NBCT - Eaton Boosts 2024 Guidance As Electrical And Aerospace Sectors Excel | Benzinga
Eaton Corporation plc (NYSE:ETN) on Tuesday reported a first-quarter FY24 net sales growth of 8% Y/Y to $5.94 billion, beating the consensus of $5.91 billion.
Organic growth of 8% Y/Y was at the high end of guidance in the quarter.
Sales by segments: Electrical Americas $2.7 billion (+17% Y/Y), Electrical Global $1.5 billion (flat Y/Y), Aerospace $871 million (+9% Y/Y), Vehicle $724 million (-2% Y/Y) and eMobility $158 million (+7% Y/Y).
Eaton reported strong growth in the Electrical sector backlog, up 27% with a book-to-bill ratio of 1.2, and the Aerospace backlog, up 11% with a book-to-bill ratio of 1.1.
Total segment operating profit margin expanded ...