Eaton Corp. (JBLU), while reporting higher third-quarter results, on Tuesday issued fourth-quarter earnings outlook, and also raised fiscal 2023 forecast, both above market.
In pre-market activity on the NYSE, Eaton shares were gaining around 4.7 percent to trade at $207.
For the fourth quarter, the company projects adjusted earnings per share of between $2.39 and $2.49 and organic growth of 8 percent-10 percent.
On average, 17 analysts polled by Thomson Reuters expect earnings of $2.37 per share for the quarter. Analysts' estimates typically exclude special items.
For fiscal 2023, the company raised adjusted earnings per share guidance to between $8.95 and $9.05, up $0.25 at the midpoint.
The Street is looking for earnings of $8.80 per share for the year.
Further, the company narrowed full year organic growth guidance to a range of 11 percent to 12 percent, up 50 basis points at the midpoint.
In its third quarter, Eaton's profit increased from last year and beat the Street estimates.
The company's earnings came in at $891 million, or $2.23 per share. This compares with $607 million, or $1.52 per share, in last year's third quarter.
Adjusted earnings were $994 million or $2.47 per share for the period. Analysts expected the company to earn $2.34 per share.
The company's revenue for the quarter rose 10.7 percent to $5.88 billion from $5.31 billion last year.
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