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Eaton profit misses consensus by 31.0% in Q3

Eaton Corp. plc said its normalized net income for the third quarter was 86 cents per share, compared with the S&P Capital IQ consensus estimate of $1.25 per share.

EPS climbed 9.3% year over year from 79 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $384.4 million, an increase of 6.8% from $359.8 million in the prior-year period.

The normalized profit margin rose to 7.4% from 7.2% in the year-earlier period.

Total revenue grew year over year to $5.21 billion from $4.99 billion, and total operating expenses rose from the prior-year period to $4.53 billion from $4.37 billion.

Reported net income rose 166.8% year over year to $1.40 billion, or $3.14 per share, from $523.9 million, or $1.15 per share.