NEW YORK (TheStreet) -- Shares of Eaton Corp plc (ETN) - Get Eaton Corp. Plc Report are gaining, up 1.71% to $65.89, in late morning trading after the maker of electrical and hydraulic systems reported better than expected third quarter earnings helped by higher sales of electrical products, and narrowed its operating earnings forecast for the full year.
Eaton now projects full year operating earnings of $4.55 to $4.65 per share, compared to its earlier outlook of $4.50 to $4.70 per share, citing continued slower growth in markets outside North America.
The Ireland-based company reported a earnings of $602 million, or $1.26 per share, up from $510 million, or $1.07 per share one year ago. Excluding certain items, the company's earnings climbed to $1.29 per share from $1.12 per share one year ago, topping analysts' estimates of $1.23 per share.
Revenue climbed to $5.73 billion from $5.61 billion from a year ago, but missed analysts' expectations of $5.8 billion partly due to a strengthening U.S. dollar.
Separately, TheStreet Ratings team rates EATON CORP PLC as a Buy with a ratings score of B-.
- You can view the full analysis from the report here: ETN Ratings Report