
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$ |
1.52 |
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$ |
1.46 |
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Reconciliation of net income attributable to Eaton ordinary shareholders to adjusted earnings |
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Net income attributable to Eaton ordinary shareholders |
$ |
506 |
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$ |
51 |
|
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$ |
964 |
|
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$ |
489 |
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Excluding acquisition and divestiture charges, after-tax |
72 |
|
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|
80 |
|
|
|
109 |
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|
|
89 |
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|||||
Excluding restructuring program charges, after-tax |
11 |
|
|
|
148 |
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|
23 |
|
|
|
148 |
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Excluding intangible asset amortization expense, after-tax |
101 |
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|
67 |
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|
171 |
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|
134 |
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Adjusted earnings |
$ |
690 |
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$ |
346 |
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$ |
1,267 |
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$ |
860 |
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Net income per share attributable to Eaton ordinary shareholders - diluted |
$ |
1.26 |
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$ |
0.13 |
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$ |
2.40 |
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$ |
1.20 |
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Excluding per share impact of acquisition and divestiture charges, after-tax |
0.18 |
|
|
|
0.20 |
|
|
|
0.27 |
|
|
|
0.22 |
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Excluding per share impact of restructuring program charges, after-tax |
0.03 |
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|
0.37 |
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|
0.06 |
|
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|
0.37 |
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Excluding per share impact of intangible asset amortization expense, after-tax |
0.25 |
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0.17 |
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|
0.43 |
|
|
|
0.33 |
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Adjusted earnings per ordinary share |
$ |
1.72 |
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$ |
0.87 |
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$ |
3.16 |
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$ |
2.12 |
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See accompanying notes. |
EATON CORPORATION plc |
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BUSINESS SEGMENT INFORMATION |
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Three months ended
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Six months ended
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(In millions) |
2021 |
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2020 |
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2021 |
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2020 |
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Net sales |
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Electrical Americas |
$ |
1,849 |
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$ |
1,490 |
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$ |
3,471 |
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$ |
3,278 |
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Electrical Global |
1,418 |
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1,111 |
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2,671 |
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2,255 |
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Hydraulics |
560 |
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411 |
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1,121 |
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|
918 |
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Aerospace |
625 |
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|
461 |
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1,144 |
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1,141 |
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Vehicle |
675 |
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|
327 |
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1,329 |
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|
925 |
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eMobility |
88 |
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|
56 |
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|
171 |
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|
128 |
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Total net sales |
$ |
5,215 |
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|
|
$ |
3,856 |
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|
|
$ |
9,907 |
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|
$ |
8,645 |
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Segment operating profit (loss) |
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Electrical Americas |
$ |
393 |
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|
$ |
308 |
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$ |
725 |
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$ |
616 |
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Electrical Global |
259 |
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|
178 |
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|
472 |
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|
344 |
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Hydraulics |
73 |
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|
37 |
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|
|
157 |
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|
|
92 |
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Aerospace |
131 |
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|
68 |
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|
|
227 |
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|
215 |
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Vehicle |
121 |
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(21 |
) |
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|
234 |
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|
60 |
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eMobility |
(6 |
) |
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(2 |
) |
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|
(13 |
) |
|
|
(1 |
) |
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Total segment operating profit |
971 |
|
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|
568 |
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|
1,802 |
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|
|
1,326 |
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Corporate |
|
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Intangible asset amortization expense |
(108 |
) |
|
|
(88 |
) |
|
|
(200 |
) |
|
|
(175 |
) |
|
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Interest expense - net |
(37 |
) |
|
|
(38 |
) |
|
|
(75 |
) |
|
|
(72 |
) |
|
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Pension and other postretirement benefits income (expense) |
16 |
|
|
|
(12 |
) |
|
|
30 |
|
|
|
(20 |
) |
|
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Restructuring program charges |
(13 |
) |
|
|
(187 |
) |
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|
(29 |
) |
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|
(187 |
) |
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Other expense - net |
(209 |
) |
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|
(196 |
) |
|
|
(370 |
) |
|
|
(204 |
) |
|
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Income before income taxes |
620 |
|
|
|
47 |
|
|
|
1,158 |
|
|
|
668 |
|
|
|||||
Income tax expense (benefit) |
114 |
|
|
|
(7 |
) |
|
|
193 |
|
|
|
176 |
|
|
|||||
Net income |
506 |
|
|
|
54 |
|
|
|
965 |
|
|
|
492 |
|
|
|||||
Less net income for noncontrolling interests |
— |
|
|
|
(3 |
) |
|
|
(1 |
) |
|
|
(3 |
) |
|
|||||
Net income attributable to Eaton ordinary shareholders |
$ |
506 |
|
|
|
$ |
51 |
|
|
|
$ |
964 |
|
|
|
$ |
489 |
|
|
|
See accompanying notes. |
EATON CORPORATION plc |
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CONDENSED CONSOLIDATED BALANCE SHEETS |
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June 30,
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December 31,
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(In millions) |
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Assets |
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Current assets |
|
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|
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Cash |
$ |
279 |
|
$ |
438 |
|
Short-term investments |
261 |
|
664 |
|||
Accounts receivable - net |
3,341 |
|
2,904 |
|||
Inventory |
2,668 |
|
2,109 |
|||
Assets held for sale |
2,604 |
|
2,487 |
|||
Prepaid expenses and other current assets |
636 |
|
576 |
|||
Total current assets |
9,789 |
|
9,178 |
|||
|
|
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|
|||
Property, plant and equipment - net |
3,058 |
|
2,964 |
|||
|
|
|
|
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Other noncurrent assets |
|
|
|
|||
Goodwill |
14,880 |
|
12,903 |
|||
Other intangible assets |
6,195 |
|
4,175 |
|||
Operating lease assets |
470 |
|
428 |
|||
Deferred income taxes |
445 |
|
426 |
|||
Other assets |
1,967 |
|
1,750 |
|||
Total assets |
$ |
36,804 |
|
$ |
31,824 |
|
|
|
|
|
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Liabilities and shareholders’ equity |
|
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|
|||
Current liabilities |
|
|
|
|||
Short-term debt |
$ |
3,373 |
|
$ |
1 |
|
Current portion of long-term debt |
8 |
|
1,047 |
|||
Accounts payable |
2,484 |
|
1,987 |
|||
Accrued compensation |
425 |
|
351 |
|||
Liabilities held for sale |
527 |
|
468 |
|||
Other current liabilities |
2,089 |
|
2,027 |
|||
Total current liabilities |
8,906 |
|
5,881 |
|||
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|
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Noncurrent liabilities |
|
|
|
|||
Long-term debt |
8,721 |
|
7,010 |
|||
Pension liabilities |
1,085 |
|
1,588 |
|||
Other postretirement benefits liabilities |
322 |
|
330 |
|||
Operating lease liabilities |
366 |
|
326 |
|||
Deferred income taxes |
494 |
|
277 |
|||
Other noncurrent liabilities |
1,460 |
|
1,439 |
|||
Total noncurrent liabilities |
12,448 |
|
10,970 |
|||
|
|
|
|
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Shareholders’ equity |
|
|
|
|||
Eaton shareholders’ equity |
15,408 |
|
14,930 |
|||
Noncontrolling interests |
42 |
|
43 |
|||
Total equity |
15,450 |
|
14,973 |
|||
Total liabilities and equity |
$ |
36,804 |
|
$ |
31,824 |
|
See accompanying notes. |
EATON CORPORATION plc
NOTES TO THE SECOND QUARTER 2021 EARNINGS RELEASE
Amounts are in millions of dollars unless indicated otherwise (per share data assume dilution).
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, adjusted operating cash flow, 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. During the first quarter of 2021, the Company revised its definition of adjusted earnings to exclude intangible asset amortization expense and prior periods have been retrospectively adjusted to apply this change. Management believes that these financial measures are useful to investors because they exclude certain transactions, allowing 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 results for 2020, first quarter adjusted earnings results for 2021, and guidance for 2021, excluding the impact of the gain from the sale of the Hydraulics business, follows:
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Three months ended
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Three months ended
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Year ended
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2021 |
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2020 |
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2021 |
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2020 |
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2021 |
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Results |
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Results |
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Guidance |
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Results |
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Guidance |
|||||||
Net income per share attributable to Eaton ordinary shareholders - diluted |
$ |
1.14 |
|
|
$ |
1.11 |
|
|
|
|
$ |
3.49 |
|
|
|
|
Excluding per share impact of acquisition and divestiture charges, after-tax |
0.09 |
|
|
0.05 |
|
|
0.19 |
|
0.33 |
|
|
0.57 |
||||
Excluding per share impact of restructuring program charges, after-tax |
0.03 |
|
|
0.02 |
|
|
0.06 |
|
0.42 |
|
|
0.17 |
||||
Excluding per share impact of intangible amortization expense, after-tax |
0.18 |
|
|
0.17 |
|
|
0.24 |
|
0.67 |
|
|
0.90 |
||||
Adjusted earnings per ordinary share |
$ |
1.44 |
|
|
$ |
1.35 |
|
|
|
|
$ |
4.91 |
|
|
|
|
A reconciliation of operating cash flow to free cash flow follows:
|
Three months ended
|
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Operating cash flow |
$ |
637 |
|
|
Capital expenditures for property, plant and equipment |
(153 |
) |
||
Free cash flow |
$ |
484 |
|
|
The Company's full year adjusted operating cash flow guidance for 2021 follows:
|
2021 Guidance ($ Billions) |
|||||||
|
Low |
|
High |
|||||
Operating cash flow |
$ |
1.95 |
|
|
$ |
2.15 |
|
|
Estimated cash taxes on Hydraulics sale |
0.45 |
|
|
0.45 |
|
|||
U.S. qualified pension plan contribution |
0.20 |
|
|
0.20 |
|
|||
Adjusted operating cash flow |
$ |
2.6 |
|
|
$ |
2.8 |
|
|
Note 2. ACQUISITIONS AND DIVESTITURES OF BUSINESSES
Sale of Hydraulics business
On August 2, 2021, Eaton sold its Hydraulics business to Danfoss A/S, a Danish industrial company, for
Acquisition of a
On June 25, 2021, Eaton acquired a 50 percent stake in Jiangsu YiNeng Electric's busway business, which manufactures and markets busway products in China and had sales of
Acquisition of Cobham Mission Systems
On June 1, 2021, Eaton acquired Cobham Mission Systems (CMS) for
Acquisition of a
On March 29, 2021, Eaton acquired a 50 percent stake in HuanYu High Tech, a subsidiary of HuanYu Group that manufactures and markets low-voltage circuit breakers and contactors in China, and throughout the Asia-Pacific region. HuanYu High Tech had 2019 sales of
Acquisition of Green Motion SA
On March 22, 2021, Eaton acquired Green Motion SA, a leading designer and manufacturer of electric vehicle charging hardware and related software based in Switzerland. Green Motion SA was acquired for
Acquisition of Tripp Lite
On March 17, 2021, Eaton acquired Tripp Lite for
Sale of Lighting business
On March 2, 2020, Eaton sold its Lighting business to Signify N.V. for a cash purchase price of
Note 3. ACQUISITION AND DIVESTITURE CHARGES
Eaton incurs integration charges and transaction costs to acquire businesses, and transaction costs and other charges to divest and exit businesses. Eaton also recognizes gains and losses on the sale of businesses. A summary of these Corporate items follows:
|
Three months ended
|
|
Six months ended
|
|||||||||||||
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|||||||||
Acquisition integration, divestiture charges and transaction costs |
$ |
87 |
|
|
$ |
103 |
|
|
$ |
133 |
|
|
$ |
235 |
|
|
Gain on the sale of the Lighting business |
— |
|
|
— |
|
|
— |
|
|
(221 |
) |
|||||
Total before income taxes |
87 |
|
|
103 |
|
|
133 |
|
|
14 |
|
|||||
Income tax expense (benefit) |
(15 |
) |
|
(23 |
) |
|
(24 |
) |
|
75 |
|
|||||
Total after income taxes |
$ |
72 |
|
|
$ |
80 |
|
|
$ |
109 |
|
|
$ |
89 |
|
|
Per ordinary share - diluted |
$ |
0.18 |
|
|
$ |
0.20 |
|
|
$ |
0.27 |
|
|
$ |
0.22 |
|
|
Acquisition integration, divestiture charges and transaction costs in 2021 are primarily related to the divestiture of the Hydraulics business, the acquisitions of Tripp Lite, Cobham Mission Systems, Souriau-Sunbank Connection Technologies, and Ulusoy Elektrik Imalat Taahhut ve Ticaret A.S., and other charges to exit businesses. Charges in 2020 are primarily related to the divestitures of the Hydraulics business and the Lighting business, the acquisitions of Souriau-Sunbank and Ulusoy Elektrik, and other charges to exit businesses. These charges were included in Cost of products sold, Selling and administrative expense, Research and development expense, Interest expense - net, or Other (income) expense - net. In Business Segment Information, these charges were included in Other expense - net.
Note 4. RESTRUCTURING CHARGES
In the second quarter of 2020, Eaton decided to undertake a multi-year restructuring program to reduce its cost structure and gain efficiencies in its business segments and at corporate in order to respond to declining market conditions. Restructuring charges incurred under this program were
A summary of restructuring program charges follows:
|
Three months ended
|
|
Six months ended
|
||||||||||||
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||
Workforce reductions |
$ |
(2 |
) |
|
$ |
166 |
|
$ |
— |
|
|
$ |
166 |
|
|
Plant closing and other |
15 |
|
|
21 |
|
29 |
|
|
21 |
|
|||||
Total before income taxes |
13 |
|
|
187 |
|
29 |
|
|
187 |
|
|||||
Income tax benefit |
2 |
|
|
39 |
|
6 |
|
|
39 |
|
|||||
Total after income taxes |
$ |
11 |
|
|
$ |
148 |
|
$ |
23 |
|
|
$ |
148 |
|
|
Per ordinary share - diluted |
$ |
0.03 |
|
|
$ |
0.37 |
|
$ |
0.06 |
|
|
$ |
0.37 |
|
|
Restructuring program charges related to the following segments:
|
Three months ended
|
|
Six months ended
|
|||||||||||||
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|||||||||
Electrical Americas |
$ |
3 |
|
|
$ |
13 |
|
|
$ |
8 |
|
|
$ |
13 |
|
|
Electrical Global |
— |
|
|
51 |
|
|
2 |
|
|
51 |
|
|||||
Aerospace |
2 |
|
|
30 |
|
|
3 |
|
|
30 |
|
|||||
Vehicle |
5 |
|
|
90 |
|
|
11 |
|
|
90 |
|
|||||
eMobility |
1 |
|
|
1 |
|
|
1 |
|
|
1 |
|
|||||
Corporate |
2 |
|
|
2 |
|
|
4 |
|
|
2 |
|
|||||
Total |
$ |
13 |
|
|
$ |
187 |
|
|
$ |
29 |
|
|
$ |
187 |
|
|
These restructuring program charges were included in Cost of products sold, Selling and administrative expense, Research and development expense, or Other (income) expense - net, as appropriate. In Business Segment Information, these restructuring program charges are treated as Corporate items. The projected mature year savings from these restructuring actions are expected to be
Note 5. INTANGIBLE ASSET AMORTIZATION EXPENSE
Intangible asset amortization expense follows:
|
Three months ended
|
|
Six months ended
|
|||||||||||||
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|||||||||
Intangible asset amortization expense |
$ |
108 |
|
|
$ |
88 |
|
|
$ |
200 |
|
|
$ |
175 |
|
|
Income tax benefit |
|
7 |
|
|
|
21 |
|
|
29 |
|
|
41 |
|
|||
Total after income taxes |
$ |
101 |
|
|
$ |
67 |
|
|
$ |
171 |
|
|
$ |
134 |
|
|
Per ordinary share - diluted |
$ |
0.25 |
|
|
$ |
0.17 |
|
|
$ |
0.43 |
|
|
$ |
0.33 |
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20210803005538/en/
FAQ
What were Eaton's earnings per share for Q2 2021?
How much did Eaton's sales increase in Q2 2021?
What are Eaton's expectations for adjusted earnings per share for 2021?
How did Eaton's segment margins perform in Q2 2021?
What was Eaton's operating cash flow for Q2 2021?
