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Eaton (ETN) on Course to Meet Its 2030 Sustainability Goals
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Eaton Corporation (ETN - Free Report) has been working on its 2030 Sustainability Goals and has provided its current status compared with the target set under its 2030 Sustainability plans. The company has reduced its greenhouse gas emissions by 27% since 2018 and has continuously been working on lowering its emission level. Eaton is on track to meet its goal of reducing Scope 1 and 2 emissions from its operations by 50% and becoming carbon neutral by 2030.
Eaton has been investing steadily in research and development activities to create advanced electrical solutions for its clients. The sustainable solutions provided by the company include electrification, energy transition, electric grid resilience, increased efficiency in ground and air transportation and improvement of air quality for its customers spread across the globe. These sales represented nearly 71% of Eaton’s sales in 2022, up 600 basis points from the 2021 level.
The share of sustainable solution products in total sales is expected to march forward as Eaton has laid out a 10-year plan that includes a $3 billion investment in R&D programs, allowing the company to create more sustainable products over this period of time.
Eaton has already met a milestone in its zero-waste-to-landfill goal, with 75% of its manufacturing sites now holding this certification against 2030’s goal of 100%. In the first quarter of 2023, Eaton certified 10% of its manufacturing sites as zero-water discharge, meeting its 2030 target seven years ahead of schedule.
Overall Emission Reduction
Eaton supplies its products to around 175 countries across the globe, making it easier for the company to spread awareness about emissions globally.
The company is working with various governments across the globe to accelerate the energy transition. Eaton is assisting European countries to cut emissions and become carbon neutral by 2050.
It is also assisting customers to reduce emissions by developing low-carbon technologies and solutions that allow customers to add more renewable energy sources, storage and electric vehicle infrastructure to their operations.
Price Performance
Over the past six months, the stock has gained 26.6% compared with the industry’s growth of 11.7%.
Some other top-ranked stocks in the same sector are A.O. Smith Corporation (AOS - Free Report) , Zurn Elkay Water Solutions Co. (ZWS - Free Report) and Emerson Electric Co. (EMR - Free Report) , currently holding the same rank as ETN.
The current dividend yields of AOS, ZWS and EMR, which persistently distribute dividends to shareholders, are 1.66%, 1.08% and 2.33%, respectively.
The Zacks Consensus Estimate for 2023 earnings per share of A.O. Smith and Zurn Elkay Water Solutions has moved up 3.9% and 2.3%, respectively, in the past 90 days. In the same time frame, the fiscal 2023 earnings estimate for Emerson Electric has moved up 2.9%.
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Eaton (ETN) on Course to Meet Its 2030 Sustainability Goals
Eaton Corporation (ETN - Free Report) has been working on its 2030 Sustainability Goals and has provided its current status compared with the target set under its 2030 Sustainability plans. The company has reduced its greenhouse gas emissions by 27% since 2018 and has continuously been working on lowering its emission level. Eaton is on track to meet its goal of reducing Scope 1 and 2 emissions from its operations by 50% and becoming carbon neutral by 2030.
Eaton has been investing steadily in research and development activities to create advanced electrical solutions for its clients. The sustainable solutions provided by the company include electrification, energy transition, electric grid resilience, increased efficiency in ground and air transportation and improvement of air quality for its customers spread across the globe. These sales represented nearly 71% of Eaton’s sales in 2022, up 600 basis points from the 2021 level.
The share of sustainable solution products in total sales is expected to march forward as Eaton has laid out a 10-year plan that includes a $3 billion investment in R&D programs, allowing the company to create more sustainable products over this period of time.
Eaton has already met a milestone in its zero-waste-to-landfill goal, with 75% of its manufacturing sites now holding this certification against 2030’s goal of 100%. In the first quarter of 2023, Eaton certified 10% of its manufacturing sites as zero-water discharge, meeting its 2030 target seven years ahead of schedule.
Overall Emission Reduction
Eaton supplies its products to around 175 countries across the globe, making it easier for the company to spread awareness about emissions globally.
The company is working with various governments across the globe to accelerate the energy transition. Eaton is assisting European countries to cut emissions and become carbon neutral by 2050.
It is also assisting customers to reduce emissions by developing low-carbon technologies and solutions that allow customers to add more renewable energy sources, storage and electric vehicle infrastructure to their operations.
Price Performance
Over the past six months, the stock has gained 26.6% compared with the industry’s growth of 11.7%.
Image Source: Zacks Investment Research
Zacks Rank & Other Stocks to Consider
Eaton currently has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Some other top-ranked stocks in the same sector are A.O. Smith Corporation (AOS - Free Report) , Zurn Elkay Water Solutions Co. (ZWS - Free Report) and Emerson Electric Co. (EMR - Free Report) , currently holding the same rank as ETN.
The current dividend yields of AOS, ZWS and EMR, which persistently distribute dividends to shareholders, are 1.66%, 1.08% and 2.33%, respectively.
The Zacks Consensus Estimate for 2023 earnings per share of A.O. Smith and Zurn Elkay Water Solutions has moved up 3.9% and 2.3%, respectively, in the past 90 days. In the same time frame, the fiscal 2023 earnings estimate for Emerson Electric has moved up 2.9%.