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OFFON

EATON CORPORATION PLC

(ETN)
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Eaton : Posts Lower 3Q Profit, Sales

11/03/2020 | 07:24am EDT

By Maitane Sardon

Eaton Corp. reported a decline in net profit and sales for the third quarter, and said its outlook for the fourth quarter remains uncertain due to the impact of the coronavirus pandemic.

Quarterly net profit at the Cleveland-based power-management company was $446 million, or $1.11 a share, compared with $601 million, or $1.44 a share, for the same period last year, the company said Tuesday.

Excluding items, it reported adjusted earnings of $1.18 a share for the quarter, compared with $1.52 last year and ahead of analysts' forecasts of $1.05 a share.

Sales fell to $4.52 billion from $5.31 billion, Eaton said. Analysts had expected $4.21 billion.

The company said the divestiture of its lighting and automotive-fluid conveyance businesses reduced sales by 8%, which was partly offset by 2% growth from acquisitions.

Chief Executive Craig Arnold said: "Our third quarter was stronger than expected, with organic sales down 9%, 6% better than the midpoint of our guidance range and up 16% over the second quarter."

The company said its outlook for the fourth quarter remains uncertain because of the potential impact the pandemic will have on activity levels in North America and Europe.

Eaton said that its share repurchases totaled $1.5 billion year to date, and that it continues to target share repurchases of between $1.7 billion and $1.9 billion for the full year 2020.

Write to Maitane Sardon at maitane.sardon@wsj.com

(END) Dow Jones Newswires

11-03-20 0723ET

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Financials (USD)
Sales 2021 18 997 M - -
Net income 2021 2 018 M - -
Net Debt 2021 7 682 M - -
P/E ratio 2021 30,7x
Yield 2021 1,93%
Capitalization 62 457 M 62 457 M -
EV / Sales 2021 3,69x
EV / Sales 2022 3,53x
Nbr of Employees 92 000
Free-Float 99,8%
Chart EATON CORPORATION PLC
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Technical analysis trends EATON CORPORATION PLC
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Mean consensus OUTPERFORM
Number of Analysts 25
Last Close Price 156,73 $
Average target price 160,10 $
Spread / Average Target 2,15%
EPS Revisions
Managers and Directors
Craig Arnold Chairman & Chief Executive Officer
Thomas Bernard Okray Chief Financial Officer & Executive Vice President
Raja Ramana Macha Chief Technology Officer & Executive VP
Katrina R. Redmond Chief Information Officer & Senior Vice President
Joe Rodgers Senior Vice President-Ethics & Compliance
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