"We delivered another strong quarter, and we're pleased with the first half of the year. Our markets are well positioned for the future."
— Craig Arnold
03Detailed Report
ETN
Eaton Corporation plc
Period
Q2 2024
CurrencyUSD
Report TypeQuarterly Earnings
GeneratedMay 30, 2026
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Executive Summary
Eaton Corporation plc delivered outstanding financial performance in Q2 2024, with total revenue reaching $6.4 billion, an increase of 8% YOY and a 6.85% increase over the previous quarter. The company reported an adjusted EPS of $2.73, an all-time high reflecting a 24% increase compared to the prior year. Strength across electrical and aerospace markets, along with robust order backlogs, supported a raised full-year guidance for organic growth and operating margins. CEO Craig Arnold noted that the combination of strong market demands and effective execution positions Eaton well for the second half of the year and beyond.
Key Performance Indicators
Revenue
Increasing
6.35B
QoQ: 6.85% | YoY: 8.25%
Gross Profit
Increasing
2.41B
37.94% margin
QoQ: 8.61% | YoY: 13.69%
Operating Income
Increasing
1.22B
QoQ: 21.70% | YoY: 35.67%
Net Income
Increasing
993.00M
QoQ: 20.95% | YoY: 33.47%
EPS
Increasing
2.49
QoQ: 21.46% | YoY: 33.16%
Revenue Trend
Margin Analysis
Financial Highlights
- Revenue: $6.4 billion (up 8% YoY, 6.85% QoQ)
- Gross Profit: $2.41 billion (Gross Margin: 37.4%)
- Operating Income: $1.22 billion (Operating Margin: 19.1%)
- Net Income: $993 million (Net Margin: 15.6%)
- Adjusted EPS: $2.73 (up 24% YoY)
- Electrical Americas segment grew by 13% organically, boasting a record operating margin of 29.9%.
- Aerospace segment reported 13% organic growth with a 21.5% operating margin, despite a year-on-year decline of 100 basis points due to operational inefficiencies.
Income Statement
Metric
Value
YoY Change
QoQ Change
Revenue
6.35B
8.25%
6.85%
Gross Profit
2.41B
13.69%
8.61%
Operating Income
1.22B
35.67%
21.70%
Net Income
993.00M
33.47%
20.95%
EPS
2.49
33.16%
21.46%
Key Financial Ratios
Gross Profit Margin
Fair
37.90%
Gross profit margin is moderate, room for improvement in cost management
Operating Profit Margin
Good
19.20%
Operating margin is healthy and competitive within industry standards
Net Profit Margin
Good
15.60%
Net profit margin is healthy and competitive within industry standards
Return on Assets
Weak
2.52%
Return on assets suggests inefficient capital allocation
Return on Equity
Fair
5.17%
Return on equity is acceptable but below top-tier companies
Current Ratio
Healthy
1.56
Current ratio shows adequate liquidity to meet short-term obligations
Debt to Equity
Moderate
0.55
Debt-to-equity indicates balanced capital structure with manageable debt
P/E Ratio
Growth
31.39x
Elevated P/E suggests growth expectations or premium valuation
Price to Book
High Premium
6.49x
Very high premium suggests asset-light business model or lofty expectations
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