Intelligent power management company Eaton Corporation plc (ETN) reported record third-quarter sales of $8.9 billion, up 28% from the year-earlier quarter, with organic growth of 19% above the high end of its outlook.

That organic pace accelerated from 14% in the second quarter, when sales rose 21%. The company said the sales increase also included 8% from acquisitions and 1% from foreign exchange.

Eaton raised full-year 2026 organic growth guidance to 13-15% from 11-13%. It anticipates the same 13-15% organic growth in the fourth quarter, with segment margins of 25.4-25.8%. Full-year earnings per share are expected at $10.39 to $10.49 and adjusted earnings per share at $13.70 to $13.80. Fourth-quarter earnings per share are guided at $3.28 to $3.38 and adjusted earnings per share at $4.05 to $4.15.

Adjusted earnings per share were a record $3.68, excluding $0.62 a share of intangible amortization, $0.30 a share of acquisition and divestiture charges, and $0.01 a share of income from a multi-year restructuring program. Diluted earnings were $2.77. Segment margins reached a record 25.3%, 30 basis points above the high end of guidance, after 23.1% in the second quarter. The company attributed the margin result to higher sales and improved performance amid continued capacity investments. Operating cash flow was $1.31 billion and free cash flow $1.03 billion.

Electrical Americas sales were a record $4.2 billion, up 22% organically after 18% organic growth in the second quarter. Operating profits were a record $1.2 billion. Operating margins were 29.8%, up 230 basis points sequentially. The twelve-month rolling average of orders was up 39% organically. Total backlog at the end of September was up 33% over September 2025.

Electrical Global sales were a record $2.7 billion, up 58% from the third quarter of 2025, including 27% organic growth and a 31% contribution from Boyd Thermal in its second full quarter after the March acquisition. Operating profits were a record $576 million. Operating margins were 21.1%. The twelve-month rolling average of orders was up 51% organically. Total backlog at the end of September was up 121% over September 2025. On a rolling twelve-month basis, the book-to-bill ratio for the Electrical businesses was 1.2.

Aerospace sales were a third-quarter record $1.2 billion, up 11%, with 6% organic growth and 5% from the Ultra PCS acquisition. Operating profits were a third-quarter record $298 million. Operating margins of 24.9% were down 100 basis points from the third quarter of 2025. The twelve-month rolling average of orders was up 20% organically. Total backlog at the end of September was up 33% over September 2025. The Aerospace book-to-bill ratio remained at 1.2.

Mobility sales were $852 million, with organic sales up 9%. Operating profits were $146 million. Operating margins of 17.2% were up 370 basis points from the third quarter of 2025.

On September 25, Eaton signed an agreement to acquire COL Group, a medium-voltage electrical distribution supplier, for €810 million ($921 million at the September 30 exchange rate), expected to close in the first quarter of 2027 and reported in Electrical Global. The company said the deal expands European power distribution capabilities and manufacturing for data center and utility markets.

Eaton also entered definitive agreements with Dana Incorporated to separate Mobility through a Reverse Morris Trust transaction. Chief executive Paulo Ruiz said record orders grew sequentially, backlog continued to expand, and the company remains well-positioned to help customers deliver on critical power infrastructure investments.