Eaton Earnings: Here’s Why Shares are Up Now
Eaton Corporation (NYSE:ETN) delivered a profit and beat Wall Street’s expectations, BUT came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company. Shares are up 0.60%.
Eaton Corporation Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased 8.7% to $0.84 in the quarter versus EPS of $0.92 in the year-earlier quarter.
Revenue: Rose 34.09% to $5.31 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Eaton Corporation reported adjusted EPS income of $0.84 per share. By that measure, the company beat the mean analyst estimate of $0.79. It missed the average revenue estimate of $5.43 billion.
Quoting Management: Alexander M. Cutler, Eaton chairman and chief executive officer, said, “We are maintaining our guidance for full year operating earnings per share of between $4.05 and $4.45,” said Cutler. “2013 is a year in which our results will depend more on our execution than on global growth. We are off to a great start this year, with our execution driving stronger than expected results in the first quarter. Based on the midpoint of our guidance, our operating earnings per share in 2013 will grow 8 percent.”
Key Stats (on next page)…