Eaton Corporation (ETN) reported fourth quarter earnings of $1.69 per share on $3.66 billion in revenue this morning, edging Wall Street’s expectations on both counts. The company also announced a two-for-one stock split and a 17% increase to its dividend.
Analysts were expecting earnings of $1.67 per share and $3.63 billion in sales, on average.
The diversified power management company also declared a quarterly dividend of $0.68 per share, a 17% improvement the $0.58 per share paid in prior quarters. The aforementioned two-for-one stock split will affect shareholders of record as of February 7, at which point the quarterly dividend will reset to $0.34 per share to accommodate the increased share count.
Shares of ETN edged higher to $105.16 (+0.53%) in pre-market trading, where they now feature a 2.59% dividend yield.