Investors Cheering Eaton's (ETN) Q2 Earnings, Outlook, Increased Dividend

Eaton Corp. (ETN) opened up higher today after reporting their second quarter earnings this morning, as well as declaring an increase to their quarterly dividend, and upping their FY10 outlook. Shares are up 3.7% in the early session. Shares touched as high as $73.03, a 5.7% gain, earlier on.

Eaton reported a Q2 EPS of $1.36, ex-items, 19 cents better than the analyst estimate of $1.17. Revs came in for the quarter at $3.38 billion, compared to the estimate of $3.23 billion.

The company sees Q310 operating EPS of $1.30 - $1.40, versus the consensus of $1.19.

Eaton upped their FY10 operating EPS outlook to $4.90 - $5.10. Consensus sees an EPS of $4.57.

The company also increased their quarterly dividend 16% to $0.58, $2.32 annualized.

The dividend is payable on August 27, 2010, to shareholders of record at the close of business on August 9, 2010. The ex-dividend date is August 5, 2010.

Yield on the dividend is 3.4%.

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