Eaton: Q1 Earnings Snapshot
DUBLIN (AP) _ Eaton Corp. PLC (ETN) on Tuesday reported first-quarter net income of $458 million.
On a per-share basis, the Dublin-based company said it had net income of $1.14. Earnings, adjusted for amortization costs and costs related to mergers and acquisitions, were $1.44 per share.
The results topped Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $1.25 per share.
The power management company posted revenue of $4.69 billion in the period, also topping Street forecasts. Seven analysts surveyed by Zacks expected $4.52 billion.
For the current quarter ending in July, Eaton expects its per-share earnings to range from $1.45 to $1.55. Analysts surveyed by Zacks had forecast adjusted earnings per share of $1.30.
The company expects full-year earnings in the range of $5.90 to $6.30 per share.
Eaton shares have climbed 20% since the beginning of the year, while the S&P’s 500 index has increased 12%. The stock has increased 76% in the last 12 months.