Eaton Corporation, plc Ordinary Shares - ETN STOCK NEWS

Eaton has announced its participation in the InterSTORE project, a three-year EU-supported initiative aimed at developing standardized IT infrastructure for energy storage systems. The project commenced on January 1, 2023, and involves 12 partners, including RWTH Aachen University. Key objectives include creating open-source software for interoperability, addressing hybrid energy storage applications, demonstrating use cases in real-life labs, and promoting data standardization. Eaton aims to enhance energy storage solutions, optimize existing systems, and contribute to sustainable energy management amid rising energy prices and emissions regulations.

Eaton has declared a quarterly dividend of $0.86 per share, a 6% increase from the previous dividend. This dividend is payable on March 24, 2023, to shareholders of record on March 6, 2023. Founded in 1911, Eaton has consistently paid dividends since 1923. The company reported $20.8 billion in revenues for 2022 and operates in over 170 countries. As it celebrates its 100th anniversary on the New York Stock Exchange, Eaton aims to lead in sustainable power management and support the global shifts towards electrification and renewable energy.

Eaton highlights its commitment to second-chance hiring through the Georgetown Pivot Program, aimed at integrating formerly incarcerated individuals into the workforce. The company has implemented ban-the-box policies and revised its criminal review process, resulting in an increase in candidates passing the screening from 79.1% to 81.3% in 2021. As part of its social responsibility, Eaton collaborates with the Second Chance Business Coalition, which grew from 29 to 40 Fortune 500 companies in one year. Additionally, Eaton is enhancing its training and modifying job postings to promote fair opportunities for individuals with criminal records.

Eaton has entered a strategic partnership with IES to enhance building sustainability and facilitate energy transitions for building owners. This collaboration utilizes digital twin technology, enabling simulations to analyze energy efficiency and user comfort. The goal is to develop efficient energy ecosystems, focusing on EV charging and renewable energy. Eaton's Buildings as a Grid initiative aims to transform structures into energy hubs to comply with net-zero regulations. This partnership aligns with the global climate goal of reducing emissions from the built environment.

Eaton announced the results of its 2021 employee survey, revealing a 4% increase in global workforce participation since 2018. A notable 74% of employees engaged in the survey, with 86% expressing pride in working for the company. The survey incorporated new demographic queries aimed at enhancing inclusivity, with the inclusion index rising from 74.2% to 74.8%. Key findings included a 71.4% agreement that employees learn from past mistakes, and 81.5% feel able to be themselves at work. The results highlight the need for more transparency, recognition, and equitable opportunities within Eaton's culture.

Eaton Corporation reported a fourth quarter 2022 earnings per share of $1.80, with a quarterly adjusted earnings record of $2.06, a 20% increase year-over-year. The company achieved $5.4 billion in sales for Q4, reflecting a 12% growth compared to Q4 2021. Segment margins reached 20.8%, a 150-basis point improvement. Total sales for 2022 were $20.8 billion, up 6%. For 2023, adjusted earnings per share are projected between $8.04 and $8.44, indicating a 9% increase at the midpoint. Significant backlog growth was noted, with orders up 25% in Electrical and 24% in Aerospace.

Eaton has been awarded a contract by AEP Ohio to establish the city's first renewable energy microgrid at the Tussing Water Booster Station. This project, operational by Q1 2023, incorporates 100 kW of onsite solar generation and 440 kWh of battery energy storage, ensuring a sustainable water supply during grid outages. The microgrid will enhance resilience and supports Columbus' Climate Action Plan aimed at achieving carbon neutrality by 2050. The initiative is partly funded through AEP Ohio's Smart City program, demonstrating how microgrids can modernize critical infrastructure and lower energy costs for drinking water systems.