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Eaton Corporation plc is a leading American-Irish multinational power management company, recognized globally for its innovative solutions in managing electrical, hydraulic, and mechanical power. Founded in 1911, and with its global headquarters in Dublin, Ireland, and a secondary administrative center in Beachwood, Ohio, Eaton has consistently positioned itself at the forefront of the power management industry.
With 2022 sales amounting to $20.75 billion, Eaton operates through several primary segments: Electrical Americas, Electrical Global, Aerospace, Vehicle, and eMobility. This diversified portfolio enables Eaton to cater to a wide range of end markets, including commercial vehicles, general aviation, trucks, data centers, utilities, and residential applications.
Eaton's recent achievements highlight its commitment to growth and innovation. The company has expanded its manufacturing capacity with a new state-of-the-art assembly plant in Santiago de los Caballeros, Chile, and a modern campus in Helsinki, Finland, to meet the rising demand for its products. These facilities focus on producing critical components like UPS systems and Bussmann series fuses, which are essential in data centers, renewable energy projects, industrial buildings, and electric vehicles.
In addition to facility expansions, Eaton is actively participating in the BIG LEAP project, an EU research initiative aimed at enhancing energy storage efficiency using second-life batteries from electric vehicles. This project underlines Eaton's dedication to sustainability and innovation in energy management.
Eaton also places a strong emphasis on sustainability and environmental stewardship. The company is dedicated to protecting the environment and improving the quality of life for people everywhere through its products and solutions. By capitalizing on global trends like electrification and digitalization, Eaton is accelerating the planet's transition to renewable energy sources and helping solve some of the most urgent power management challenges.
With over a century of experience, Eaton remains a trusted name, serving customers in more than 160 countries. The company reported revenues of $23.2 billion in 2023, showcasing its robust financial condition and commitment to innovation.
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Eaton has declared a quarterly dividend of
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.
Eaton recently announced its collaboration with Rewiring America, a prominent electrification nonprofit in the U.S., to promote electrification education and action. Brian Brickhouse, president of Eaton's Electrical Sector Americas Region, joins the CEOs for Electrification coalition, emphasizing Eaton's commitment to sustainability and its Home as a Grid initiative. This approach aims to transform households into energy producers and consumers through innovative technology, aligning with national efforts to reduce energy-related carbon emissions. The coalition seeks to create jobs and enhance public health while advocating for electrification.
Eaton (NYSE:ETN) will announce its fourth quarter 2022 earnings on February 8, 2023, before the market opens. A conference call will follow at 11 a.m. Eastern time to discuss the earnings results with analysts and investors. Interested parties can access the call via a live webcast on Eaton’s website. Founded in 1911, Eaton aims to improve life quality and ensure environmental protection through intelligent power management. The company reported $19.6 billion in revenues for 2021 and serves clients in over 170 countries.
Eaton (NYSE:ETN) has partnered with BNP Paribas Leasing Solutions to introduce a finance solution aimed at assisting business owners in accelerating their energy transition while managing cash flow. This program offers fixed payments for energy infrastructure, such as energy storage, UPS, and EV charging systems. Available now in select European countries including France, Germany, and the UK, the initiative promotes sustainability and financial accessibility for businesses. Eaton's integrated approach, highlighted by its Buildings as a Grid strategy, aims to maximize cost savings and reduce carbon footprints.
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