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Sep 30, 2023
Eaton Q3 2023 Earnings Report
Eaton reported record quarterly results with backlog growth and raised guidance.
Key Takeaways
Eaton Corporation reported record quarterly sales of $5.9 billion, up 11% from the third quarter of 2022, with 9% organic sales growth. The company's adjusted earnings per share were $2.47, a 22% increase over the prior year. Operating cash flow was a third quarter record at $1.1 billion, and free cash flow was $913 million, up 18% and 10%, respectively, over the same period in 2022.
Earnings per share of $2.22 and record adjusted earnings per share of $2.47, up 22% over 2022.
Record quarterly sales with 9% organic sales growth.
Record quarterly segment margins of 23.6%, 240 basis points above the third quarter of 2022.
Third quarter record operating cash flow of $1.1 billion, up 18%.
Revenue by Segment
Forward Guidance
For the fourth quarter of 2023, the company anticipates organic growth of 8-10% and adjusted earnings per share of between $2.39 and $2.49.
Positive Outlook
- Company anticipates organic growth of 8-10% for Q4 2023.
- Adjusted earnings per share are expected to be between $2.39 and $2.49 for Q4 2023.
- Full year organic growth guidance narrowed to a range of 11% to 12%.
- Adjusted earnings per share guidance raised to between $8.95 and $9.05.
- Full year operating cash flow guidance raised to $3.3-$3.7 billion.
Challenges Ahead
- Forward-looking statements are subject to various risks and uncertainties.
- Unanticipated changes in the markets for the company’s business segments could affect results.
- Competitive pressures on sales and pricing may impact performance.
- Supply chain disruptions could lead to material and labor cost increases.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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