Eaton Corp. plc (ETN) reported first-quarter net income to shareholders of $466 million or $1.00 per share, compared to $439 million or $0.92 per share, prior year.
Operating earnings per share for the latest first quarter were $1.01, same as last year. On average, 22 analysts polled by Thomson Reuters expected the company to report profit per share of $0.98 for the quarter. Analysts' estimates typically exclude special items.
Net sales declined to $5.22 billion from $5.49 billion in the comparable quarter last year, while 18 analysts expected revenue of $5.30 billion for the quarter.
For the second quarter, the company expects operating earnings per share, which exclude an estimated $16 million of pre-tax charges to integrate recent acquisitions, to be between $1.10 and $1.20 per share. Analysts expect the company to report second-quarter earnings per share of $1.20.
In 2015, Eaton now expects operating earnings per share to be between $4.65 and $4.95, down from its previous range of $4.75 and $5.05 per share. Analysts now expect the company to report full year earnings per share of $4.82.
As a result of weaker conditions in some of its markets, the company now anticipates organic revenue growth in 2015 will be between 2 and 3 percent, 1 percent lower than its earlier estimate. The company now expects the impact of negative currency translation to be 5 percent, 1 percent higher than its earlier expectation.
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