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Sep 30, 2024
Eaton Q3 2024 Earnings Report
Eaton reports record third quarter results driven by organic sales growth and strong segment performance.
Key Takeaways
Eaton reported a record third quarter with earnings per share of $2.53, up 14% over 2023, and adjusted earnings per share of $2.84, up 15% over 2023. Sales reached $6.3 billion, an 8% increase driven by organic sales growth. The company raised its full-year 2024 segment margin, earnings per share, and adjusted earnings per share guidance.
Third quarter earnings per share of $2.53, up 14% over 2023, and record quarterly adjusted earnings per share of $2.84, up 15% over 2023.
Record segment margins of 24.3%, 70 basis points above the third quarter of 2023.
8% organic sales growth, including approximately 50 basis points of headwinds from Hurricane Helene and labor strikes in the aerospace industry.
Strong backlog growth of 25% in Electrical and 14% in Aerospace.
Eaton
Eaton
Eaton Revenue by Segment
Revenue by Segment
Electrical Americas Revenue
CapyFin.comElectrical Global Revenue
CapyFin.comAerospace Revenue
CapyFin.comVehicle Revenue
CapyFin.comeMobility Revenue
CapyFin.com Forward Guidance
For the full year 2024, the company is raising the following guidance:
Positive Outlook
- Segment margins from 23.3-23.7% to 23.5-23.9%
- Earnings per share to between $9.47 and $9.53, up 18% at the midpoint over the prior year
- Adjusted earnings per share to between $10.75 and $10.81, up 18% at the midpoint over the prior year
Challenges Ahead
- Organic growth of 6-7%
- Segment margins of 23.6-24.0%
- Earnings per share between $2.42 and $2.48
- Adjusted earnings per share between $2.78 and $2.84
Revenue & Expenses
Visualization of income flow from segment revenue to net income