Eaton Corp. (ETN) has announced its second-quarter earnings, showcasing a significant improvement from the previous year and surpassing Wall Street's expectations.
The company's net income for the period reached $993 million, equating to $2.49 per share, compared to $744 million, or $1.86 per share, in the same quarter last year.
When excluding special items, Eaton Corp. reported adjusted earnings of $1.096 billion, or $2.73 per share.
Analysts, as surveyed by Thomson Reuters, had anticipated earnings of $2.61 per share on average, typically excluding special items.
The revenue for the quarter saw an 8.3% increase, rising to $6.350 billion from $5.866 billion in the prior year.
A synopsis of Eaton Corp.'s earnings based on Generally Accepted Accounting Principles (GAAP) is as follows:
- Earnings (Q2): $993 million, up from $744 million last year.
- Earnings per Share (Q2): $2.49, up from $1.86 last year.
- Revenue (Q2): $6.350 billion, up from $5.866 billion last year.
**Guidance:**
- Projected EPS for the next quarter: $2.73 - $2.83
- Full-year EPS guidance: $10.65 - $10.75
