The Quarter in Brief
Eaton, which makes electrical equipment for data centres, utilities and buildings and parts for aircraft and vehicles, reported its third quarter of 2026, the three months to September 30, before the market opened on November 3. Sales were a record $8.9 billion, up 28% from $7.0 billion a year earlier. Of that growth, 19 points were organic (growth with the effects of exchange rates, acquisitions and disposals taken out), 8 came from businesses it has bought and 1 from exchange rates. Reported earnings per share were $2.77, up 7% from $2.59.
Adjusted earnings per share, the company's measure that leaves out the amortization of acquired intangible assets, acquisition and divestiture costs and restructuring, were a record $3.68, up 20% from $3.07. Analysts had expected $3.54 a share on that adjusted basis and sales of $8.53 billion, according to Financial Modeling Prep's consensus, so both came in ahead. What set the quarter apart was demand: orders over the past twelve months were up 39% in Electrical Americas and 51% in Electrical Global, measured organically, with order dollars at records in all three of Eaton's main segments.