Eaton Corporation plc reports developments for an intelligent power management company serving data center, utility, industrial, commercial, institutional, machine building, residential, aerospace and mobility markets. Recurring updates cover earnings, orders, backlog, segment performance, dividends and capital allocation, with particular attention to Electrical Americas, Electrical Global, Aerospace and Mobility activities.
Company news also includes product and portfolio actions tied to electrification and digitalization. Eaton updates include data center power and cooling infrastructure, medium-voltage switchgear, grid-to-chip systems, aerospace aftermarket service agreements, residential electrification partnerships and completed acquisitions such as Boyd Thermal, which added liquid-cooling and thermal-management capabilities to the Electrical Global segment.
Eaton (ETN) has been awarded a $3.5M contract by the Air Force Research Lab (AFRL) to design a new podded refueling boom system called SHARK (Small Hybrid Aerial Refueling Kit). The platform-agnostic design will enable both traditional and non-traditional tanker aircraft to perform safe in-flight refueling, including autonomous systems. The contract was awarded through AFRL's Transformational Capabilities Office following Eaton's participation in the Air-to-Air Refueling Mechanism Digital Design Challenge by AFWERX.
Eaton (NYSE:ETN) has appointed Omar Zaire as president, Corporate and Electrical Sector, EMEA region, succeeding Tim Darkes who will retire effective June 1, 2025. Zaire, who brings 27 years of electrical industry experience including 16 years at Eaton, will report to Heath Monesmith, Chief Operating Officer, Electrical Sector. Currently serving as senior vice president and general manager of Power Reliability Division, Electrical Sector, Americas, Zaire has held various leadership roles globally. The company reported revenues of $23.2 billion in 2023 and serves customers in more than 160 countries.
Eaton (NYSE:ETN) reported strong Q3 2024 results with earnings per share of $2.53, up 14% year-over-year, and record adjusted earnings per share of $2.84, up 15%. Sales reached a Q3 record of $6.3 billion, up 8% from 2023. The company achieved record segment margins of 24.3% and record quarterly operating cash flow of $1.3 billion. Strong order growth was seen across segments, with Electrical Americas orders up 16% and backlog growth of 25% in Electrical and 14% in Aerospace. Based on strong performance, Eaton raised its full-year 2024 guidance, expecting adjusted earnings per share between $10.75 and $10.81, up 18% at midpoint over prior year.
Eaton has launched its new Inflation Reduction Act (IRA) Savings Calculator in collaboration with Rewiring America. This tool helps homeowners estimate federal tax rebates and incentives for electrical system upgrades. The calculator provides personalized savings estimates, detailed breakdowns of smart technology recommendations, and connects users with local Eaton Certified electricians.
The initiative supports Eaton's Home as a Grid approach, which aims to transform homes from energy users to producers through intelligent energy management technologies. With $369 billion in IRA funding available for clean energy programs, the calculator simplifies access to sustainable living practices while helping contractors better advise clients on eco-friendly upgrades.
Eaton has been selected to modernize the electrical infrastructure of Miami's Metromover mass transit system, which served over 6.5 million riders in 2023. The project, supported by Infrastructure Investment and Jobs Act funding, is part of Miami-Dade County's $153 million initiative to expand and upgrade its automated train network. Eaton will supply low-voltage air replacement circuit breakers and motor control components to modernize 21 aging electrical substations. The project, expected to complete by early 2025, aims to increase system reliability and capacity without requiring complete substation replacement.
Eaton (ETN) has been selected to modernize the electrical infrastructure of Miami's Metromover transit system, which served over 6.5 million riders in 2023. The project, supported by Infrastructure Investment and Jobs Act funding, is part of Miami-Dade County's $153 million initiative to expand and upgrade its automated train network. Eaton will supply low-voltage air replacement circuit breakers and motor control components to modernize 21 aging electrical substations. The project is expected to be completed by early 2025.
Eaton (NYSE:ETN), an intelligent power management company, has announced the election of Andre Schulten to its Board of Directors, effective October 22, 2024. Schulten, currently the chief financial officer of The Procter & Gamble Company (P&G), brings extensive experience in finance, accounting, and global business management to Eaton's board.
Schulten's career at P&G spans nearly three decades, during which he has held various leadership roles across different regions and business segments. His expertise includes product portfolio strategy, implementing new business models, and supply chain redesign. Notably, he led the systems and IT integration for P&G's global Gillette acquisition.
Eaton's Chairman and CEO, Craig Arnold, expressed confidence in Schulten's ability to contribute valuable insights to the board, citing his experience as a public company CFO and his track record in leading global enterprises.
Eaton (NYSE:ETN), an intelligent power management company, has declared a quarterly dividend of $0.94 per ordinary share. The dividend is payable on November 22, 2024, to shareholders of record at the close of business on November 4, 2024. Eaton has consistently paid dividends on its shares every year since 1923.
The company, founded in 1911, focuses on protecting the environment and improving quality of life through its products for various markets including data centers, utilities, industrial, commercial, aerospace, and mobility. Eaton is committed to sustainable business practices and helping customers manage power efficiently. The company reported revenues of $23.2 billion in 2023 and serves customers in over 160 countries.
Eaton (NYSE:ETN), an intelligent power management company, has announced the appointment of A.D. Naik as senior vice president, FP&A and finance transformation, effective October 23, 2024. Naik will lead the company's global financial planning & analysis and finance transformation strategy, reporting to Olivier Leonetti, executive vice president and chief financial officer. He will also join Eaton's senior leadership team.
Naik currently serves as senior vice president, finance, Electrical Sector at Eaton. His previous roles include vice president, controller, Electrical Sector, and vice president, finance & planning, Vehicle Group. Before joining Eaton, Naik held positions at Precision Castparts Corp. and Avery Dennison Corp. He holds a bachelor's degree from Miami University in Ohio and an MBA from the University of Southern California.
Eaton (NYSE:ETN), an intelligent power management company, has announced it will release its third quarter 2024 earnings on Thursday, October 31, 2024, before the New York Stock Exchange opens. The company will host a conference call at 11 a.m. Eastern time to discuss the results with analysts and investors. A live webcast of the call will be available on Eaton's website.
Eaton, founded in 1911, focuses on protecting the environment and improving quality of life through products for various markets including data centers, utilities, and aerospace. The company reported revenues of $23.2 billion in 2023 and serves customers in over 160 countries. Eaton is committed to sustainable business practices and is working towards accelerating the transition to renewable energy sources.