Nov 4 (Reuters) - Power management company Eaton Corp ( ETN )
missed Wall Street estimates for third-quarter revenue
on Tuesday, weighed down by poor performance in its vehicle and
e-mobility segments, sending its shares down nearly 5% in
premarket trading.
Eaton's vehicle segment, which makes transmission
components, clutches and engine valves, posted a sales decline
of 8% at $639 million in the reported quarter.
Quarterly sales in its e-mobility segment, which makes high
voltage inverters and fuses for both on-road and off-road
vehicles, fell 19% to $136 million.
Together, the two segments comprised about 14% of Eaton's
2024 total sales.
Meanwhile, sales in the company's electrical Americas
segment, which provides electrical and industrial components to
the data center industry, rose 15%.
On Monday, Eaton said it would buy Boyd Thermal for $9.5
billion from Goldman Sachs' asset management arm, its third deal
in the data center space this year as it looks to expand its
footprint in the fast-growing market.
Dublin-based Eaton reported quarterly revenue a little under
$7 billion for the quarter ended September 30, while analysts,
on average, were expecting revenue of $7.08 billion, according
to data compiled by LSEG.
It reported adjusted profit per share of $3.07, compared to
Wall Street expectations of $3.05 apiece.