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Eaton profit misses consensus by 30.5% in Q1

Eaton Corp. plc said its first-quarter normalized net income was 68 cents per share, compared with the S&P Capital IQ consensus estimate of 98 cents per share.

EPS climbed year over year from 67 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $321.5 million, compared with $322.4 million in the year-earlier period.

The normalized profit margin climbed to 6.2% from 5.9% in the year-earlier period.

Total revenue decreased on an annual basis to $5.22 billion from $5.49 billion, and total operating expenses decreased 5.3% year over year to $4.66 billion from $4.92 billion.

Reported net income rose 5.6% from the prior-year period to $465.3 million, or 99 cents per share, from $440.5 million, or 92 cents per share.