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Eaton Lowers Midpoint Of 2019 Earnings Guidance Due To Lower Markets

Eaton Corporation plc (ETN) said the company now expects 2019 adjusted earnings per share to be between $5.67 and $5.77. For 2019, the company now expects organic sales to grow 1 percent, compared to previous estimate of 3 percent. Analysts polled by Thomson Reuters expect the company to report profit per share of $5.81. Analysts' estimates typically exclude special items.

For the fourth quarter of 2019, Eaton Corporation plc anticipates adjusted earnings per share to be between $1.36 and $1.46. Analysts expect the company to report profit per share of $1.51.

Third-quarter adjusted earnings per share was $1.52, up 6 percent from prior year, excluding the 2018 arbitration decision related to the legacy Cooper business. On average, 22 analysts polled by Thomson Reuters expected the company to report profit per share of $1.51, for the quarter.

Third-quarter sales were $5.3 billion, down 2 percent from the third quarter of 2018. Organic sales were down 1 percent, for the quarter. Analysts expected revenue of $5.5 billion for the quarter.

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