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 firstname.lastname@example.org
(END) Dow Jones Newswires
February 02, 2021 07:00 ET (12:00 GMT)Copyright (c) 2021 Dow Jones & Company, Inc.