Eaton Corporation plc (NYSE:ETN) Q3 2024 Earnings Conference Call October 31, 2024 11:00 AM ET

Company Participants

Yan Jin - IR
Craig Arnold - Chairman & CEO
Olivier Leonetti - EVP & CFO

Conference Call Participants

Andrew Obin - Bank of America
Nigel Coe - Wolfe Research
Jeffrey Sprague - Vertical Research Partners
Chris Snyder - Morgan Stanley
Steve Tusa - JPMorgan
Jack Pilleteri - Barclays
Scott Davis - Melius Research
Joe Ritchie - Goldman Sachs
Tim Thein - Raymond James
Nicole DeBlase - Deutsche Bank
Andy Kaplowitz - Citi
Joseph O'Dea - Wells Fargo
Brett Linzey - Mizuho

Operator

Ladies and gentlemen, thank you for standing by, and welcome to the Eaton Third Quarter 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session. [Operator Instructions]. As a reminder, today's call is being recorded.

I would now like to turn the conference over to your host, Yan Jin. Please go ahead.

Yan Jin

Hey, good morning. Thank you all for joining us for Eaton's third quarter 2024 earnings call. With me today are Craig Arnold, our Chairman and CEO; and Olivier Leonetti, Executive Vice President and Chief Financial Officer.

Our agenda today includes operating remarks by Craig, then he will turn it over to Oliver who will highlight the company's performance in the third quarter. As we have done in 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 comments today will including 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 projection 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

Thanks, Yan.

We'll start on Page 3 where we summarize the key highlights of another strong quarter. We generated adjusted EPS of $2.84 a share, an all-time record and up 15% from prior year. We also delivered record segment margins of 24.3%, up 70 basis points from last year and we're raising our guidance for segment margins and adjusted EPS for the year.