Financial Data and Key Metrics Changes - The company reported adjusted earnings per share (EPS) of $3.07, an increase of 8% year-over-year, and segment margins reached a record 25%, up 70 basis points from the previous year [6][21] - Quarterly revenue was $7 billion, with organic growth of 7%, driven by strength in aerospace and Electrical Americas, partially offset by weakness in short-cycle markets [20][21] - The backlog grew by $2 billion, or 20%, to $12 billion, providing strong visibility for organic growth [22][88] Business Line Data and Key Metrics Changes - **Electrical Americas**: Organic sales growth of 9%, primarily driven by data centers, which saw a 40% increase. Operating margin was 30.3%, up 20 basis points year-over-year [21][22] - **Electrical Global**: Total growth of 10%, with organic growth of 8%. Operating margin increased to 19.1%, up 40 basis points from the prior year [22][23] - **Aerospace**: Organic sales growth of 13%, with operating margin expanding by 150 basis points to 25.9%. Orders increased by 11% on a rolling 12-month basis [24] - **Vehicle Segment**: Experienced a decline of 9% on an organic basis, primarily due to weaknesses in the North America truck and light vehicle markets [25] Market Data and Key Metrics Changes - Orders in Latin America accelerated by 7% on a rolling 12-month basis, with a backlog growth of 20% year-over-year [5] - The global liquid cooling market is expected to grow around 35% annually through 2028, driven by increasing power demands from AI chips [12] - EMEA orders increased by more than 30%, driven by data center orders, including sizable orders in the Middle East [23] Company Strategy and Development Direction - The company outlined a strategy with three pillars: lead, invest, and execute for growth, focusing on capitalizing on key megatrends [8] - The acquisition of Boyd's thermal business is aimed at enhancing the company's position in the liquid cooling market, which is expected to generate $1.7 billion in sales next year [9][10] - The company aims to provide comprehensive solutions for data centers, integrating power distribution and cooling technologies [13][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustained growth due to strong demand indicators and a robust backlog, particularly in the data center market [5][19] - The company reaffirmed its 2025 guidance, expecting organic growth of 8.5%-9.5% and margin guidance of 24.1%-24.5% [26][27] - Management highlighted the importance of integrating various systems to drive technical performance and rapid deployments in data centers [15] Other Important Information - The company is experiencing unprecedented demand, reflected in continued order acceleration and growing backlogs [29] - The company is well-positioned for strong growth in 2026 and beyond, with confidence in its guidance for the remainder of the year [29] Q&A Session Summary Question: Outlook for Electrical Americas LTM orders - Management indicated strong visibility into Q4 orders, expecting continued growth based on momentum and project tracking [36][37] Question: Quarterly orders estimation for Electrical Americas - Management confirmed external estimates are in the ballpark, leaning towards the higher end of expectations for Q3 [39][40] Question: AI data centers sales per megawatt - Management stated that with recent acquisitions, total Eaton sales per megawatt could approach $3 million at the high end [52][56] Question: Drivers of aerospace performance and margins - Management highlighted historical wins in defense platforms and ongoing improvements in operational efficiency as key drivers [92][94]

Financial Data and Key Metrics Changes - The company reported quarterly revenue of $7 billion, with adjusted earnings per share (EPS) increasing by 8% year-over-year to $3.07, which is at the high end of the guidance range [20][25] - Segment margins reached a record 25%, up 70 basis points year-over-year [5][20] - Organic growth for the quarter was 7%, driven by strength in aerospace and Electrical Americas, partially offset by weakness in short-cycle markets [20] Business Line Data and Key Metrics Changes - Electrical Americas segment achieved organic sales growth of 9%, primarily driven by data centers, which saw a 40% increase [20][21] - Aerospace segment reported organic sales growth of 13%, with operating margin expanding by 150 basis points to 25.9% [23] - Vehicle segment experienced a decline of 9% on an organic basis, primarily due to weaknesses in the North America truck and light vehicle markets [24] Market Data and Key Metrics Changes - Orders in Latin America accelerated by 7% on a rolling 12-month basis, with a backlog growth of 20% year-over-year [4] - EMEA orders increased by over 30%, driven by data center orders, including sizable orders in the Middle East [22] - The global liquid cooling market is expected to grow around 35% annually through 2028, driven by demand for high-performance AI chips [11][45] Company Strategy and Development Direction - The company outlined a strategy with three pillars: lead, invest, and execute for growth, focusing on capitalizing on key megatrends [6] - The acquisition of Boyd's thermal business aligns with the strategy to invest for growth, particularly in the data center market [7][15] - The company aims to provide comprehensive solutions for data centers, integrating power distribution and cooling technologies [12][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustained growth due to strong demand indicators and a robust backlog [5][17] - The company reaffirmed its 2025 guidance, expecting continued order acceleration and strong visibility into future growth [25][27] - Management highlighted the importance of integrating various systems to enhance technical performance and rapid deployments in data centers [14] Other Important Information - The company is targeting a 100 basis point margin expansion for 2025, with a long-term growth target of 6%-9% CAGR through 2030 [18][26] - The Boyd acquisition is expected to generate $1.7 billion in sales next year at an adjusted EBITDA margin of 25% [7][49] Q&A Session Summary Question: Outlook for Electrical Americas LTM orders - Management remains bullish about orders growth in Q4, supported by strong project tracking and a growing negotiations pipeline [29][30] Question: Impact of AI data centers on sales per megawatt - The company expects to reach close to $3 million per megawatt at the high end of the guide with the addition of Boyd [34][38] Question: Drivers of aerospace performance and margins - Aerospace is on track to meet 2030 margin commitments, with historical wins in defense platforms and ongoing improvements in manufacturing efficiency [59][61]

Financial Performance - Eaton reported record adjusted earnings per share of $3.07 in Q3 2025, an increase of 8% compared to Q3 2024[5] - The company's segment margins reached a quarterly record of 25.0%, up 70 bps from Q3 2024[5] - Sales for Q3 2025 were $6.988 billion, a 10% increase over Q3 2024, with organic growth contributing 7%[28] - Eaton reaffirms its 2025 full-year adjusted earnings per share outlook of $11.97 to $12.17 and organic growth of 8.5% to 9.5%[6, 40] Acquisition and Market Growth - Eaton signed an agreement to acquire Boyd Thermal, a leader in liquid cooling solutions, with estimated 2026 sales of $1.7 billion and an adjusted EBITDA margin of approximately 25%[6, 10] - The data center liquid cooling market is projected to grow at approximately 35% annually through 2028, reaching over $6 billion[12] Segment Performance - Electrical Americas segment sales increased by 15% to $3.410 billion in Q3 2025, with organic growth of 9%[29, 31] - Aerospace segment sales increased by 14% to $1.079 billion in Q3 2025, with organic growth of 13%[33] - Vehicle segment sales decreased by 8% to $639 million in Q3 2025, with organic decline of 9%[34, 35] - eMobility segment sales decreased by 19% to $136 million in Q3 2025, with organic decline of 20%[36]

Core Insights - Eaton reported quarterly earnings of $3.07 per share, exceeding the Zacks Consensus Estimate of $3.06 per share, and up from $2.84 per share a year ago, representing an earnings surprise of +0.33% [1] - The company posted revenues of $6.99 billion for the quarter ended September 2025, which was below the Zacks Consensus Estimate by 0.98%, but an increase from $6.35 billion year-over-year [2] - Eaton's stock has gained approximately 16.5% since the beginning of the year, matching the S&P 500's performance [3] Earnings Outlook - The future performance of Eaton's stock will largely depend on management's commentary during the earnings call and the company's earnings outlook [4] - The current consensus EPS estimate for the upcoming quarter is $3.36 on revenues of $7.11 billion, and for the current fiscal year, it is $12.08 on revenues of $27.57 billion [7] Industry Context - The Manufacturing - Electronics industry, to which Eaton belongs, is currently ranked in the top 17% of over 250 Zacks industries, indicating a favorable outlook compared to lower-ranked industries [8] - The correlation between near-term stock movements and earnings estimate revisions suggests that tracking these revisions can provide insights into stock performance [5]

Segment margins were 25.0%, a quarterly record and a 70-basis point improvement over the third quarter of 2024. Exhibit 99 Eaton Reports Record Third Quarter 2025 Results, with Accelerating Orders and Continued Backlog Growth DUBLIN — November 4, 2025 — Intelligent power management company Eaton Corporation plc (NYSE:ETN) today announced that third quarter 2025 earnings per share were $2.59. Excluding charges of $0.11 per share related to acquisitions and divestitures, $0.26 per share related to intangible ...

Core Viewpoint - Eaton, a power management company, is acquiring Boyd Corporation for $9.5 billion, enhancing its position in the data center market [1][4]. Company Summary - Eaton is focused on expanding its footprint in the data center sector through the acquisition of Boyd Corporation, which specializes in thermal cooling solutions [1][3]. - Boyd Corporation's thermal business is crucial for preventing data center overheating, with a significant emphasis on liquid cooling technology [2][4]. Industry Summary - The data center industry is experiencing growth, with liquid cooling becoming increasingly important for next-generation data centers [3][4]. - Boyd Thermal is projected to generate sales of $1.7 billion by 2026, with $1.5 billion coming from liquid cooling solutions, indicating a strong market demand [4].

great about this. >> Let's get the opening bell on this CNBC realtime exchange this morning at the big board. It's cut celebrating its listing and spin-off from Deont.We'll speak with CEO John Kemp in just a couple of minutes at the NASDAQ and his semiconductor company Micro Systems. As we move into November, Jim, where the average gain for the S&P is about 1%. >> But boy, there's >> 60 some odd percent of the time.There are some uh some stocks that are just crushing it. They continue to crush it. They tend ...

Core Insights - Eaton is investing $9.5 billion to acquire Boyd Thermal, targeting the rapidly expanding data-center construction sector [1] Company Summary - The acquisition of Boyd Thermal is part of Eaton's strategy to enhance its capabilities in the data-center construction market [1] Industry Summary - The data-center construction business is experiencing significant growth, prompting major investments from companies like Eaton [1]

Acquisition - Eaton 同意以 95 亿美元收购液冷专家 Boyd Thermal [1] Market Trend - 该收购旨在利用与 AI 数据中心相关的巨大需求 [1]

Core Insights - Coign Capital Advisors increased its stake in the Eaton Vance Total Return Bond ETF by 89,612 shares in Q3, valued at approximately $4.6 million based on average share price [2][6] - The acquisition raised EVTR's share to 8.5% of Coign's reportable assets under management, making it the largest holding in the fund [3][6] - As of September 30, Coign held a total of 298,819 shares of EVTR [2] ETF Overview - The Eaton Vance Total Return Bond ETF has assets under management (AUM) of $3.6 billion and a current price of $51.55, reflecting a 2.3% increase over the past year [4][3] - The fund's one-year total return stands at 7.1% [4] Investment Strategy - EVTR focuses on a diversified portfolio of U.S. dollar-denominated, investment-grade fixed-income securities, including government, corporate, municipal, and mortgage- and asset-backed bonds [5] - The fund aims to balance income generation with capital preservation through broad sector and issuer diversification, targeting institutional investors seeking stable income [5] Market Context - Coign's purchase of EVTR aligns with a defensive investment strategy as yields stabilize, indicating a shift towards balanced fixed-income exposure [6][7] - The fund has returned approximately 7% year-to-date with a 30-day SEC yield of 4.7%, investing across Treasuries, corporate credit, and securitized debt [7] - The moderate yield-to-worst of 5.38% and the mix of investment-grade bonds are appealing for long-term investors seeking steady income with lower duration risk [9]