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Eaton Corporation Reports Q2 Beat, Provides Guidance
Aug 4, 2022 11:53 AM - Davit Kirakosyan
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Eaton Corporation (NYSE:ETN) reported its Q2 earnings results, with EPS of $1.86 coming in better than the Street estimate of $1.81. Revenue was $5.21 billion, compared to the Street estimate of $5.17 billion.
The company expects Q3/22 EPS to be in the range of $1.95-$2.05, compared to the Street estimate of $1.99. For the full 2022-year, the company expects EPS in the range of $7.36-$7.76, compared to the Street estimate of $7.46.
According to the analysts at RBC Capital, the company’s modest operating beat was driven by the upside in Electrical Americas. Notably, Electrical and Aerospace orders were up 25% and 19%, respectively and the backlog is at a record.
According to the analysts, the company joined the parade of multi-Industry companies with operating beats but not fully flowing through the beat into the guidance boost. The 4-cent 2022 guidance raise did not excite investors.
The analysts raised their price target on the company’s shares to $145 from $139, while maintaining their sector perform rating.
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