2024

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<p class="has-drop-cap">Eaton Corporation plc (NYSE: ETN), a leader in intelligent power management, has announced record-breaking results for the <a href="https://www.eaton.com/content/dam/eaton/company/investor-relations/quarterly-earnings/filings/2024/q3/3Q-2024-earnings-complete.pdf" target="_blank" aria-label="third quarter of 2024 (opens in a new tab)" rel="noopener noreferrer nofollow" class="deco-link">third quarter of 2024</a>. The company reported <a href="https://tokenist.com/investing/how-to-value-a-stock/" rel="noopener noreferrer nofollow" class="deco-link">earnings per share (EPS)</a> of $2.53, marking a 14% increase over the same period in 2023. Excluding charges related to intangible amortization, restructuring, and acquisitions, the adjusted EPS reached a record $2.84, reflecting a 15% increase from the previous year.</p>
<p>The company achieved a third-quarter sales record of $6.3 billion, driven by an 8% organic sales growth despite challenges such as Hurricane Helene and labor strikes in the aerospace sector. The segment margins for the quarter were also noteworthy, reaching a record 24.3%, which is a 70-basis point improvement over the third quarter of 2023. Operating cash flow and free cash flow set new records at $1.3 billion and $1.1 billion, respectively, both showing significant increases from the previous year.&nbsp;</p>
<p>Eaton’s strong performance was bolstered by substantial backlog growth in its Electrical and Aerospace segments, with increases of 25% and 14%, respectively. The company also reported accelerated orders, particularly in the Electrical Americas segment, which saw a 16% increase.</p>
<h3 id="eaton-beats-eps-expectations-in-third-quarter-revenue-in-line">Eaton Beats EPS Expectations in Third Quarter, Revenue in Line</h3>
<p>Eaton’s third-quarter performance exceeded market expectations, which had anticipated an EPS of $2.8 and revenue of $6.37 billion. The company surpassed these expectations with an adjusted EPS of $2.84 and revenue of $6.3 billion, demonstrating its ability to navigate external challenges effectively.&nbsp;</p>
<p>The slight shortfall in revenue compared to expectations can be attributed to the impacts of Hurricane Helene and aerospace industry labor strikes, which collectively resulted in a $50 million sales headwind.The company’s Electrical Americas segment was a standout performer, achieving a record $3.0 billion in sales, up 14% from the previous year, driven entirely by organic growth.&nbsp;</p>
<p>Operating profits for this segment also reached a record $892 million, a 24% increase over the third quarter of 2023. The Aerospace segment also performed well, with sales reaching a record $946 million, up 9% year-over-year, and operating profits increasing by 10%.</p>
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<h3 id="eaton-raises-full-year-2024-guidance">Eaton Raises Full Year 2024 Guidance</h3>
<p>Looking ahead, Eaton has raised its full-year guidance for 2024, reflecting its confidence in continued strong performance. The company now expects segment margins to be between 23.5% and 23.9%, up from the previous range of 23.3% to 23.7%.&nbsp;</p>
<p>Full-year EPS guidance has been increased to between $9.47 and $9.53, with adjusted EPS expected to be between $10.75 and $10.81, representing an 18% increase at the midpoint over the prior year. For the fourth quarter of 2024, Eaton anticipates organic growth of 6% to 7%, with segment margins ranging from 23.6% to 24.0%.&nbsp;</p>
<p>The company expects EPS to be between $2.42 and $2.48, with adjusted EPS projected to be between $2.78 and $2.84. Eaton’s CEO, Craig Arnold, expressed confidence in the company’s ability to close the year on a high note and maintain positive momentum into 2025.</p> <iframe src="https://tokenist.substack.com/embed" width="100%" height="320" style="border:1px solid #EEE; background:white;" frameborder="0" scrolling="no"></iframe>
<p><em>Disclaimer: The author does not hold or have a position in any securities discussed in the article.</em></p>
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<p>The post <a rel="noopener noreferrer nofollow" href="https://tokenist.com/eaton-corporation-reports-third-quarter-with-2-84-eps-6-3-b-revenue/">Eaton Corporation Reports Third Quarter with $2.84 EPS, $6.3 B Revenue</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://tokenist.com">Tokenist</a>.</p>

Eaton Corporation Reports Third Quarter with $2.84 EPS, $6.3 B Revenue

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