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Eaton Corporation PLC ETN
Q1 2013 Earnings Call Transcript

Transcript Call Date 04/29/2013

Operator: Ladies and gentlemen, thank you for standing by, and welcome to the Eaton Corporation First Quarter Earnings Conference Call. At this time, all participants are in a listen-only mode and later, we will conduct a question-and-answer session. Instructions will be given at that time. As a reminder, today's conference is being recorded.

I'd now like to turn the conference over to your host, Mr. Don Bullock. Please go ahead.

Donald H. Bullock Jr. - SVP-Communications: Good morning. I'm Don Bullock, Senior Vice President of Investor Relations. Welcome to Eaton's first quarter 2013 earnings conference call. Joining me this morning are Sandy Cutler, Chairman and CEO; and Rick Fearon, Vice Chairman and CFO.

As has been our practice, we'll begin today's call with comments from Sandy, followed by a question-and-answer session.

Before turning it over to Sandy, I'd like to cover a couple of items; first, I'd take a moment to draw your attention to Page 2 of the presentation for today's call. Our presentation today contains certain forward-looking statements. Comments included on Page 2 in the presentation outlines factors that could cause the actual results to differ from those statements. These factors are also noted in today's press release and the related Form 8-K. In addition, this presentation also includes certain non-GAAP measures as defined by the SEC. A reconciliation of those measures to the most directly comparable GAAP equivalent is provided in the Investor Relations section of our website at www.eaton.com.

With that, I will turn it over to Sandy.

Alexander M. Cutler - Chairman and CEO: Great. Thanks, Don, and thank you all for joining us this morning. (indiscernible) chance to cover with you our achievements really of the first quarter and maybe just a couple of comments to proceed talking through the presentation, which I hope you've all had a chance to download this morning. I'll be working off through those slides.

Now, if you will turn to Slide number 3, this is labeled highlights of our first quarter results. Couple of comments; first this is the first full quarter results reflecting our acquisition of Cooper Industries and as such you will note that we are reporting in our new segments that we had outlined to you in our last earnings call. You will also note for those who are used to following our earnings call that we are not providing any quarterly market growth or outgrowth information on a quarterly basis. The process of both the acquisition and (get) all this information has just made that very difficult for us to do at this time.

So, with that let me start off and just hit these couple of points on this first chart, again I am on Chart number 3, operating earnings per share of $0.84 obviously compares very favorably above the top end of the guidance that we've provided for the first quarter and against a consensus of $0.79. Sales were $5.3 billion, obviously a record, benefiting quite a bit from the acquisition of Cooper and the other acquisitions we concluded last year. About 40 points from acquisition, negative 1 from ForEx and a negative 5 from organic growth.

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