Eaton Corporation plc (ETN) Q3 2022 Earnings Call Transcript

Eaton Corporation plc (NYSE:ETN) Q3 2022 Results Conference Call November 1, 2022 11:00 AM ET

Company Participants

Yan Jin - SVP, IR

Craig Arnold - Chairman & CEO

Thomas Okray - EVP & CFO

Conference Call Participants

Nicole DeBlase - Deutsche Bank

Josh Pokrzywinski - Morgan Stanley

Andrew Obins - Bank of America

Nigel Coe - Wolfe Research

Scott Davis - Melius Research

Julian Mitchell - Barclays

Joe Ritchie - Goldman Sachs

John Walsh - Credit Suisse

Deane Dray - RBC Capital Markets

Chris Snyder - UBS

Joe O'Dea - Wells Fargo

David Raso - Evercore ISI

Brett Linzey - Mizuho Americas

Phil Buller - Berenberg

Operator

Ladies and gentlemen, thank you for standing by, and welcome to the Eaton Third Quarter Earnings Conference Call. At this time, all participants are in a listen-only mode. [Operator Instructions] And as a reminder, today's conference is being recorded.

I'll turn the call now over to your host, Yan Jin, Senior Vice President of Investor Relations. Please go ahead.

Yan Jin

Hi, good morning. Thank you for joining us for Eaton's third quarter 2022

earnings call. With me today are Craig Arnold, our Chairman and CEO; and Tom Okray, Executive Vice President, Chief Financial Officer.

Our agenda today, including the opening remarks by Craig, then he will turn it over to Tom, who will highlight the company's performance in the third quarter. As we have done on our past calls, we'll be taking questions at end of Craig's closing commentary. The press release and the presentation we'll go through today have been posted on our website. This presentation includes adjusted earnings per share, adjusted free cash flow and other non-GAAP measures. They're reconciled in the appendix. A webcast of this call is accessible on our website and will be available for replay.

I would like to remind you that our comments today will include the statements related to the expected future results of the company and are therefore forward-looking statements. Our actual results may differ materially from our forecasted projections due to a wide range of risks and uncertainties that are described in our earnings release and the presentation.

With that, I will turn over to Craig.

Craig Arnold

Thanks, Yan. We'll begin with the highlights of the quarter on Page 3, and I'll start by noting that we delivered another very strong quarter and have again posted a number of all-time records, including adjusted earnings per share of $2.02, which is up 15% from prior year. This, despite negative impact of FX and the divested Hydraulics business, which took place in August of 2021.