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    Eaton Reports Record Second Quarter 2024 Results, with Continued Strong Orders and Backlog Growth

    8/1/24 6:30:00 AM ET
    $ETN
    Industrial Machinery/Components
    Technology
    Get the next $ETN alert in real time by email
    • Record second quarter earnings per share of $2.48, up 33% over 2023, and record quarterly adjusted earnings per share of $2.73, up 24% over 2023
    • Record segment margins of 23.7%, 210 basis points above the second quarter of 2023
    • 9% organic sales growth, above the high end of guidance, and strong backlog growth of 27% in Electrical and 14% in Aerospace
    • Raised full year 2024 organic sales, segment margin, earnings per share, adjusted earnings per share and cash flow guidance

    Intelligent power management company Eaton Corporation plc (NYSE:ETN) today announced that earnings per share were $2.48 for the second quarter of 2024, a second quarter record and up 33% over the second quarter of 2023. Excluding charges of $0.20 per share related to intangible amortization, $0.03 per share related to a multi-year restructuring program, and $0.02 per share related to acquisitions and divestitures, adjusted earnings per share of $2.73 were a record and up 24% over the second quarter of 2023.

    Sales in the quarter were $6.4 billion, a record and up 8% from the second quarter of 2023. Organic sales were up 9%, which was partially offset by 1% from negative currency translation.

    Segment margins were 23.7%, a quarterly record and a 210-basis point improvement over the second quarter of 2023.

    Operating cash flow was $946 million and free cash flow was $759 million, both second quarter records and up 11% and 10%, respectively, over the same period in 2023.

    Craig Arnold, Eaton chairman and chief executive officer, said, "We continue to see strong demand across our markets – due to electrification, energy transition and reindustrialization – resulting in record earnings and continued backlog growth. We're making capacity investments in key product lines to support structurally higher growth, and we remain confident in our outlook. As a result, we are increasing our guidance for the year."

    Guidance

    For the full year 2024, the company is raising the following guidance:

    • Organic growth from 7-9% to 8-9%
    • Segment margins from 22.8-23.2% to 23.3-23.7%
    • Earnings per share to between $9.38 and $9.48, up 18% at the midpoint over the prior year
    • Adjusted earnings per share to between $10.65 and $10.75, up 17% at the midpoint over the prior year
    • Operating cash flow raised $100 million and narrowed to between $4.2 billion to $4.4 billion, and free cash flow raised $100 million and narrowed to between $3.4 billion to $3.6 billion.

    For the third quarter of 2024, the company anticipates:

    • Organic growth of 8-9%
    • Segment margins of 23.5-23.9%
    • Earnings per share between $2.42 and $2.52
    • Adjusted earnings per share between $2.73 and $2.83.

    Business Segment Results

    Sales for the Electrical Americas segment were a record $2.9 billion, up 13% from the second quarter of 2023, driven entirely by organic sales growth. Operating profits were a record $859 million, up 28% over the second quarter of 2023. Operating margins in the quarter were a record 29.9%, up 350 basis points over the second quarter of 2023.

    The twelve-month rolling average of orders in the second quarter was up 11% organically. Backlog at the end of June remained at record levels, up 29% organically over June 2023.

    Sales for the Electrical Global segment were a record $1.6 billion, up 2% from the second quarter of 2023. Organic sales were up 3.5%, which was partially offset by 1.5% from negative currency translation. Operating profits were $305 million, a second quarter record and up 5% over the second quarter of 2023. Operating margins in the quarter were 19.0%, a second quarter record and up 50 basis points over the second quarter of 2023.

    The twelve-month rolling average of orders in the second quarter was up 7% organically. Backlog at the end of June was up 16% organically over June 2023.

    On a rolling twelve-month basis, the book-to-bill ratio for the Electrical businesses remained strong at 1.1.

    Aerospace segment sales were a record $955 million, up 13% from the second quarter of 2023, driven entirely by organic sales growth. Operating profits were $206 million and operating margins in the quarter were 21.5%.

    The twelve-month rolling average of orders in the second quarter was up 4% organically. The backlog at the end of June was up 14% over June 2023. On a rolling twelve-month basis, the book-to-bill ratio for the Aerospace segment remained strong at 1.1.

    The Vehicle segment posted sales of $723 million, down 4% from the second quarter of 2023, driven by organic sales decline of 3% and negative currency translation of 1%. Operating profits were $130 million, up 13% over the second quarter of 2023. Operating margins in the quarter were 18.0%, up 270 basis points over the second quarter of 2023.

    eMobility segment sales were a record $189 million, up 18% over the second quarter of 2023, driven entirely by organic sales growth. The segment recorded an operating profit of $2 million and operating margins in the quarter were 1.3%.

    Eaton is an intelligent power management company dedicated to protecting the environment and improving the quality of life for people everywhere. We make products for the data center, utility, industrial, commercial, machine building, residential, aerospace and mobility markets. 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 sources, helping to solve the world's most urgent power management challenges, and building a more sustainable society for people today and generations to come.

    Eaton was founded in 1911 and has been listed on the New York Stock Exchange for more than a century. We reported revenues of $23.2 billion in 2023 and serve customers in more than 160 countries. For more information, visit www.eaton.com. Follow us on LinkedIn.

    Notice of conference call: Eaton's conference call to discuss its second 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 second quarter results, which will be covered during the call.

    This news release contains forward-looking statements concerning third quarter and full year 2024 earnings per share, adjusted earnings per share, segment margins, organic sales growth and cash flow, as well as anticipated multi-year 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: a global pandemic such as COVID-19; geopolitical tensions or war, 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 at Eaton or at our customers or suppliers; 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 June 30, 2024, are available on the company's website, www.eaton.com.

    EATON CORPORATION plc

    CONSOLIDATED STATEMENTS OF INCOME

     

     

     

     

     

     

     

     

     

    Three months ended

    June 30

     

    Six months ended

    June 30

     

     

    (In millions except for per share data)

    2024

     

    2023

     

    2024

     

    2023

    Net sales

    $

    6,350

     

     

    $

    5,866

     

     

    $

    12,293

     

     

    $

    11,349

     

     

     

     

     

     

     

     

     

    Cost of products sold

     

    3,940

     

     

     

    3,747

     

     

     

    7,665

     

     

     

    7,346

     

    Selling and administrative expense

     

    1,021

     

     

     

    986

     

     

     

    2,046

     

     

     

    1,890

     

    Research and development expense

     

    196

     

     

     

    187

     

     

     

    385

     

     

     

    366

     

    Interest expense - net

     

    29

     

     

     

    42

     

     

     

    59

     

     

     

    91

     

    Other expense (income) - net

     

    (32

    )

     

     

    7

     

     

     

    (58

    )

     

     

    (4

    )

    Income before income taxes

     

    1,195

     

     

     

    898

     

     

     

    2,195

     

     

     

    1,660

     

    Income tax expense

     

    201

     

     

     

    153

     

     

     

    379

     

     

     

    276

     

    Net income

     

    994

     

     

     

    745

     

     

     

    1,816

     

     

     

    1,384

     

    Less net income for noncontrolling interests

     

    (1

    )

     

     

    (1

    )

     

     

    (2

    )

     

     

    (3

    )

    Net income attributable to Eaton ordinary shareholders

    $

    993

     

     

    $

    744

     

     

    $

    1,814

     

     

    $

    1,382

     

     

     

     

     

     

     

     

     

    Net income per share attributable to Eaton ordinary shareholders

     

     

     

     

     

     

     

    Diluted

    $

    2.48

     

     

    $

    1.86

     

     

    $

    4.52

     

     

    $

    3.45

     

    Basic

     

    2.49

     

     

     

    1.86

     

     

     

    4.54

     

     

     

    3.47

     

     

     

     

     

     

     

     

     

    Weighted-average number of ordinary shares outstanding

     

     

     

     

     

     

     

    Diluted

     

    401.0

     

     

     

    400.7

     

     

     

    401.5

     

     

     

    400.6

     

    Basic

     

    399.2

     

     

     

    398.9

     

     

     

    399.6

     

     

     

    398.7

     

     

     

     

     

     

     

     

     

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

     

     

     

     

     

     

     

    Net income attributable to Eaton ordinary shareholders

    $

    993

     

     

    $

    744

     

     

    $

    1,814

     

     

    $

    1,382

     

    Excluding acquisition and divestiture charges, after-tax

     

    8

     

     

     

    30

     

     

     

    20

     

     

     

    41

     

    Excluding restructuring program charges, after-tax

     

    12

     

     

     

    24

     

     

     

    61

     

     

     

    31

     

    Excluding intangible asset amortization expense, after-tax

     

    83

     

     

     

    88

     

     

     

    167

     

     

     

    186

     

    Adjusted earnings

    $

    1,096

     

     

    $

    886

     

     

    $

    2,062

     

     

    $

    1,639

     

     

     

     

     

     

     

     

     

    Net income per share attributable to Eaton ordinary shareholders - diluted

    $

    2.48

     

     

    $

    1.86

     

     

    $

    4.52

     

     

    $

    3.45

     

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

     

    0.02

     

     

     

    0.08

     

     

     

    0.05

     

     

     

    0.10

     

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

     

    0.03

     

     

     

    0.06

     

     

     

    0.15

     

     

     

    0.08

     

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

     

    0.20

     

     

     

    0.21

     

     

     

    0.42

     

     

     

    0.46

     

    Adjusted earnings per ordinary share

    $

    2.73

     

     

    $

    2.21

     

     

    $

    5.14

     

     

    $

    4.09

     

     

    See accompanying notes.

    EATON CORPORATION plc

     

     

     

     

     

     

     

    BUSINESS SEGMENT INFORMATION

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Three months ended

    June 30

     

    Six months ended

    June 30

     

     

    (In millions)

    2024

     

    2023

     

    2024

     

    2023

    Net sales

     

     

     

     

     

     

     

    Electrical Americas

    $

    2,877

     

     

    $

    2,538

     

     

    $

    5,567

     

     

    $

    4,832

     

    Electrical Global

     

    1,606

     

     

     

    1,569

     

     

     

    3,105

     

     

     

    3,069

     

    Aerospace

     

    955

     

     

     

    848

     

     

     

    1,826

     

     

     

    1,650

     

    Vehicle

     

    723

     

     

     

    751

     

     

     

    1,447

     

     

     

    1,490

     

    eMobility

     

    189

     

     

     

    161

     

     

     

    348

     

     

     

    308

     

    Total net sales

    $

    6,350

     

     

    $

    5,866

     

     

    $

    12,293

     

     

    $

    11,349

     

     

     

     

     

     

     

     

     

    Segment operating profit (loss)

     

     

     

     

     

     

     

    Electrical Americas

    $

    859

     

     

    $

    669

     

     

    $

    1,644

     

     

    $

    1,194

     

    Electrical Global

     

    305

     

     

     

    290

     

     

     

    578

     

     

     

    564

     

    Aerospace

     

    206

     

     

     

    191

     

     

     

    407

     

     

     

    371

     

    Vehicle

     

    130

     

     

     

    115

     

     

     

    246

     

     

     

    222

     

    eMobility

     

    2

     

     

     

    (1

    )

     

     

    (2

    )

     

     

    (5

    )

    Total segment operating profit

     

    1,502

     

     

     

    1,264

     

     

     

    2,873

     

     

     

    2,346

     

     

     

     

     

     

     

     

     

    Corporate

     

     

     

     

     

     

     

    Intangible asset amortization expense

     

    (106

    )

     

     

    (113

    )

     

     

    (212

    )

     

     

    (237

    )

    Interest expense - net

     

    (29

    )

     

     

    (42

    )

     

     

    (59

    )

     

     

    (91

    )

    Pension and other postretirement benefits income

     

    9

     

     

     

    11

     

     

     

    20

     

     

     

    22

     

    Restructuring program charges

     

    (15

    )

     

     

    (29

    )

     

     

    (78

    )

     

     

    (39

    )

    Other expense - net

     

    (166

    )

     

     

    (192

    )

     

     

    (349

    )

     

     

    (340

    )

    Income before income taxes

     

    1,195

     

     

     

    898

     

     

     

    2,195

     

     

     

    1,660

     

    Income tax expense

     

    201

     

     

     

    153

     

     

     

    379

     

     

     

    276

     

    Net income

     

    994

     

     

     

    745

     

     

     

    1,816

     

     

     

    1,384

     

    Less net income for noncontrolling interests

     

    (1

    )

     

     

    (1

    )

     

     

    (2

    )

     

     

    (3

    )

    Net income attributable to Eaton ordinary shareholders

    $

    993

     

     

    $

    744

     

     

    $

    1,814

     

     

    $

    1,382

     

     

    See accompanying notes.

    EATON CORPORATION plc

     

     

     

    CONDENSED CONSOLIDATED BALANCE SHEETS

     

     

     

     

     

     

     

    (In millions)

    June 30, 2024

    December 31, 2023

    Assets

     

     

     

    Current assets

     

     

     

    Cash

    $

    540

     

    $

    488

    Short-term investments

     

    2,241

     

     

    2,121

    Accounts receivable - net

     

    4,861

     

     

    4,475

    Inventory

     

    3,963

     

     

    3,739

    Prepaid expenses and other current assets

     

    1,046

     

     

    851

    Total current assets

     

    12,652

     

     

    11,675

     

     

     

     

    Property, plant and equipment - net

     

    3,604

     

     

    3,530

     

     

     

     

    Other noncurrent assets

     

     

     

    Goodwill

     

    14,849

     

     

    14,977

    Other intangible assets

     

    4,883

     

     

    5,091

    Operating lease assets

     

    785

     

     

    648

    Deferred income taxes

     

    499

     

     

    458

    Other assets

     

    2,110

     

     

    2,052

    Total assets

    $

    39,381

     

    $

    38,432

     

     

     

     

    Liabilities and shareholders' equity

     

     

     

    Current liabilities

     

     

     

    Short-term debt

    $

    4

     

    $

    8

    Current portion of long-term debt

     

    1,278

     

     

    1,017

    Accounts payable

     

    3,497

     

     

    3,365

    Accrued compensation

     

    529

     

     

    676

    Other current liabilities

     

    2,812

     

     

    2,680

    Total current liabilities

     

    8,120

     

     

    7,747

     

     

     

     

    Noncurrent liabilities

     

     

     

    Long-term debt

     

    8,555

     

     

    8,244

    Pension liabilities

     

    709

     

     

    768

    Other postretirement benefits liabilities

     

    175

     

     

    180

    Operating lease liabilities

     

    656

     

     

    533

    Deferred income taxes

     

    429

     

     

    402

    Other noncurrent liabilities

     

    1,484

     

     

    1,489

    Total noncurrent liabilities

     

    12,008

     

     

    11,616

     

     

     

     

    Shareholders' equity

     

     

     

    Eaton shareholders' equity

     

    19,219

     

     

    19,036

    Noncontrolling interests

     

    35

     

     

    33

    Total equity

     

    19,254

     

     

    19,069

    Total liabilities and equity

    $

    39,381

     

    $

    38,432

     

    See accompanying notes.

    EATON CORPORATION plc

    NOTES TO THE SECOND QUARTER 2024 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, and 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 third quarter and full year net income per ordinary share and adjusted earnings per ordinary share guidance for 2024 is as follows:

     

    Three months ended

    September 30, 2024

     

    Year ended

    December 31, 2024

    Net income per share attributable to Eaton ordinary shareholders - diluted

    $2.42 - $2.52

     

    $9.38 - $9.48

    Excluding per share impact of acquisition and divestiture charges, after tax

    0.03

     

    0.10

    Excluding per share impact of restructuring program charges, after tax

    0.07

     

    0.33

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

    0.21

     

    0.84

    Adjusted earnings per ordinary share

    $2.73 - $2.83

     

    $10.65 - $10.75

    A reconciliation of net income attributable to Eaton ordinary shareholders per share to adjusted earnings per ordinary share is as follows:

     

    Year ended

    December 31, 2023

    Net income per share attributable to Eaton ordinary shareholders - diluted

    $

    8.02

    Excluding per share impact of acquisition and divestiture charges, after tax

     

    0.10

    Excluding per share impact of restructuring program charges, after tax

     

    0.11

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

     

    0.89

    Adjusted earnings per ordinary share

    $

    9.12

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

     

    Three months ended

    June 30

    (In millions)

    2024

     

    2023

    Operating cash flow

    $

    946

     

     

    $

    851

     

    Capital expenditures for property, plant and equipment

     

    (187

    )

     

     

    (160

    )

    Free cash flow

    $

    759

     

     

    $

    691

     

    The Company's full year operating cash flow and free cash flow guidance for 2024 is as follows:

     

    Year ended

    December 31, 2024

    (In billions)

    Low

     

    High

    Operating cash flow

    $

    4.2

     

     

    $

    4.4

     

    Capital expenditures for property, plant and equipment

     

    (0.8

    )

     

     

    (0.8

    )

    Free cash flow

    $

    3.4

     

     

    $

    3.6

     

     

    Note 2. ACQUISITIONS OF BUSINESSES

    Acquisition of a 49% stake in Jiangsu Ryan Electrical Co. Ltd.

    On April 23, 2023, Eaton acquired a 49 percent stake in Jiangsu Ryan Electrical Co. Ltd., a manufacturer of power distribution and sub-transmission transformers in China. Eaton accounts for this investment on the equity method of accounting and it is reported within the Electrical Global business segment.

    Acquisition of Exertherm

    On May 20, 2024, Eaton acquired Exertherm, a U.K.-based provider of thermal monitoring solutions for electrical equipment. Exertherm is reported within the Electrical Americas business segment.

    Acquisition of a 49% stake in NordicEPOD AS

    On May 31, 2024, Eaton acquired a 49 percent stake in NordicEPOD AS, which designs and assembles standardized power modules for data centers in the Nordic region. Eaton accounts for this investment on the equity method of accounting and it is reported within the Electrical Global business segment.

    Note 3. ACQUISITION AND DIVESTITURE CHARGES

    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

    June 30

     

    Six months ended

    June 30

    (In millions except for per share data)

    2024

     

    2023

     

    2024

     

    2023

    Acquisition integration, divestiture charges and transaction costs

    $

    10

     

    $

    38

     

    $

    27

     

    $

    51

    Income tax benefit

     

    3

     

     

    7

     

     

    7

     

     

    10

    Total after income taxes

    $

    8

     

    $

    30

     

    $

    20

     

    $

    41

    Per ordinary share - diluted

    $

    0.02

     

    $

    0.08

     

    $

    0.05

     

    $

    0.10

    Acquisition integration, divestiture charges and transaction costs in 2024 and 2023 are primarily related to acquisitions completed prior to 2023, including other charges and income to acquire and exit businesses. 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 expense - net.

    Note 4. RESTRUCTURING CHARGES

    In the second quarter of 2020, Eaton initiated a multi-year restructuring program to reduce its cost structure and gain efficiencies in its business segments and at corporate in order to initially respond to declining market conditions brought on by the COVID-19 pandemic. Since the inception of the program, the Company incurred expenses of $199 million for workforce reductions and $184 million for plant closing and other costs, resulting in total charges of $382 million through December 31, 2023. This multi-year restructuring program was substantially complete at the end of 2023, with final payments expected to be made in 2024.

    During the first quarter of 2024, Eaton implemented a new multi-year restructuring program to accelerate opportunities to optimize its operations and global support structure. These actions will better align the Company's functions to support anticipated growth and drive greater effectiveness throughout the Company. Restructuring charges incurred under this program were $15 million in the second quarter and $78 million in the first six months of 2024. This restructuring program is expected to be completed in 2026 and is expected to incur additional expenses related to workforce reductions of $208 million and plant closing and other costs of $89 million, resulting in total estimated charges of $375 million for the entire program. The Company expects mature year benefits of $325 million when the multi-year program is fully implemented.

    A summary of restructuring program charges is as follows:

     

    Three months ended

    June 30

     

    Six months ended

    June 30

    (In millions except for per share data)

    2024

     

    2023

     

    2024

     

    2023

    Workforce reductions

    $

    9

     

    $

    15

     

    $

    68

     

    $

    17

    Plant closing and other

     

    7

     

     

    15

     

     

    11

     

     

    22

    Total before income taxes

     

    15

     

     

    29

     

     

    78

     

     

    39

    Income tax benefit

     

    3

     

     

    6

     

     

    18

     

     

    8

    Total after income taxes

    $

    12

     

    $

    24

     

    $

    61

     

    $

    31

    Per ordinary share - diluted

    $

    0.03

     

    $

    0.06

     

    $

    0.15

     

    $

    0.08

     

    Restructuring program charges related to the following segments:

     

    Three months ended

    June 30

     

    Six months ended

    June 30

    (In millions)

    2024

     

    2023

     

    2024

     

    2023

    Electrical Americas

    $

    1

     

    $

    1

     

    $

    8

     

    $

    3

    Electrical Global

     

    4

     

     

    14

     

     

    27

     

     

    18

    Aerospace

     

    —

     

     

    2

     

     

    8

     

     

    3

    Vehicle

     

    4

     

     

    1

     

     

    27

     

     

    3

    eMobility

     

    —

     

     

    6

     

     

    —

     

     

    7

    Corporate

     

    7

     

     

    5

     

     

    7

     

     

    6

    Total charges

    $

    15

     

    $

    29

     

    $

    78

     

    $

    39

    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.

    Note 5. INTANGIBLE ASSET AMORTIZATION EXPENSE

    Intangible asset amortization expense is as follows:

     

    Three months ended

    June 30

     

    Six months ended

    June 30

    (In millions except for per share data)

    2024

     

    2023

     

    2024

     

    2023

    Intangible asset amortization expense

    $

    106

     

    $

    113

     

    $

    212

     

    $

    237

    Income tax benefit

     

    23

     

     

    24

     

     

    45

     

     

    51

    Total after income taxes

    $

    83

     

    $

    88

     

    $

    167

     

    $

    186

    Per ordinary share - diluted

    $

    0.20

     

    $

    0.21

     

    $

    0.42

     

    $

    0.46

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20240731508708/en/

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