Eaton Q1 Results Down, But Beats View; Maintains FY16 Forecast - Quick Facts

(RTTNews) - Power management company Eaton Corp. plc (ETN) today announced that first-quarter net income attributable to shareholders was $404 million or $0.88 per share, lower than last year's $466 million or $1 per share.

On average, 24 analysts polled by Thomson Reuters expected earnings of $0.85 per share. Analysts' estimates typically exclude special items.

Net sales in the first quarter of 2016 were $4.81 billion, 8 percent lower than $5.22 billion in the same period in 2015. Analysts were looking for revenues of $4.77 billion.

The sales decline in the first quarter consisted of a 6 percent decline in organic sales and an additional 2 percent from negative currency translation.

Looking ahead, the company expects operating earnings per share for the second quarter to be between $1.00 and $1.10. Further, the company maintained guidance for full year operating earnings per share of between $4.15 and $4.45.

Analysts expect earnings of $1.08 per share for the quarter and $4.26 per share for the year.

The company further said it still expects a decline in organic revenue in 2016 of between 2 and 4 percent. The company expects the impact from negative currency translation in 2016 will be less than the $400 million estimated at the start of the year. The current estimate is that negative currency translation for the year is likely to be about $200 million.