Earnings Summary: Highlights of Eaton’s Q2 2024 financial results

Power management company Eaton Corp. (NYSE: ETN) reported an increase in sales and net profit for the second quarter of 2024.

• The company reported record second-quarter earnings per share of $2.48, which is up 33% from the prior-year quarter
• Second-quarter adjusted earnings per share increased 24% year-over-year to $2.73
• Sales during the quarter were $6.4 billion, up 8% from the second quarter of 2023
• Segment margins advanced by 210 basis points to an all-time high of 23.7% during the three months
• Organic sales grew 9% during the three months; backlog increased 27% in Electrical and rose14% in Aerospace
• Operating cash flow was $946 million and free cash flow was $759 million in Q2, up 11% and 10% respectively
• For the full year 2024, the company expects organic growth to be in the range of 8% to 9%
• Adjusted earnings per share is expected to be between $10.65 and $10.75 in FY24, up 17% at the midpoint over the prior year