Investors Are Buying Eaton's Stock Following Q4 Print

Shares of Eaton Corporation, PLC Ordinary Shares (NYSE: ETN) were trading higher by nearly 5 percent early Wednesday morning after the company reported its fourth quarter results.

Eaton earned $1.17 per share in the fourth quarter on revenue of $5.1 billion. Wall Street analysts were expecting the company to earn $1.10 per share on revenue of $5.1 billion.

Eaton noted that its quarterly sales were lower by 9 percent year-over-year as organic revenue fell 4 percent while foreign exchange rates also impacted sales by 5 percent.

Organic growth for the full fiscal year 2015 fell 2 percent and reflected the continued decline of end markets throughout the year.

Eaton also detailed an acceleration and expansion of its restructuring actions. The company will expand its restructuring program with $96 million of additional spending, yielding an additional $108 million of benefits for the full year and $400 million over three years that will yield $418 million of cumulative benefits.

Eaton added that in 2017 its restructuring program will yield $115 million of incremental profit from 2016's level.

Finally, Eaton stated its Board of Directors will target $3 billion in share repurchases through 2018, inclusive of 2015 repurchases.