Eaton's 4Q Profit Gains Despite Lower Sales
02 Febbraio 2021 - 1:15PM
Dow Jones News
By Matt Grossman
Eaton Corp. posted stronger earnings in the latest quarter
despite a decline in revenue.
The Ireland-based company, which makes power devices, logged
earnings of $1.18 a share, compared with $1.09 a share in the same
three-month period a year earlier. The company's net income
attributable to ordinary shareholders was $475 million, down from
$452 million in last year's fourth quarter.
The company's adjusted earnings were $1.28 a share. Analysts
surveyed by FactSet had forecast an adjusted profit of $1.20 a
share.
Revenue declined to $4.69 billion, down from $5.24 billion in
2019's fourth quarter. Analysts were forecasting revenue of $4.61
billion.
Organic sales fell 5%, and sales were reduced by a further 8%
because of the company's divestitures of its lighting and
automotive fluid-conveyance businesses.
Acquisitions partially offset the revenue decline, adding 2% to
the company's sales figures.
Write to Matt Grossman at matt.grossman@wsj.com
(END) Dow Jones Newswires
February 02, 2021 07:00 ET (12:00 GMT)
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