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Amended: Eaton Q2 Net Profit Increases, Beats Estimates; Raises FY22 Outlook - Update

(Amended to say Q2 profit increased)

Eaton Corp. (ETN) released earnings for its second quarter that increased from the same period last year and beat the Street estimates.

The company's earnings totaled $601 million, or $1.51 per share. This compares with $506 million, or $1.27 per share, in last year's second quarter. On a diluted basis, earnings were $1.50 vs $1.26 a share last year.

Excluding items, Eaton Corp. reported adjusted earnings of $751 million or $1.87 per share for the period.

Analysts on average had expected the company to earn $1.82 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 0.2% to $5.21 billion from $5.22 billion last year.

Outlook

Eaton provided adjusted earnings and organic growth guidance for the third quarter and raised its outlook for the full-year 2022.

For the third quarter of 2022, the company anticipates organic growth of 13-15% and adjusted earnings per share of between $1.95 and $2.05.

For the full year 2022, the company now expects organic growth guidance from to 11% to 13% from previously expected 9% to 11%. The company also raised adjusted earnings per share to between $7.36 and $7.76 from previously expected range $7.32 and $7.72 per share .

Analysts expect earnings of $1.99 per share for the third quarter, and $7.49 per share for the year.

Eaton Corp. earnings at a glance (GAAP) :

-Earnings (Q2): $601 Mln. vs. $506M. last year.
-EPS (Q2): $1.51 vs. $1.27 last year; Diluted: $1.50 vs. $1.26
-Analyst Estimate: $1.82
-Revenue (Q2): $5.21 Bln vs. $5.22 Bln last year.

-Guidance:
Next quarter EPS guidance: $1.95 - $2.05
Full year EPS guidance: $7.36 - $7.76

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