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Eaton Reports Record Third Quarter 2022 Results

  • Third Quarter Earnings Per Share of $1.52 and Record Quarterly Adjusted Earnings Per Share of $2.02, up 15% Over 2021
  • Record Quarterly Segment Margins of 21.2%, Above the High End of Guidance and 130 Basis Points Above the Third Quarter of 2021
  • Accelerating Organic Sales Growth of 15%, at the High End of Guidance
  • Accelerating Order Growth on a Rolling 12-Month Basis, up 27% in Electrical and up 22% in Aerospace
  • Reaffirms Adjusted Earnings Per Share Guidance Midpoint

Intelligent power management company Eaton Corporation plc (NYSE:ETN) today announced that earnings per share were $1.52 for the third quarter of 2022. Excluding charges of $0.25 per share related to intangible amortization, $0.21 per share related to acquisitions and divestitures, and $0.04 per share related to a multi-year restructuring program, adjusted earnings per share of $2.02 were a quarterly record and up 15% over the third quarter of 2021.

Sales in the third quarter of 2022 were $5.3 billion, up 8% from the third quarter of 2021. Organic sales were up 15% and acquisitions added 1%, which was partially offset by 4% from the divestiture of the Hydraulics business and 4% from negative currency translation.

Third quarter segment margins were 21.2%, a quarterly record and above the high end of guidance. This represents a 130-basis point improvement over the third quarter of 2021. Operating cash flow in the third quarter of 2022 was $965 million, up 29% over adjusted operating cash flow for the third quarter of 2021, and free cash flow was $830 million, up 36% over adjusted free cash flow in the third quarter of 2021.

Craig Arnold, Eaton chairman and chief executive officer, said, “I’m proud of how we continue to deliver record results across our businesses, driven by strong demand and accelerating organic growth. I want to thank our teams for their efforts in successfully navigating both the challenges and the tailwinds of the current environment. I’m confident in our ability to continue executing our strategy and delivering for our stakeholders.”

The company reaffirms its full year adjusted earnings per share guidance midpoint of $7.56. For the fourth quarter of 2022, the company anticipates organic growth of 13-15% and adjusted earnings per share of between $2.00 and $2.10.

Business Segment Results

Sales for the Electrical Americas segment were $2.2 billion, up 18% from the third quarter of 2021, driven entirely by organic sales growth. Operating profits were $511 million, up 27% over the third quarter of 2021. Operating margins in the quarter were 23.5%, up 180 basis points over the third quarter of 2021.

The twelve-month rolling average of orders accelerated in the third quarter and was up 36% organically, with particular strength in data center, utility and industrial end markets. Backlog at the end of September continued to grow to new record levels, up 97% organically over September 2021.

Sales for the Electrical Global segment were $1.5 billion, up 5% over the third quarter of 2021. Organic sales were up 13%, partially offset by negative currency translation of 8%. Operating profits were $305 million, up 7% over the third quarter of 2021. Operating margins in the quarter were 20.6%, up 50 basis points over the third quarter of 2021.

The twelve-month rolling average of orders also remained strong in the third quarter and was up 14% organically, driven by particular strength in commercial/institutional and industrial end markets. At the end of September, backlog was also strong, up 22% organically over September 2021.

Aerospace segment sales were $768 million, up 3% from the third quarter of 2021. Organic sales were up 8%, partially offset by 5% negative currency translation. Operating profits were a record $185 million, up 13% from the third quarter of 2021. Operating margins in the quarter were 24.0%, up 200 basis points over the third quarter of 2021.

The twelve-month rolling average of orders also accelerated in the third quarter and was up 22% organically, driven by strength in both commercial and military markets. Backlog at the end of September was up 17% organically over September 2021.

The Vehicle segment posted sales of $744 million, up 16% from the third quarter of 2021. Organic sales were up 19%, partially offset by 3% from negative currency translation. Operating profits were $125 million, and operating margins in the quarter were 16.8%.

eMobility segment sales were $137 million, up 63% over the third quarter of 2021. Organic sales were up 17%, and the acquisition of Royal Power Solutions added 49%, which was partially offset by 3% negative currency translation. The segment recorded an operating loss of $2 million, reflecting continued investment in research and development and start-up costs associated with new program wins. Operating margins improved 800 basis points, driven by higher organic volumes and the impact of the Royal Power Solutions acquisition.

Eaton is an intelligent power management company dedicated to improving the quality of life and protecting the environment for people everywhere. We are guided by our commitment to do business right, to operate sustainably and to help our customers manage power ─ today and well into the future. By capitalizing on the global growth trends of electrification and digitalization, we’re accelerating the planet’s transition to renewable energy, helping to solve the world’s most urgent power management challenges, and doing what’s best for our stakeholders and all of society.

Founded in 1911, Eaton has been listed on the NYSE for nearly a century. We reported revenues of $19.6 billion in 2021 and serve customers in more than 170 countries. For more information, visit www.eaton.com. Follow us on Twitter and LinkedIn.

Notice of conference call: Eaton’s conference call to discuss its third quarter results is available to all interested parties today as a live audio webcast at 11 a.m. United States Eastern time via a link on Eaton’s home page. This news release can be accessed under its headline on the home page. Also available on the website before the call will be a presentation on third quarter results, which will be covered during the call.

This news release contains forward-looking statements concerning the fourth quarter and full year 2022 adjusted earnings per share, organic sales growth, and anticipated restructuring program charges and savings. These statements should be used with caution and are subject to various risks and uncertainties, many of which are outside the company’s control. The following factors could cause actual results to differ materially from those in the forward-looking statements: the course of the COVID-19 pandemic globally and government actions related thereto; unanticipated changes in the markets for the company’s business segments; unanticipated downturns in business relationships with customers or their purchases from us; competitive pressures on sales and pricing; supply chain disruptions, unanticipated changes in the cost of material, labor, and other production costs, or unexpected costs that cannot be recouped in product pricing; the introduction of competing technologies; unexpected technical or marketing difficulties; unexpected claims, charges, litigation or dispute resolutions; strikes or other labor unrest; natural disasters; the performance of recent acquisitions; unanticipated difficulties completing or integrating acquisitions; new laws and governmental regulations; interest rate changes; changes in tax laws or tax regulations; stock market and currency fluctuations; and unanticipated deterioration of economic and financial conditions in the United States and around the world. We do not assume any obligation to update these forward-looking statements.

Financial Results

The company’s comparative financial results for the three months ended September 30, 2022, are available on the company’s website, www.eaton.com.

EATON CORPORATION plc

 

 

 

 

 

 

 

CONSOLIDATED STATEMENTS OF INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

September 30

 

Nine months ended

September 30

 

 

(In millions except for per share data)

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

Net sales

$

5,313

 

 

$

4,923

 

 

$

15,368

 

 

$

14,830

 

 

 

 

 

 

 

 

 

Cost of products sold

 

3,545

 

 

 

3,338

 

 

 

10,319

 

 

 

10,067

 

Selling and administrative expense

 

813

 

 

 

834

 

 

 

2,431

 

 

 

2,505

 

Research and development expense

 

165

 

 

 

152

 

 

 

498

 

 

 

454

 

Interest expense - net

 

37

 

 

 

37

 

 

 

100

 

 

 

112

 

Gain on sale of business

 

 

 

 

617

 

 

 

24

 

 

 

617

 

Other expense (income) - net

 

34

 

 

 

66

 

 

 

(16

)

 

 

38

 

Income before income taxes

 

720

 

 

 

1,113

 

 

 

2,060

 

 

 

2,271

 

Income tax expense

 

112

 

 

 

483

 

 

 

316

 

 

 

676

 

Net income

 

608

 

 

 

630

 

 

 

1,743

 

 

 

1,595

 

Less net income for noncontrolling interests

 

(1

)

 

 

(1

)

 

 

(2

)

 

 

(2

)

Net income attributable to Eaton ordinary shareholders

$

607

 

 

$

629

 

 

$

1,741

 

 

$

1,593

 

 

 

 

 

 

 

 

 

Net income per share attributable to Eaton ordinary shareholders

 

 

 

 

 

 

 

Diluted

$

1.52

 

 

$

1.57

 

 

$

4.34

 

 

$

3.97

 

Basic

 

1.52

 

 

 

1.58

 

 

 

4.36

 

 

 

4.00

 

 

 

 

 

 

 

 

 

Weighted-average number of ordinary shares outstanding

 

 

 

 

 

 

 

Diluted

 

400.3

 

 

 

401.9

 

 

 

400.9

 

 

 

401.4

 

Basic

 

398.4

 

 

 

398.9

 

 

 

398.9

 

 

 

398.7

 

 

 

 

 

 

 

 

 

Cash dividends declared per ordinary share

$

0.81

 

 

$

0.76

 

 

$

2.43

 

 

$

2.28

 

 

 

 

 

 

 

 

 

Reconciliation of net income attributable to Eaton ordinary shareholders to adjusted earnings

 

 

 

 

 

 

 

Net income attributable to Eaton ordinary shareholders

$

607

 

 

$

629

 

 

$

1,741

 

 

$

1,593

 

Excluding acquisition and divestiture charges (income), after-tax

 

86

 

 

 

(52

)

 

 

133

 

 

 

57

 

Excluding restructuring program charges, after-tax

 

18

 

 

 

25

 

 

 

39

 

 

 

48

 

Excluding intangible asset amortization expense, after-tax

 

97

 

 

 

99

 

 

 

295

 

 

 

270

 

Adjusted earnings

$

807

 

 

$

701

 

 

$

2,207

 

 

$

1,968

 

 

 

 

 

 

 

 

 

Net income per share attributable to Eaton ordinary shareholders - diluted

$

1.52

 

 

$

1.57

 

 

$

4.34

 

 

$

3.97

 

Excluding per share impact of acquisition and divestiture charges (income), after-tax

 

0.21

 

 

 

(0.13

)

 

 

0.33

 

 

 

0.14

 

Excluding per share impact of restructuring program charges, after-tax

 

0.04

 

 

 

0.06

 

 

 

0.10

 

 

 

0.12

 

Excluding per share impact of intangible asset amortization expense, after-tax

 

0.25

 

 

 

0.25

 

 

 

0.74

 

 

 

0.68

 

Adjusted earnings per ordinary share

$

2.02

 

 

$

1.75

 

 

$

5.51

 

 

$

4.91

 

See accompanying notes.

 

EATON CORPORATION plc

 

 

 

 

 

 

 

BUSINESS SEGMENT INFORMATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

September 30

 

Nine months ended

September 30

 

 

(In millions)

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

Net sales

 

 

 

 

 

 

 

Electrical Americas

$

2,179

 

 

$

1,854

 

 

$

6,201

 

 

$

5,325

 

Electrical Global

 

1,486

 

 

 

1,421

 

 

 

4,418

 

 

 

4,092

 

Hydraulics

 

 

 

 

179

 

 

 

 

 

 

1,300

 

Aerospace

 

768

 

 

 

745

 

 

 

2,227

 

 

 

1,889

 

Vehicle

 

744

 

 

 

640

 

 

 

2,123

 

 

 

1,969

 

eMobility

 

137

 

 

 

84

 

 

 

399

 

 

 

255

 

Total net sales

$

5,313

 

 

$

4,923

 

 

$

15,368

 

 

$

14,830

 

 

 

 

 

 

 

 

 

Segment operating profit (loss)

 

 

 

 

 

 

 

Electrical Americas

$

511

 

 

$

402

 

 

$

1,368

 

 

$

1,127

 

Electrical Global

 

305

 

 

 

285

 

 

 

866

 

 

 

757

 

Hydraulics

 

 

 

 

20

 

 

 

 

 

 

177

 

Aerospace

 

185

 

 

 

164

 

 

 

506

 

 

 

391

 

Vehicle

 

125

 

 

 

115

 

 

 

346

 

 

 

349

 

eMobility

 

(2

)

 

 

(8

)

 

 

(7

)

 

 

(21

)

Total segment operating profit

 

1,124

 

 

 

978

 

 

 

3,079

 

 

 

2,780

 

 

 

 

 

 

 

 

 

Corporate

 

 

 

 

 

 

 

Intangible asset amortization expense

 

(124

)

 

 

(126

)

 

 

(375

)

 

 

(326

)

Interest expense - net

 

(37

)

 

 

(37

)

 

 

(100

)

 

 

(112

)

Pension and other postretirement benefits income

 

7

 

 

 

14

 

 

 

35

 

 

 

44

 

Restructuring program charges

 

(22

)

 

 

(34

)

 

 

(49

)

 

 

(63

)

Other income (expense) - net

 

(227

)

 

 

318

 

 

 

(529

)

 

 

(52

)

Income before income taxes

 

720

 

 

 

1,113

 

 

 

2,060

 

 

 

2,271

 

Income tax expense

 

112

 

 

 

483

 

 

 

316

 

 

 

676

 

Net income

 

608

 

 

 

630

 

 

 

1,743

 

 

 

1,595

 

Less net income for noncontrolling interests

 

(1

)

 

 

(1

)

 

 

(2

)

 

 

(2

)

Net income attributable to Eaton ordinary shareholders

$

607

 

 

$

629

 

 

$

1,741

 

 

$

1,593

 

See accompanying notes.

 

EATON CORPORATION plc

 

 

 

 

 

CONDENSED CONSOLIDATED BALANCE SHEETS

 

 

 

 

 

 

 

 

 

 

 

 

September 30,

2022

 

December 31,

2021

(In millions)

Assets

 

 

 

 

 

Current assets

 

 

 

 

 

Cash

$

231

 

 

$

297

 

Short-term investments

 

287

 

 

 

271

 

Accounts receivable - net

 

3,816

 

 

 

3,297

 

Inventory

 

3,428

 

 

 

2,969

 

Prepaid expenses and other current assets

 

778

 

 

 

677

 

Total current assets

 

8,540

 

 

 

7,511

 

 

 

 

 

 

 

Property, plant and equipment - net

 

2,967

 

 

 

3,064

 

 

 

 

 

 

 

Other noncurrent assets

 

 

 

 

 

Goodwill

 

14,479

 

 

 

14,751

 

Other intangible assets

 

5,492

 

 

 

5,855

 

Operating lease assets

 

555

 

 

 

442

 

Deferred income taxes

 

386

 

 

 

392

 

Other assets

 

1,946

 

 

 

2,012

 

Total assets

$

34,364

 

 

$

34,027

 

 

 

 

 

 

 

Liabilities and shareholders’ equity

 

 

 

 

 

Current liabilities

 

 

 

 

 

Short-term debt

$

903

 

 

$

13

 

Current portion of long-term debt

 

23

 

 

 

1,735

 

Accounts payable

 

2,937

 

 

 

2,797

 

Accrued compensation

 

432

 

 

 

501

 

Other current liabilities

 

2,358

 

 

 

2,166

 

Total current liabilities

 

6,653

 

 

 

7,212

 

 

 

 

 

 

 

Noncurrent liabilities

 

 

 

 

 

Long-term debt

 

8,082

 

 

 

6,831

 

Pension liabilities

 

817

 

 

 

872

 

Other postretirement benefits liabilities

 

246

 

 

 

263

 

Operating lease liabilities

 

447

 

 

 

337

 

Deferred income taxes

 

527

 

 

 

559

 

Other noncurrent liabilities

 

1,489

 

 

 

1,502

 

Total noncurrent liabilities

 

11,608

 

 

 

10,364

 

 

 

 

 

 

 

Shareholders’ equity

 

 

 

 

 

Eaton shareholders’ equity

 

16,068

 

 

 

16,413

 

Noncontrolling interests

 

35

 

 

 

38

 

Total equity

 

16,103

 

 

 

16,451

 

Total liabilities and equity

$

34,364

 

 

$

34,027

 

See accompanying notes.

 

EATON CORPORATION plc

NOTES TO THE THIRD QUARTER 2022 EARNINGS RELEASE

Amounts are in millions of dollars unless indicated otherwise (per share data assume dilution). Columns and rows may not add and the sum of components may not equal total amounts reported due to rounding.

Note 1. NON-GAAP FINANCIAL INFORMATION

This earnings release includes certain non-GAAP financial measures. These financial measures include adjusted earnings, adjusted earnings per ordinary share, adjusted operating cash flow, free cash flow, and adjusted free cash flow, each of which differs from the most directly comparable measure calculated in accordance with generally accepted accounting principles (GAAP). A reconciliation of each of these financial measures to the most directly comparable GAAP measure is included in this earnings release. Management believes that these financial measures are useful to investors because they provide additional meaningful financial information that should be considered when assessing our business performance and trends, and they allow investors to more easily compare Eaton Corporation plc's (Eaton or the Company) financial performance period to period. Management uses this information in monitoring and evaluating the on-going performance of Eaton and each business segment.

The Company's fourth quarter and full year adjusted earnings guidance for 2022 is as follows:

 

Three months ended

December 31, 2022

 

Year ended

December 31, 2022

Net income per share attributable to Eaton ordinary shareholders - diluted

$1.66 - $1.76

 

$6.00 - $6.10

Excluding per share impact of acquisition and divestiture charges (after-tax)

0.07

 

0.40

Excluding per share impact of restructuring program charges (after-tax)

0.03

 

0.13

Excluding per share impact of intangible asset amortization expense (after-tax)

0.24

 

0.98

Adjusted earnings per ordinary share

$2.00 - $2.10

 

$7.51 - $7.61

A reconciliation of operating cash flow to free cash flow is as follows:

(In millions)

Three months ended

September 30, 2022

Operating cash flow

$

965

 

Capital expenditures for property, plant and equipment

 

(135

)

Free cash flow

$

830

 

A reconciliation of operating cash flow to adjusted operating cash flow and adjusted free cash flow is as follows:

(In millions)

Three months ended

September 30, 2021

Operating cash flow

$

471

 

Taxes paid on the Hydraulics sale

 

279

 

Adjusted operating cash flow

 

750

 

Capital expenditures for property, plant and equipment

 

(140

)

Adjusted free cash flow

$

610

 

Note 2. ACQUISITIONS AND DIVESTITURE OF BUSINESSES

Acquisition of a 50% stake in Jiangsu Huineng Electric Co., Ltd’s circuit breaker business

On July 1, 2022, Eaton acquired a 50 percent stake in Jiangsu Huineng Electric Co., Ltd’s circuit breaker business, which manufactures and markets low-voltage circuit breakers in China. Eaton accounts for this investment on the equity method of accounting and is reported within the Electrical Global business segment.

Russia

During the second quarter of 2022, in light of the ongoing war with Ukraine, the Company decided to exit its business operations in Russia and recorded charges of $29 million. The charges consisted primarily of write-downs of accounts receivable, inventory and other assets, and accruals for severance.

Acquisition of Royal Power Solutions

On January 5, 2022, Eaton acquired Royal Power Solutions for $612 million, net of cash received. Royal Power Solutions is a U.S. based manufacturer of high-precision electrical connectivity components used in electric vehicle, energy management, industrial and mobility markets. Royal Power Solutions is reported within the eMobility business segment.

Sale of Hydraulics business

On August 2, 2021, Eaton completed the sale of the Hydraulics business to Danfoss A/S. As a result of the sale, the Company received $3.1 billion, net of cash sold, and recognized a pre-tax gain of $617 million in 2021. According to the terms of the sales agreement, the Company finalized negotiations of post-closing adjustments with Danfoss A/S during the first quarter of 2022. As a result of these negotiations, the Company recognized an additional pre-tax gain of $24 million. In the second quarter of 2022, Eaton received cash of $22 million from Danfoss A/S to fully settle all post-closing adjustments. The business had sales of $1.3 billion in 2021 through the date of the sale.

Acquisition of Mission Systems

On June 1, 2021, Eaton acquired Mission Systems for $2.80 billion, net of cash received. Mission Systems is a leading manufacturer of air-to-air refueling systems, environmental systems, and actuation primarily for defense markets. Mission Systems is reported within the Aerospace business segment.

Acquisition of Tripp Lite

On March 17, 2021, Eaton acquired Tripp Lite for $1.65 billion, net of cash received. Tripp Lite is a leading supplier of power quality products and connectivity solutions including single-phase uninterruptible power supply systems, rack power distribution units, surge protectors, and enclosures for data centers, industrial, medical, and communications markets in the Americas. Tripp Lite is reported within the Electrical Americas business segment.

Note 3. ACQUISITION AND DIVESTITURE CHARGES AND INCOME

Eaton incurs integration charges and transaction costs to acquire and integrate businesses, and transaction, separation and other costs to divest and exit businesses. Eaton also recognizes gains and losses on the sale of businesses. A summary of these Corporate items is as follows:

 

Three months ended

September 30

 

Nine months ended

September 30

(In millions except for per share data)

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

Acquisition integration, divestiture charges and transaction costs

$

103

 

 

$

179

 

 

$

182

 

 

$

312

 

Gain on the sale of the Hydraulics business

 

 

 

 

(617

)

 

 

(24

)

 

 

(617

)

Total charges (income) before income taxes

 

103

 

 

 

(438

)

 

 

158

 

 

 

(305

)

Income tax expense (benefit)

 

(17

)

 

 

386

 

 

 

(25

)

 

 

362

 

Total charges (income) after income taxes

$

86

 

 

$

(52

)

 

$

133

 

 

$

57

 

Charges (income) per ordinary share - diluted

$

0.21

 

 

$

(0.13

)

 

$

0.33

 

 

$

0.14

 

Acquisition integration, divestiture charges and transaction costs in 2022 are primarily related to the acquisitions of Royal Power Solutions, Souriau-Sunbank Connection Technologies, Green Motion, Tripp Lite, and Mission Systems, and other charges to acquire and exit businesses including certain indemnity claims associated with the sale of 50% interest in the commercial vehicle automated transmission business in 2017. These costs also included charges of $29 million related to the decision in the second quarter to exit the Company's business operations in Russia. These charges consisted primarily of write-downs of accounts receivable, inventory and other assets, and accruals for severance. Charges in 2021 are primarily related to the divestiture of the Hydraulics business, the acquisitions of Tripp Lite, Mission Systems, Souriau-Sunbank Connection Technologies, and Ulusoy Elektrik Imalat Taahhut ve Ticaret A.S., and other charges to acquire and exit businesses including certain indemnity claims associated with the sale of 50% interest in the commercial vehicle automated transmission business in 2017. These charges were included in Cost of products sold, Selling and administrative expense, Research and development expense, or Other expense (income) - net. In Business Segment Information, the charges were included in Other income (expense) - net.

Note 4. RESTRUCTURING CHARGES

In the second quarter of 2020, Eaton decided to undertake a multi-year restructuring program to reduce its cost structure and gain efficiencies in its business segments and at corporate in order to respond to declining market conditions brought on by the COVID-19 pandemic. Since the inception of the program, the Company has incurred charges of $341 million. These restructuring activities are expected to incur additional expenses of approximately $9 million in 2022 primarily comprised of plant closing and other costs, resulting in total estimated charges of $350 million for the entire program.

A summary of restructuring program charges is as follows:

 

Three months ended

September 30

 

Nine months ended

September 30

(In millions except for per share data)

2022

 

2021

 

2022

 

2021

Workforce reductions

$

5

 

 

$

19

 

 

$

11

 

 

$

19

 

Plant closing and other

 

17

 

 

 

15

 

 

 

38

 

 

 

44

 

Total before income taxes

 

22

 

 

 

34

 

 

 

49

 

 

 

63

 

Income tax benefit

 

4

 

 

 

9

 

 

 

10

 

 

 

15

 

Total after income taxes

$

18

 

 

$

25

 

 

$

39

 

 

$

48

 

Per ordinary share - diluted

$

0.04

 

 

$

0.06

 

 

$

0.10

 

 

$

0.12

 

Restructuring program charges related to the following segments:

 

Three months ended

September 30

 

Nine months ended

September 30

(In millions)

2022

 

2021

 

2022

 

2021

Electrical Americas

$

4

 

 

$

5

 

 

$

14

 

 

$

13

 

Electrical Global

 

8

 

 

 

11

 

 

 

14

 

 

 

13

 

Aerospace

 

2

 

 

 

1

 

 

 

6

 

 

 

4

 

Vehicle

 

2

 

 

 

5

 

 

 

8

 

 

 

16

 

eMobility

 

 

 

 

 

 

 

 

 

 

1

 

Corporate

 

5

 

 

 

12

 

 

 

7

 

 

 

16

 

Total

$

22

 

 

$

34

 

 

$

49

 

 

$

63

 

These restructuring program charges were included in Cost of products sold, Selling and administrative expense, Research and development expense, or Other expense (income) - net, as appropriate. In Business Segment Information, these restructuring program charges are treated as Corporate items. The projected mature year savings from these restructuring actions are expected to be $250 million when fully implemented in 2023.

Note 5. INTANGIBLE ASSET AMORTIZATION EXPENSE

Intangible asset amortization expense is as follows:

 

Three months ended

September 30

 

Nine months ended

September 30

(In millions except for per share data)

2022

 

2021

 

2022

 

2021

Intangible asset amortization expense

$

124

 

 

$

126

 

 

$

375

 

 

$

326

 

Income tax benefit

 

27

 

 

 

27

 

 

 

80

 

 

 

56

 

Total after income taxes

$

97

 

 

$

99

 

 

$

295

 

 

$

270

 

Per ordinary share - diluted

$

0.25

 

 

$

0.25

 

 

$

0.74

 

 

$

0.68

 

 

Contacts

Eaton Corporation plc

Jennifer Tolhurst, Media Relations, +1 (440) 523-4006

jennifertolhurst@eaton.com

or

Yan Jin, Investor Relations, +1 (440) 523-7558

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