This Industrial Stock Thinks Its EV Business Will Pop in 2023
Eaton Corp. (NYSE: ETN) had a great year in 2022, with record adjusted earnings of $7.57 per share, up 14% year over year. The company's move a few years ago to increase its focus on industrial electrical products was a key driver of this performance. Following the trends, the company created a division focused on the electric vehicle market. This division had an OK year in 2022, but it will really start to shine in 2023.
Eaton traces its history back to 1911 to make gear-driven truck axles. It has changed greatly over the years, adding and subtracting businesses. For the last decade or so, it has focused on controlling power in various forms, including in the vehicle, aviation, and electric spaces. However, the really big move was the 2012 purchase of Cooper Industries, a transformational acquisition that cost $13 billion.
Image source: Getty Images.
Source Fool.com
