Eaton Corporation plc announced record third quarter 2024 results, with earnings per share (EPS) of $2.53, a 14% increase over the prior year. Adjusted EPS reached a record $2.84, up 15% from the third quarter of 2023. Sales for the quarter were a record $6.3 billion, representing an 8% increase driven entirely by organic sales growth.
The company's segment margins improved to a record 24.3%, a 70-basis point increase year-over-year. Operating cash flow was $1.3 billion, up 15%, and free cash flow was $1.1 billion, up 23%, both setting new quarterly records. These strong financial metrics highlight effective execution and robust demand across Eaton's businesses.
Eaton also raised its full-year 2024 adjusted EPS guidance to a range of $10.75 to $10.81, reflecting confidence in continued positive momentum. The Electrical Americas segment notably achieved record sales of $3.0 billion, up 14%, and operating profits of $892 million, up 24%, with margins expanding to 30.1%.
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