Eaton Q2 Profit Climbs; Lifts FY23 Earnings View Above Estimates

(RTTNews) - Eaton Corp. plc (ETN) Tuesday announced an increase in second-quarter earnings on improved net sales, compared to the prior year. The company raised full-year earnings as well as projected third-quarter earnings

The quarterly earnings were $745 million or $1.86 per share, up from $601 million or $1.50 per share last year. On an adjusted basis, earnings were $2.21 per share. On average, 17 analysts polled by Thomson Reuters were looking for earnings of $2.11 per share. Analysts' estimates usually exclude special items.

Net sales for the quarter increased to$5.87 billion from $5.21 billion a year ago. Wall Street estimates were for $5.75 billion.

Looking ahead, the company raised its full-year adjusted earnings per share guidance to between $8.65 and $8.85, up $0.35 at the midpoint. Street expects $8.45 per share.

For the third quarter of 2023, the company expects adjusted earnings per share of between $2.27 and $2.37 on organic growth of 9-11 percent. Analysts' projection is $2.24 per share on revenue of $5.76 billion.