Eaton Corporation plc (NYSE:ETN) reported its Q1 results, with EPS of $1.62 coming in better than the Street estimate of $1.60. Revenue was $4.8 billion, slightly above the Street estimate of $4.79 billion.
Demand during the quarter remained strong, as evidenced by Electrical and Aerospace orders that were up 30% and 35%, respectively. Backlog also continues to build giving near-term earnings visibility, and management noted that distributor channel inventory remains low.
The supply chain and the inflationary environment remain challenging, but the company seems confident that it can continue to offset inflation with price increases.
The company provided its full 2022-year outlook, expecting EPS to range from $7.32 to $7.72, compared to the consensus estimate of $7.48. For the full 2022-year, the company is increasing its organic growth guidance from 7-9% to 9-11% and raising adjusted EPS to $7.32-7.72.
