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Eaton Corporation Delivers Impressive First Quarter 2024 Results with Record Earnings and Strong Future Guidance
Dublin, April 30, 2024 - Eaton Corporation plc (NYSE: ETN), a global leader in intelligent power management solutions, announced its first quarter results for 2024 today, showcasing exceptional financial performance and upward revisions in future guidance, reflecting confidence in continued growth.
Record-Breaking Financial Performance in Q1 2024
Eaton reported a remarkable start to the year with first quarter earnings per share (EPS) of $2.04 and adjusted EPS of $2.40, marking an impressive 28% increase compared to Q1 2023. This performance sets a new first quarter record for the company. Adjustments to the EPS include charges related to intangible amortization, a multi-year restructuring program, and recent acquisitions and divestitures.
The company’s total sales reached $5.9 billion, an 8% increase from the previous year, driven entirely by organic growth. Notably, segment margins reached 23.1%, surpassing the first quarter of 2023 by 340 basis points and setting another first quarter record.
Exceptional Growth in Key Segments
Eaton's Electrical Americas segment stood out with sales soaring to $2.7 billion, up 17% from the same period last year, and operating profits jumping by 50%. The segment’s operating margins reached an unprecedented 29.2%, reflecting a 630-basis point improvement year-over-year.
The Aerospace segment also reported robust growth, with sales up 9% organically, achieving a first quarter record of $871 million. The operating profits in this segment increased by 12% to $201 million, with margins expanding to 23.1%.
Despite a slight downturn, the Vehicle segment managed an 8% increase in operating profits and a 150-basis point improvement in margins, demonstrating resilience and potential for recovery.
Strong Orders and Backlog Indicate Continued Momentum
Eaton has experienced significant growth in orders and backlog across its segments, particularly in the Electrical and Aerospace sectors, where backlog growth was reported at 27% and 11%, respectively. This robust backlog not only underscores the ongoing demand for Eaton’s products but also solidifies its market position in key industries like data centers and utilities.
Upward Revision in 2024 Full-Year Guidance
Reflecting the strong quarter results and positive market dynamics, Eaton has raised its full-year guidance for 2024. The company now expects organic sales growth of 7-9%, up from the previously forecasted 6.5-8.5%. Moreover, segment margin projections have been revised upward to 22.8-23.2%, and EPS is anticipated to be between $8.95 and $9.35. Adjusted EPS forecasts have also been adjusted to a range of $10.20 to $10.60, indicating a 14% increase at the midpoint over the previous year.
CEO's Outlook: Confident and Optimistic
Craig Arnold, Eaton’s Chairman and CEO, expressed confidence in the company's strategic direction and execution capabilities. "Our ability to capitalize on increased project activity tied to megatrends, reindustrialization, and infrastructure spending has been exceptional. We remain very confident in our team's ability to execute on our increased targets for the year," said Arnold.
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