Eaton Shares Hit All-Time High on Strong 2Q, Upbeat Outlook
02 August 2023 - 5:06AM
Dow Jones News
By Dean Seal
Shares of Eaton hit an all-time high after the company reported
better-than-expected second-quarter results and issued upbeat
guidance for the third quarter and the year.
The stock was up 6.5% at $218.56 in late trading, just off an
all-time high of $219.28 earlier in the day. Shares have risen 39%
this year.
The Dublin, Ireland-based power-management company said it
expects to log adjusted earnings, which strip out one-time items,
of $2.27 to $2.37 a share in the third quarter. Analysts surveyed
by FactSet had been expecting $2.24 a share.
Annual adjusted earnings are projected to be $8.65 to $8.85 a
share, topping analyst forecasts for $8.46 a share, according to
FactSet.
The company released the rosy outlook after posting
second-quarter earnings of $744 million, or $1.86 a share, compared
with $601 million, or $1.50 a share, in the same quarter a year
ago.
Stripping out one-time items, adjusted earnings were $2.21 a
share. Analysts polled by FactSet had been expecting $2.11 a
share.
Revenue rose to $5.87 billion from $5.21 billion in the year-ago
period, topping analyst estimates of $5.76 billion, according to
FactSet.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
August 01, 2023 14:51 ET (18:51 GMT)
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