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Eaton profit misses consensus by 26.6% in Q1

Eaton Corp. plc said its first-quarter normalized net income was 64 cents per share, compared with the S&P Capital IQ consensus estimate of 88 cents per share.

EPS climbed 6.6% year over year from 60 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $290.6 million, a gain from $277.9 million in the year-earlier period.

The normalized profit margin rose to 6.0% from 5.8% in the year-earlier period.

Total revenue totaled $4.85 billion, compared with $4.81 billion in the year-earlier period, and total operating expenses came to $4.34 billion, compared with $4.33 billion in the year-earlier period.

Reported net income grew 7.0% year over year to $433.0 million, or 96 cents per share, from $404.6 million, or 88 cents per share.