goldman sachs industrials conference - power …pub/@eaton/@corp/...electrical sector systems and...

© 2016 Eaton. All rights reserved.

Goldman Sachs Industrials Conference

Craig Arnold – Chairman & Chief Executive Officer November 2, 2016

2 © 2016 Eaton. All rights reserved.

Forward Looking Statements and Non-GAAP Financial Information

The information provided at our conference today contain forward-looking statements concerning, among other matters, performance of our worldwide end markets, fourth quarter 2016 net income and operating earnings per share, full year 2016 net income and operating earnings per share, segment margins, capital expenditures, cash flow, tax rate, corporate expenses, projected revenue growth, foreign currency exchange impact, capital allocation plans and the costs and benefits associated with planned restructuring actions. 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: 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; unanticipated changes in the cost of material 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; the performance of recent acquisitions; unanticipated difficulties integrating acquisitions; new laws and governmental regulations; interest rate changes; stock market and currency fluctuations; war, civil or political unrest or terrorism; 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. This presentation includes certain non-GAAP measures as defined by SEC rules. A reconciliation of those measures to the most directly comparable GAAP equivalent is provided in the investor relations section of our website at www.eaton.com.

http://www.eaton.com/


Eaton – A Power Management Leader

• Successful power management strategy

• Leading Electrical franchise

• Strong Industrial businesses

• Robust cash flow with consistent return of cash

• Goals and guidance


Electrical Sector

Systems and Services Vehicle Aerospace Hydraulics Products

We deliver safe, reliable, and efficient power management solutions

Industrial Sector

Providing safe and efficient electrical solutions from generation through

distribution and control

2015 Sales: $7.0B 33% of sales





While helping our customers solve their most difficult challenges

Solutions for the world’s most demanding

power needs

Mission critical, safe, and reliable

solutions

Leader in fuel economy and

emissions reduction


We expect to see a number of megatrends continue to drive our business

+ ++

+++

Population growth - Growing population, urbanization, and middle class requiring places to live, food to eat, and increasing amounts of electricity

Environmental concerns and increased regulation - Air and water quality, and solid waste disposal will necessitate increased innovation

Energy efficiency - Highly influenced by environmental factors, energy efficiency will continue to be a major driver of growth

Intelligent products and connectivity - Value creation to be driven by the interconnectivity of products and systems

Increased demand for superior value solutions - Increasingly, customers are turning to alternatives providing superior value


Hydraulics

We have built a company of leading franchises…

• Top 4 global player in a $200B market • Growth driven by a global focus on efficiency requirements and infrastructure needs

• Strong margins driven by a portfolio of great brands and a leading channel position

• Among the 3 largest players in a diverse $40B market • Serving the world’s most challenging applications with power density solutions

• Positioned for strong returns as industry recovers

• Among leaders in $10B+ niche within global aerospace market

• Strong growth potential underscored by long-term trend of increasing passenger and freight air traffic

• Low volatility driven by long lead-times, a robust backlog, and strong aftermarket demand

• Leader in $45B market providing solutions to improve performance, emissions, and fuel economy

• Differentiated technology, customer service, and brand underscore high margins • High returns enabled by our value proposition and relatively low capital base

Electrical

Aerospace

Vehicle


…that work together and make all of Eaton stronger

• Corporate structure and shared service centers drive cost savings

Benefits of scale

Cash generation

Corporate structure

Shared technology

Shared markets

• Leverage expertise in engineering and technologies across segments

• Deepen relationships with customers through providing a broader solution

• Generating strong and consistent cash flow through the cycle

• Highly efficient corporate structure

• Eight global shared service centers

• Development synergies in electronics, software, prognostics, and diagnostics

• Serving common customers in industrial, MOEM, mining, and oil and gas markets

• Free cash flow grew 16% CAGR over past 5 years

• Corporate cost ~1% of sales

One Eaton


The businesses in our portfolio are evaluated against a clear set of criteria

Ability to lead in large global markets

Above average growth potential

High margin potential

High returns

Consistent profitability

Addressable market >$2B

Long-term growth > real GDP

Segment operating margin in mid- to high-teens

Return on tangible assets mid-twenties or above

Minimum of low-teens segment margin at the trough

We evaluate businesses through the cycle


We have an experienced and effective leadership team…

Chairman and CEO • 15 years at Eaton • Member of Eaton board • Director Medtronic plc • COO, Industrial Sector • CEO, Fluid Power Group • 17 years at General Electric

• President of Lighting, Europe

• President of Appliances, Asia

CFO • 13 years at Eaton • Member of Eaton board • Lead Director PolyOne • 6 years at Transamerica

as SVP Corporate Development

• 5 years at NatSteel in Singapore as Chairman NatSteel Chemicals & VP Corporate Development

Electrical COO • 14 years at Eaton • President, Electrical

Americas • President, Electrical APAC

(based in China) • VP/GM, Electrical

Components Division • 6 years at Honeywell

• VP, Honeywell Field Solutions

Industrial COO • 16 years at Eaton • President, Aerospace • EVP, Eaton Business System • President, Hydraulics APAC

(based in China) • VP, Supply Chain, Fluid

Power Group • Managing Director, Eaton India • 6 years at Lucas Engineering and

Systems Consulting based in Europe

Craig Arnold Rick Fearon Revathi Advaithi Uday Yadav


…with depth in both Electrical and Industrial Sectors

These 10 leaders have over 200 years of combined Eaton experience

Jim McGill President, Electrical - Americas • 38 years at Eaton(1) • President, Electrical

Products Americas • President, Electrical APAC • President, Eaton APAC • EVP, Eaton Business System • EVP, Human Resources

Brian Brickhouse President, Electrical - APAC • 30 years at Eaton(1) • President, Power Quality Division • SVP/GM, Distributed PQ Division • SVP, Critical Power

Solutions Division • Powerware Commercial

integration leader

Frank Campbell President, Electrical and Eaton - EMEA • 31 years at Eaton(1)

• President, Electrical EMEA • SVP, Electrical Sales

and Marketing • VP/GM, Electrical Assemblies • VP/GM, Electrical

Commercial Facilities

Ken Davis President, Vehicle • 30 years at Eaton • President, Vehicle Group Americas • President, Light and Medium-

Duty Transmission • VP/GM, Clutch Division

Curt Hutchins President, Hydraulics • 12 years at Eaton • President, Heavy Duty

Transmission business • President, Eaton APAC • 16 years in consumer products

and aerospace industries

Nanda Kumar President, Aerospace • 25 years at Eaton • EVP, Eaton Business System • President, Vehicle EMEA • SVP/GM, Valvetrain • VP/GM, Specialty Controls and

Valve Actuation

(1) Includes tenure at companies acquired by Eaton


0%

20%

$0

$4

2000 20150%

20%

$0

$4

2000 20150%

20%

$0

$4

2000 2015

Sale

s ($

B)

Sale

s ($

B)

Sale

s ($

B)

We have steadily improved the performance of our businesses

8.1% 8.7%

15.2%

2000 2002 2004 2006 2008 2010 2012 2014 2016Emidpoint

0%

20%

$0

$13

2000 2015

Segment Operating Margin¹

Electrical Hydraulics Aerospace Vehicle

Sale

s ($

B)

Margin

Margin

Margin

Margin

Expansion period average: 11.9%

Expansion period average: 14.3%

¹Excludes acquisition integration charges


We have a three-pronged strategy

Strategic Growth Initiatives - Develop technology leadership (safe, reliable, efficient, connected, and intelligent), convert on our channel and service strength, deliver superior value

Expand Margins - Accelerate our operational excellence, implement multi-year productivity plans, focus on outliers (fix the tail, grow the head)

Disciplined Capital Allocation - Invest to win, consistently return cash to shareholders (dividends, share buybacks), criteria-based product and business evaluation


Our seven core platforms deliver solutions for the entire power system…

Data centers Facilities Utility Residential Machine builders Commercial

Industrial


…providing differentiated value to key customer segments

• Single family • Apartments • Condos

Segment

Examples

Customer value

• Internet / Web

• Telecom • Enterprise • Multi-tenant

• Mining • Oil & gas • Steel

Protecting people and profit with solutions that increase operational performance

• Generation • Transmission • Distribution

Delivering reliable, efficient and safe power where and when it is needed

• Packaging machinery

• Conveyors • Injection

molding

• Offices • Retail • Warehouses • Healthcare • Education

Enabling machines to deliver the performance, energy efficiency and reliability customers demand

Protecting businesses by focusing on reliability and efficiency to maximize comfort, safety and ROI

Energizing data centers for maximum performance, time to market, reliability and ROI

Providing reliable, sustainable and safe solutions for modern lifestyles

Data centers Facilities Utility Residential Machine builders Commercial

Industrial


We are balanced both geographically and across key end markets

Geographic mix Segment mix

41% 59%

Rest of World

United States Commercial & Institutional / Gov’t. Industrial

Data Center / IT Utility Residential

32%

9%

13%

15%

31%

2015 Sales $12.9B


Electrical Sector is poised to deliver profitable growth

Strategic growth initiatives • Delivering superior customer value • Leveraging our technology leadership • Converting on our service and channel strength

Expand margins • Product line optimization • Multi-year productivity plans • Accelerating our operational excellence


Designing and delivering the right products for the right markets

$0

$5

$10

$15

$20

$25

2013 2014 2015

93E (400V) Sales

APAC MEA / E. Europe

($M)

• Designed to meet the specific needs of emerging market customers and their unique applications

• Development efforts conducted in-region to ensure close customer intimacy and enable rapid feedback

• Delivers up to 98% efficiency with a footprint up to 35% smaller than competitive offerings

• Rapid sales growth across APAC, MEA and Eastern Europe since 2012 launch

• Using emerging market design and cost concepts in products designed for developed markets

93E UPS for Data Centers in emerging markets

$100M additional Eaton 93E annual revenue opportunity by 2020


A leading LED and connected lighting business driving growth across the entire electrical franchise

Total connected lighting growth

Convergence of light sources and controls facilitates growth of integrated lighting networks

Industry leading LED penetration

2012 2015

19%

60%

$800M additional Eaton Lighting annual revenue opportunity by 2020

Investing in new products and technology for new markets

• High-performance connected LED lighting • Sports lighting, outdoor, and industrial

applications • Controls capability with embedded

intelligence and communications

LED w/ Integrated controls

LED “Stand alone”

Traditional sources


Integrating intelligent devices, software and communications for the Industrial Internet

Intelligent devices

Substation Control center

Utility automation application • Ability to integrate thousands of

intelligent devices

• Software that aggregates and analyzes information to optimize the grid

• Communications provide cybersecurity for remote access

• Helps to manage, monitor and secure an increasingly complex electrical grid

$500M additional Eaton automation annual revenue

opportunity by 2020

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Industry leading channel partnerships by focusing on what is important to distributors

• Eaton can provide 65% of a typical distributor’s revenue; Eaton’s products are typically #1 or #2 in most categories

• Eaton has the largest electrical sales force in North America; over 1,700 sales personnel

• Eaton has over 2,000 service and project management specialists

• Eaton has ~10,000 R&D professionals with intimate customer and market knowledge

• Eaton has strong anchor brands and a powerful corporate brand

• Eaton has invested in electronic tools to increase distributor productivity

Distributor requirements of their best suppliers

$900M additional Eaton distributor annual revenue opportunity by 2020


Our efforts to improve product line performance have and will continue to raise overall profitability

Low margin

High margin

Profitability distribution

Focus Area

Fixing • Identifying underperformers • Leveraging EBS toolkit • Driving productivity and margin

improvement • Focusing on operational excellence

Growing • Targeting attractive markets • Structuring innovation processes • Investing in R&D to address unmet

customer needs • Capitalizing on channel strengths

Fixing Growing


Opportunities still exist for improving our global manufacturing and supply chain footprint

ETN Elec Opportunity

>60% in higher cost locations

Sales per manufacturing site Manufacturing sites

0-100 100-200 200+

Mfg. sites by number of employees

Results in improved customer experience (OTD, quality) and significant cost-out

Actions • Should-cost analysis • Core vs. non-core activities • Manufacturing Centers of Excellence (COEs)

• Distribution Center optimization • Supplier consolidation

Scale opportunities


2015 2016E Through thecycle

Segment Margins Key Drivers of Growth

• Leading the conversion to connected LED lighting

• Growth in the global distribution channel

• Global power quality product offering for IT markets

• Leveraging our portfolio of industry leading electrical components

17.6%-18.0% 16.0%-19.0%

16.9%

Our Electrical Products business has the scale and technological innovation to compete globally

Note: 2015 segment margins exclude acquisition integration charges


2015 2016E Through thecycle

Segment Margins Key Drivers of Growth

• Arc flash and explosion-proof technologies

• Capitalizing on leadership position for energy-efficient UPS

• IEC assemblies for global markets

• Exploiting our extensive project management capabilities and value- added services

12.6%-13.0%

13.0%-16.0%

13.3%

Our Electrical Systems & Services business provides solutions to all levels of the value chain

Note: 2015 segment margins exclude acquisition integration charges


We have industry-leading businesses across the Industrial Sector

• Hydraulic pumps, motors & valves

• Airframe and engine fuel pumps and valves

• Sealing technology and debris monitoring

• Conveyance and ducting

• Hollow and solid valves

• Valve actuation & cylinder deactivation

• Lockers and limited slip differentials

• Heavy-Duty and Medium-Duty manual transmissions & clutches

• Hydraulic pumps

• Valves

• Steering control units

• Low speed high torque motors

• Conveyance and fittings

Aerospace Hydraulics Vehicle

Customer value

Leader in fuel economy and emissions reduction

Solutions for the world’s most demanding

power needs

Mission critical, safe and reliable solutions

Segments

Leading products


Our Hydraulics business serves large and diverse end markets

• 65% Mobile Equipment • 35% Stationary Equipment • 50% Direct • 50% Through Distribution

2015 Sales of $2.5B

• Large $40B global and diverse market

• Enhanced product portfolio

• Intelligent products, leveraging end market exposures

Why We Like Hydraulics

Business Mix

Expected 2016 operating margin of 9.6% to 10.0%

Market Mix

Construction & Mining

Agriculture

Energy

Commercial Vehicle

Material Handling

Manufacturing

Processing

Other


Multi-year Hydraulics restructuring strategy creates a competitive long-term position

Actions completed in 2014 and 2015: • 15% reduction in support costs

• Reduced fixed manufacturing expenses by 12%

• Completed $47M of restructuring actions

Longer-term strategy: • Announced new restructuring plans for 2016 and 2017

• Adjusting our manufacturing footprint to match market demand

• Consolidating operations to more efficient plants 2015 Long-term

Target

Fixed costs as a % of sales target

Delivering stronger margin performance through future cycles


Hydraulics is positioned to capitalize on growth opportunities

Driving Long-Term Growth with New Technologies

Expanding Base Business Product Offering Growing Aftermarket

Product Example: Advanced mobile control

valves in mobile machinery • $850M mobile control market;

~10% CAGR

Product Example: Hybrid fork lift

• $2.1B Lift truck market; 3% CAGR

• 35%+ fuel efficiency, integrates full power engine management

Mining in Australia On-site 24/7 service

• $12B market opportunity; 2% CAGR

• One third of Eaton 2015 sales • $18B installed base of

Eaton products • Key actions

• Localizing products • Building service

capabilities • Adding channel partners

Product Example: Stationary industrial machinery

Product Example: Palm oil processing

• ~40% cost savings through automation upgrade

• Integrated SmartWire-DT panel assembly

• Axis Pro Internal diagnostics system

• Capability to communicate issues to central controller - minimize downtime


Our Aerospace business is balanced across market segments and diverse platforms

2015 Sales of $1.8B

Why We Like Aerospace

Business Mix

Market Mix

• 65% Commercial / 35% Military

• 61% New Aircraft / 39% Aftermarket

• Growing content and new technology on new OE platforms

• Long-cycle industry

• Advantageous technology position

Commercial OEM

Commercial Aftermarket

Military Aftermarket

Military OEM

Other



Future growth driven by accelerating OE programs, new technologies and the aftermarket

Driving long-term growth with new technology

New OE platforms will drive future growth

Expanding our Aftermarket presence

Hydraulic power generation on aircraft

$5B Commercial OE market; 4% CAGR • Improves fuel economy by reducing

weight and power consumption • Higher power electronics and

embedded intelligence

Aircraft fuel and inerting systems

$5B Military OE market; 1% CAGR • Optimized system efficiency • Reduced weight improves fuel economy • High reliability - reduced maintenance cost

$4B global market; 2.5% CAGR • Global installed base of $14B+;

39% of 2015 revenue • 22% growth since 2012;

300bps mix change • Initiatives focused on:

• Expand kitting and enhancing data analytical capabilities

• Capturing entitlement • Driving modifications

and upgrades • Developing regional

MRO partnerships

2015 2020

Eaton’s Aftermarket sales

4% CAGR

Uni

ts


Our Vehicle Group provides targeted solutions for both commercial and passenger markets

Why We Like Vehicle

Business Mix


• Americas: 70%

• EMEA: 20%

• APAC: 10%

• Expanding opportunities for innovation

• Leader in fuel economy and emissions reduction

• Diversifying product offerings into adjacent segments

2015 Sales of $3.7B

Market Mix

Passenger

Line Haul

Vocational

Pickup and Delivery

Ag / Off Highway Other


Driving long-term growth across several platforms Automated Transmissions

• Automation growth creates a large market opportunity with 40-50% higher price point than equivalent manual products

Electronic Limited Slip Differential

• Manual to automated manual transmissions

• Automated transmissions have ~55% share vs 25% in 2012

$1.1B+ Torque control market; 6% CAGR • Improves trailer tow capability • Leverages Electronic Stability Control sensors to

optimize slip control • Broadens vehicle capabilities from low-speed traction to

all-speed dynamic control

Auxiliary Braking System

$5B Valvetrain market; 4% CAGR • ~35%+ braking effectiveness • 1% lower in fuel consumption • Solving customers need to meet regulations • Integrates engine design with valve actuation components

$4B clutch and transmission market; 2% CAGR • Global installed base of 4.6M units;

~15% of 2015 revenue • NAFTA initiatives changed mix by 400bps

since 2012 • Initiatives focused on:

• Capturing secondary market opportunities

• Global distribution partners and authorized service centers

• Building strategic partnerships

• Vertical integration OEMs are largely complete

• Increased presence in adjacent markets • New Product introductions: Procision in

medium-duty market

Expanding Aftermarket Presence


We have multiple levers to expand operating margins

•Significant margin enhancement through the cycle post restructuring

Productivity plans and restructuring • Footprint optimization • Reducing support costs

Product line optimization and sales mix • Focusing on the outliers • Improved sales mix

Operational excellence • Manufacturing and supply chain efficiencies • Program execution

2016 Estimates and Peak-to-trough

operating margin targets

Vehicle Hydraulics Aerospace

16%-19% 16%-19%

13%-16%

9.8%*

19.3%*

15.4%*

* Midpoint of 2016 guidance estimate


Free cash flow has grown $1.0B over the past five years, resulting in $1.9B in 2015

$0

$1

$2

2010 2011 2012 2013 2014* 2015

Free Cash Flow ($B)

* Adjusted for legal settlements

16% annual growth in free cash flow over the past 5 years


$0

$2

$4

$6

2013 2014 2015

Operating EPS Cash Operating EPS

Cash earnings remain much greater than operating earnings…

Note: Cash Operating EPS = Operating EPS plus per share after-tax corporate amortization and inventory step-up

$.80/Share

Purchase accounting related non-cash charges averaged $0.90 / share from 2013 - 2015

Cash earnings comparison


… with a steady rise in free cash flow conversion

0%

20%

40%

60%

80%

100%

120%

2010 2011 2012 2013 2014* 2015 2016E

Free cash flow conversion

* Adjusted for legal settlements


Our capital allocation strategy is now focused on growth and returning capital to shareholders

Reinvest in the business to drive organic growth: capital expenditures between 2.5% - 3.0% of sales and R&D of ~3.0% of sales Return cash to shareholders with a growing dividend: Over the last 10 years, dividend CAGR of 12% Repurchase shares equal to at least 1% - 2% of our market capitalization per year; in times of multiple compression, such as now, target higher share repurchase amounts For balance of available capital, look for acquisitions which advance our strategy and return at least 300 bps over our cost of capital

1

2

3

4


$0

$1

$2

Our dividend has increased steadily and provides an attractive yield to investors

10 year CAGR through 2016: 12% 5 year CAGR through 2016: 11%

Dividend per share Dividend yield as of 09/30/16

We have increased our quarterly dividend for 2016 by 3.6%, from $0.55 to $0.57

Source: Capital IQ, Eaton analysis

0%

1%

2%

3%

4%

5%

EMR

ETN

AB

BSI

ESU UTX

DO

VR

OK LR ITW

HO

N PH IRD

HR


0

350

700

Dividends Paid Share Repurchases

Through repurchases and dividends, we have returned $4.6B to shareholders in the past two years & 9 months

2014 2015 Total Dividends Paid 929 1,026 1,955 Share Repurchases 650 682 1,322 Total ($M) 1,579 1,708 3,287

Share repurchases and dividends ($M)

From 2015-2018, we plan on repurchasing $3.0B in shares. YTD 9/30/16, we repurchased $567M in shares.

YTD 2016 780 567

1,347


We have established new 5-year goals and modified our long-term incentive plan

Our new 5 year goals... Aligned management incentives…

• Significant equity holding requirements for senior management

• Short-term compensation plan is directly linked to EPS growth and cash flow return

• New long-term incentive plan aligned with relative total shareholder return


Our earnings growth is being driven by actions under management’s control

EPS Growth Drivers (CAGR)

2015 - 2020 Organic growth 1% - 2% Restructuring and OpEx 3% - 4% Share repurchases 3% Acquisitions 1% Total 8% - 9%


2016 organic revenue growth now expected to decline ~(4)%

Segment 2016 Organic Revenue Growth Key Drivers

Electrical Products 0 - 1%

Strength in North American residential and light commercial markets Continued growth in lighting Modest growth in EMEA driven by construction markets Weakness in industrial markets and oil and gas APAC remains sluggish

Electrical Systems and Services

(3)% - (4)% Utility spend on distribution equipment improving modestly Harsh and hazardous, remains challenging environment Large power distribution assemblies remain soft, especially in industrial markets

Hydraulics (8)% - (9)% Stabilization of China construction equipment market Global agriculture equipment markets at low levels Oil & gas and mining markets weak on low commodity prices

Aerospace 0 - 1% Strength in civilian OEM aircraft markets Civilian aftermarket growing at trend Defense spending modestly weaker

Vehicle (12)% - (13)% European and Chinese light vehicle markets continue to grow NAFTA Class 8 Trucks down sharply Latin American markets down, less sharply than in 2015

Eaton ~(4)%


Our 2015-2017 restructuring program is expected to generate over $400M in savings

* Full year effect of 2017 actions yield additional $75M of benefit in 2018

2015 Actuals 2016 Estimate 2017 Estimate Total

Cost

Annual Benefits Cost

Incremental Annual Benefits Cost

Incremental Annual Benefits

Estimated Cost

Estimated Cumulative

Benefits

$(129) $78 $(145) $200 $(180) $155 $(454) $508*

• Total program will spend $454M over three years, yielding $508M of cumulative benefits

• In 2016, restructuring actions will deliver $184M incremental profit versus 2015

• In 2017, the program will yield $155M incremental benefits versus 2016, partially offset by $(35)M of additional spending over 2016


2016 outlook summary

Organic Revenue Growth ~(4)% Acquisition Revenue Growth $35M Forex ($225) Segment Operating Margins 15.0% - 15.4%

Corporate expenses $90M below 2015 levels

Tax Rate 9% - 10%

Operating EPS / Net Income Per Share

Full Year $4.15 - $4.25 Q4 $1.05 - $1.15

Operating Cash Flow $2.6B - $2.8B Free Cash Flow $2.1B - $2.3B CAPEX $525M


A self-help strategy delivering near-term results with significant upside when markets improve

Accelerating organic growth with a focus on three key initiatives • Focusing R&D efforts on three critical areas • Expanding channel position and aftermarket • Providing superior value

Expanding margin by improving our cost position • Enhanced focus on operational excellence • $450M multi-year restructuring program • Improving outliers, fix poor performers, and grow top performers

Generating significant cash with disciplined capital allocation • Investing for organic growth • Delivering attractive cash returns to shareholders

• $3B share buyback and attractive dividend • Providing funding for acquisitions

New leadership team aligned on achieving our 2015 - 2020 goals by:

goldman sachs industrials conference - power …pub/@eaton/@corp/...electrical sector systems and...

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