Summary by Moomoo AI
Eaton Corporation reported strong Q3 2024 results, with net sales increasing 8% to $6.35 billion and net income attributable to shareholders rising 13% to $1.01 billion. Adjusted earnings per share grew 15% to $2.84. The Electrical Americas segment led growth with a 14% sales increase and 24% higher operating profit.The company saw strength in data center, commercial & institutional, and utility end-markets, offsetting weakness in residential and some industrial sectors. Eaton's aerospace business also performed well, with 9% sales growth. However, the vehicle segment experienced a 7% sales decline due to weakness in North America and Europe.Eaton maintained a solid financial position, with $473 million in cash and $1.52 billion in short-term investments as of September 30. The company continued its share repurchase program, buying back 3 million shares for $891 million in Q3. Looking ahead, Eaton plans to increase capital expenditures to support anticipated growth, expecting approximately $800 million in capex for 2024.
