ETN Stock Forecast: Sustainable Drivers Propel Eaton’s Record First Quarter Performance into a Promising Future
This ETN Stock Forecast article was written by Meiru Zhong – Financial Analyst at I Know First.
Summary
- Eaton achieved a first-quarter record with sales of $5.9 billion, up 8% over the same period in 2023. Operating margin was 23.1%, a year-over-year increase of 340 basis points.
- In Q1’2024, Eaton announced 42 megaprojects totaling over $130 billion. Growth in megaprojects in North America supports Eaton’s strategic development.
- By the end of 2023, Eaton had a quite high rate of percentage of accounts receivable to revenue, reaching 19%. Its free cash flow rose back to the pre-pandemic level, arriving at 2.87 billion, up 48% from 2022.
- Projects under $1 billion in the nonresidential construction market also grew by 10% through the first quarter of 2024. This segment is projected to exceed $500 billion in 2024, taking up 50% of the U.S. market.
- Focus on sustainability drives the increase in global infrastructure spending on clean energy programs. It will drive the industrial end market to grow by about 7% from 2023 to 2026
Read The Full Premium Article
