Eaton Q4 & 2017 Sales Likely To Be Soft; To Expand Restructuring Program

(RTTNews) - Eaton Corp. plc (ETN) announced, for the full year, the company expects net income and operating earnings per share to be between $4.15 and $4.25, a decline of 2 percent at the midpoint from prior guidance. The company now expects a decline in organic revenue of approximately 4 percent. Analysts polled by Thomson Reuters expect the company to report profit per share of $4.28. Analysts' estimates typically exclude special items.

Eaton Corp. plc anticipates net income and operating earnings per share for the fourth quarter of 2016 to be between $1.05 and $1.15. Analysts polled by Thomson Reuters expect the company to report profit per share of $1.18.

"The decline in orders in several of our end markets in the third quarter suggests to us that sales in the fourth quarter of 2016 and in 2017 are likely to be soft," said Craig Arnold, Eaton CEO.

Eaton Corp. said it anticipates expanding 2017 restructuring program to a cost of $180 million, compared to prior guidance of $130 million.