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 and Sunverge have expanded their collaboration to enhance utility management of residential EV charging with a new platform integrating Eaton's EV chargers and Sunverge's DER management solutions. This initiative responds to the anticipated demand from nearly 48 million EVs and aims to optimize energy use through real-time load management. The integration promises to improve grid resilience, flexibility, and support decarbonization efforts. Eaton's technologies will enable utilities to efficiently manage charging loads, benefiting both utility companies and EV owners.
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Eaton (NYSE:ETN), an intelligent power management company, will have its Chairman and CEO, Craig Arnold, participate in the BofA Securities Global Industrials Conference in London on March 22 at 3:40 p.m. GMT. Mr. Arnold will engage in a fireside chat and address investor queries.
A live webcast of the event will be accessible via the company’s Investor Relations site, with a replay available afterward. Eaton aims to enhance quality of life and environmental sustainability, reporting $20.8 billion in revenues for 2022 and serving customers across 170 countries.
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Eaton has announced its participation in the InterSTORE project, a three-year EU-supported initiative aimed at developing standardized IT infrastructure for energy storage systems. The project commenced on January 1, 2023, and involves 12 partners, including RWTH Aachen University. Key objectives include creating open-source software for interoperability, addressing hybrid energy storage applications, demonstrating use cases in real-life labs, and promoting data standardization. Eaton aims to enhance energy storage solutions, optimize existing systems, and contribute to sustainable energy management amid rising energy prices and emissions regulations.
Eaton has declared a quarterly dividend of $0.86 per share, a 6% increase from the previous dividend. This dividend is payable on March 24, 2023, to shareholders of record on March 6, 2023. Founded in 1911, Eaton has consistently paid dividends since 1923. The company reported $20.8 billion in revenues for 2022 and operates in over 170 countries. As it celebrates its 100th anniversary on the New York Stock Exchange, Eaton aims to lead in sustainable power management and support the global shifts towards electrification and renewable energy.
Eaton highlights its commitment to second-chance hiring through the Georgetown Pivot Program, aimed at integrating formerly incarcerated individuals into the workforce. The company has implemented ban-the-box policies and revised its criminal review process, resulting in an increase in candidates passing the screening from 79.1% to 81.3% in 2021. As part of its social responsibility, Eaton collaborates with the Second Chance Business Coalition, which grew from 29 to 40 Fortune 500 companies in one year. Additionally, Eaton is enhancing its training and modifying job postings to promote fair opportunities for individuals with criminal records.
Eaton has entered a strategic partnership with IES to enhance building sustainability and facilitate energy transitions for building owners. This collaboration utilizes digital twin technology, enabling simulations to analyze energy efficiency and user comfort. The goal is to develop efficient energy ecosystems, focusing on EV charging and renewable energy. Eaton's Buildings as a Grid initiative aims to transform structures into energy hubs to comply with net-zero regulations. This partnership aligns with the global climate goal of reducing emissions from the built environment.