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Eaton Corp PLC ETN Stock Quote

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Morningstar‘s Stock Analysis ETN

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Eaton’s Third Quarter Largely as Expected; We Maintain Fair Value Estimate

Joshua Aguilar Senior Analyst

Analyst Note

| Joshua Aguilar |

After reviewing narrow-moat-rated Eaton’s third-quarter results, we see no reason to change our $154 fair value estimate. Revenue increased 8% on a reported basis to $5.3 billion, or 15% on an organic basis, fairly balanced between price and volume. Except for aerospace, which we were disappointed by, all of Eaton’s five remaining operating segments saw double-digit increases in organic top-line growth. Sales came in line-ball accurate with our expectations, though vehicle outperformed and made up the shortfall from aerospace.

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Key Statistics ETN

Company Profile ETN

Business Description

Eaton is a diversified power management company operating for over 100 years. The company operates through various segments, including electrical products, electrical systems and services, aerospace, vehicle, and most recently eMobility. Eaton’s portfolio can broadly be divided into two halves. One part of its portfolio is housed under its industrial sector umbrella, which serves a large variety of end markets like commercial vehicles, general aviation, and trucks. The other portion is Eaton’s electrical sector portfolio, which serves data centers, utilities, and the residential end market, among others. While the company receives favorable tax treatment as a domiciliary of Ireland, most of its operations take place in the U.S.

30 Pembroke Road, Eaton House
Dublin 4, D04 Y0C2, Ireland
T +353 16372900
Industry Specialty Industrial Machinery
Most Recent Earnings Sep 30, 2022
Fiscal Year End Dec 31, 2022
Employees 85,947

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