Eaton Corporation PLC (ETN) Q1 2023 Earnings Call Transcript
Eaton Corporation PLC (NYSE:ETN) Q1 2023 Earnings Conference Call May 2, 2023 11:00 AM ET
Company Participants
Yan Jin - Senior Vice President, Investor Relations
Craig Arnold - Chairman & Chief Executive Officer
Tom Okray - Executive Vice President & Chief Financial Officer
Conference Call Participants
Joe Ritchie - Goldman Sachs
Josh Pokrzywinski - Morgan Stanley
Scott Davis - Melius Research
Nicole DeBlase - Deutsche Bank
Steve Volkmann - Jefferies
Nigel Coe - Wolfe
Julian Mitchell - Barclays
Chris Snyder - UBS
David Raso - Evercore ISI
Phil Buller - Berenberg
Operator
Ladies and gentlemen, thank you for standing by, and welcome to the Eaton First Quarter 2023 Earnings Call. At this time, all participants are in a listen-only mode. Later we will conduct a question-and-answer session. [Operator Instructions] And as a reminder, your conference is being recorded.
I would now like to turn the conference over to your host, Yan Jin. Please, go ahead.
Yan Jin
Hi. Good morning. Thank you all for joining us for Eaton's first quarter 2023 earnings call. With me today are Craig Arnold, our Chairman and CEO; and Tom Okray, Executive Vice President and Chief Financial Officer. Our agenda today includes the opening remarks by Craig, then he will turn it over to Tom, who will highlight our company's performance in the first quarter. As we have done on our past calls, we'll be taking questions at the 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, including adjusted earnings per share, adjusted free cash flow and other non-GAAP measures. They are 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 commentary today will include 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 it over to Craig.
Craig Arnold
Okay. Thanks, Yan. We'll start with some highlights of the quarter on page three. And I'll lead off by noting that we've delivered another strong quarter. We generated adjusted EPS of $1.88 for the quarter, well above our guidance range, record for the quarter and up 16% from prior year. And we continue to post strong margins. Q1 record of 19.7%, up 90 basis points over prior year. Our sales were $5.5 billion, up 15% organically, our third quarter in a row of 15% organic growth.