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Eaton profit misses consensus by 28.3% in Q2

Eaton Corp. plc said its second-quarter normalized net income was 81 cents per share, compared with the S&P Capital IQ consensus estimate of $1.13 per share.

EPS declined 15.5% year over year from 96 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $381.3 million, a decrease of 17.2% from $460.3 million in the prior-year period.

The normalized profit margin fell to 7.1% from 8.0% in the year-earlier period.

Total revenue decreased 6.8% year over year to $5.37 billion from $5.77 billion, and total operating expenses declined 8.1% year over year to $4.72 billion from $5.14 billion.

Reported net income rose 210.5% from the prior-year period to $534.9 million, or $1.14 per share, from $172.3 million, or 36 cents per share.