Eaton Q1 Report 2023
- Record first quarter earnings per share of $1.59 and record first quarter adjusted earnings per share of $1.88, up 16% over 2022
- Record first quarter segment margins of 19.7%, 90 basis points above the first quarter of 2022
- 15% organic sales growth, above the high end of guidance, and strong backlog growth of 39% in Electrical and 27% in Aerospace
- Raised full year 2023 organic sales and adjusted earnings per share guidance
Intelligent power management company Eaton Corporation plc (NYSE:ETN) today announced that earnings per share were $1.59 for the first quarter of 2023. Excluding charges of $0.24 per share related to intangible amortization, $0.03 per share related to acquisitions and divestitures, and $0.02 per share related to a multi-year restructuring program, adjusted earnings per share of $1.88 were a first quarter record and up 16% over the first quarter of 2022.
Sales in the quarter were $5.5 billion, up 13% from the first quarter of 2022. Organic sales were up 15%, which was partially offset by 2% from negative currency translation.
Segment margins were 19.7%, a first quarter record and a 90-basis point improvement over the first quarter of 2022.
Operating cash flow in the quarter was $335 million and free cash flow was $209 million, up $293 million and $282 million, respectively, over the same period in 2022.
Craig Arnold, Eaton chairman and chief executive officer, said, “We’re encouraged by strong operational performance as we start the year, with record earnings per share and segment margins. Strong backlog growth, particularly in Electrical and Aerospace, points to ongoing demand across our markets. We’re confident in our ability to capitalize on growth drivers – including the effects of re-industrialization in North America and the megatrends of electrification, energy transition and digitalization – to deliver on our targets.”