Why Power Management Company Eaton Shares Are Falling Today

Eaton Corporation, PLC ETN shares are trading lower on Wednesday. The company announced that Olivier Leonetti has been named executive vice president and chief financial officer, effective February 5, 2024. 

Leonetti succeeds Thomas B. Okray, who is leaving the company for personal reasons. Leonetti also serves on the board of All-In Milwaukee and has been a member of Eaton’s board of directors since 2019, a role he will step down from.

“We remain well-positioned to deliver on our commitments and, as we have throughout the last year, we expect to report strong results for the fourth quarter and for the full year 2023 during our next earnings conference call,” said Craig Arnold, chairman and chief executive officer.

While reporting the third quarter, Eaton raised its full-year adjusted EPS outlook to $8.95-$9.05. For the fourth quarter, the company expected adjusted EPS of $2.39-$2.49 and organic revenue growth of 8-10%.

Price Action: ETN shares are trading lower by 1.88% to $237.19 on the last check Wednesday.