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Eaton profit misses consensus by 31.5% in Q3

Eaton Corp. plc said its third-quarter normalized net income was 67 cents per share, compared with the S&P Capital IQ consensus estimate of 98 cents per share.

EPS fell 22.3% year over year from 86 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $311.6 million, a decrease of 24.0% from $410.1 million in the prior-year period.

The normalized profit margin dropped to 6.0% from 7.2% in the year-earlier period.

Total revenue decreased 9.2% year over year to $5.20 billion from $5.73 billion, and total operating expenses declined 7.4% on an annual basis to $4.65 billion from $5.02 billion.

Reported net income fell 25.5% year over year to $447.7 million, or 96 cents per share, from $601.3 million, or $1.26 per share.