By Adria Calatayud

Eaton Corp. PLC (ETN) Thursday said that net income rose 26% in the fourth quarter, benefiting from a positive impact related the U.S. tax reform.

The Ireland-based, U.S.-listed power-management company earned a quarterly profit of $634 million, or $1.43 a diluted share, compared with $504 million, or $1.12 a share, for the same period last year. Analysts expected a net profit of $533.3 million, or $1.19 cents a diluted share, according to FactSet.

Excluding fourth-quarter income related to the U.S. tax reform, Eaton reported an adjusted profit of $1.29 a share for the quarter, up 15% on year. Analysts estimated adjusted earnings of $1.21 a share for the period.

Sales rose 7% to $5.21 billion, from $4.87 billion for the fourth quarter ended Dec. 31, 2016. This exceeded analysts forecasts of $5.10 billion in sales, according to FactSet.

Eaton Chief Executive Craig Arnold said fourth-quarter revenue was ahead of guidance, while net income and adjusted earnings per share were at the high-end of the company's guided range.

For 2018, Eaton expects organic revenue to grow around 4% and adjusted earnings per share to be between $5.00 and $5.20. First-quarter adjusted earnings per share are estimated at between $1.00 and $1.10, the company said.

Write to Adria Calatayud at adria.calatayudvaello@dowjones.com

(END) Dow Jones Newswires

February 01, 2018 07:11 ET (12:11 GMT)

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