Eaton Corporation delivered robust third-quarter 2024 results, with net sales rising 8% to $6.35 billion and net income increasing 13% to $1.01 billion. The company achieved a diluted earnings per share of $2.53, up 14% from $2.22 in the same period last year. Gross profit margin improved to 38.6% from 37.3% year-over-year, driven by higher sales and operating efficiencies.The Electrical Americas segment led growth with a 14% sales increase and 30.1% operating margin, boosted by strong performance in data center, commercial & institutional, and utility markets. Aerospace segment also showed solid growth with a 9% sales increase and 24.4% operating margin, while the Vehicle segment improved profitability despite lower sales. The company maintained strong liquidity with $1.99 billion in combined cash and short-term investments.Looking ahead, Eaton expects to increase capital expenditures to approximately $800 million in 2024 to support growth initiatives. The company continues its share repurchase program, buying back 3.0 million shares for $891 million in Q3, and implemented a new multi-year restructuring program expected to deliver $325 million in mature year benefits when fully implemented by 2026.

Eaton Corporation delivered robust third-quarter 2024 results, with net sales rising 8% to $6.35 billion and net income increasing 13% to $1.01 billion. The company achieved a diluted earnings per share of $2.53, up 14% from $2.22 in the same period last year. Gross profit margin improved to 38.6% from 37.3% year-over-year, driven by higher sales and operating efficiencies.The Electrical Americas segment led growth with a 14% sales increase and 30.1% operating margin, boosted by strong performance in data center, commercial & institutional, and utility markets. Aerospace segment also showed solid growth with a 9% sales increase and 24.4% operating margin, while the Vehicle segment improved profitability despite lower sales. The company maintained strong liquidity with $1.99 billion in combined cash and short-term investments.Looking ahead, Eaton expects to increase capital expenditures to approximately $800 million in 2024 to support growth initiatives. The company continues its share repurchase program, buying back 3.0 million shares for $891 million in Q3, and implemented a new multi-year restructuring program expected to deliver $325 million in mature year benefits when fully implemented by 2026.