伊顿二季度业绩和指引超预期，数据中心业务继续高增

Eaton: Some much-needed margin relief; growth re-acceleratingETN reported impressive 2Q results. EPS of $3.18 beat by 3%, net sales of $8.53B by 5%, and segment profit of $1.97B by 7%. The company also raised FY26 guide for EPS by 2% to $13.50 and organic growth by 200bps, while maintaining margins. We remain buyers.A welcome operational beat on margins to ease investors’ biggest concern with further improvement embedded into guide. Following last quarter’s margin guide cut, ETN held the line on delivering segment level margins above consensus expectations and re-affirmed their FY margin guide which reinforces a meaningful H/H step-up, particularly in its core Electrical Americas segment. The beat was truly operational: EA margins beat street by 60 bps (IEEPA tariff refunds were . ETN is benefitting from a) targeted price increase to offset cost inflation, and b) volume leverage boosted by new capacity (of which the worst impacts are behind them). The FY guide points to 30 bps of upside vs. street, and 2H margins are implied to be up 450bps+ of H/H, implying 40% incrementals (~30% in 3Q/50%+ in 4Q), a solid exit rate to help investors think about ‘27.Growth accelerated further, led by Electrical and M&A. Electrical Global was the notable standout. Excluding Boyd (where guidance was raised by 7% to ~$1.5B; driving 22ppts of growth in ‘26), Global grew 18% organic Y/Y led by data center which grew 65% Y/Y organic vs. the market at 23%, and saw its backlog grow 54% organically (vs. 103% total including Boyd). MOEM was also up >20%, and utility and C&I up low-teens. Americas also delivered 18% organic growth, and its negotiations pipeline is up 60% Y/Y on a YTD basis. Notably, mgmt sited a 307 GW data center backlog or 15 years’ worth of backlog at ‘25 build rates (up from 12 years in 1Q) with only 20% of backlog converting in the near-term. Beyond this, C&I, MOEM, and distributed IT revenues were up double-digits.Well positioned to capture the 800VDC opportunity. As rack densities and build complexities rise, data center spend will rise to those with full solutions. At the product level, it begins with solid-state transformers (SSTs), DC breaker tech, power electronics, and cooling (both cold plates & CDUs). These four technical blocks require service. Via Resilient, Boyd, etc. ETN has aligned its portfolio to offer a full “grid-to-chip” service.Investment ImplicationsWe maintain our Outperform rating, TP $534 implying 29% upside.