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OFFON

EATON CORPORATION PLC

(ETN)
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Eaton 1Q Profit Climbs as Margins Increase

05/04/2021 | 05:07am EDT

By Matt Grossman

Eaton Corp. PLC on Tuesday logged posted a stronger first-quarter profit, despite a decline in revenue related to the divestiture of one of its business lines.

The Ireland-based power-components company logged first-quarter net income attributable to shareholders of $1.14 a share, up from $1.07 a share a year earlier. The company's total net income attributable to shareholders was $458 million, up from $438 million.

Accounting for one-time items, the company's adjusted earnings were $1.44 a share, it said. Analysts surveyed by FactSet had forecast an adjusted profit of $1.24 a share.

Eaton said sales fell to $4.69 billion from $4.79 billion. Analysts had forecast $4.55 billion.

The company said the divestiture of Eaton's lighting business had caused a negative effect on the company's sales of 5.5%. On an organic basis, sales grew by half a percent.

Aerospace sales fell 24% year over year as the coronavirus pandemic continued to cause a downturn in commercial aviation, and the lighting divestiture caused a 9% decline in electrical sales in the Americas, the company said. Global electrical sales grew by 10% year over year, and hydraulics sales were up by 11%, it said.

Sales from Eaton's vehicle segment rose by 9%. Revenue from Eaton's eMobility division, which works on electric-vehicle technology, grew by 15%, the company said.

Segment margins were 17.7%, an improvement of 1.9 percentage points over the year-earlier level, Eaton said.

Write to Matt Grossman at matt.grossman@wsj.com

(END) Dow Jones Newswires

05-04-21 0707ET

Stocks mentioned in the article
ChangeLast1st jan.
DJ INDUSTRIAL 1.06% 34382.13 Delayed Quote.11.16%
EATON CORPORATION PLC 1.62% 148.16 Delayed Quote.23.32%
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Financials (USD)
Sales 2021 18 974 M - -
Net income 2021 2 062 M - -
Net Debt 2021 7 951 M - -
P/E ratio 2021 28,7x
Yield 2021 2,04%
Capitalization 59 042 M 59 042 M -
EV / Sales 2021 3,53x
EV / Sales 2022 3,36x
Nbr of Employees 92 000
Free-Float 99,8%
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Technical analysis trends EATON CORPORATION PLC
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TrendsBullishBullishBullish
Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 25
Average target price 156,10 $
Last Close Price 148,16 $
Spread / Highest target 16,8%
Spread / Average Target 5,36%
Spread / Lowest Target -15,6%
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Managers and Directors
NameTitle
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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