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2020 Full Year Outlook
Adjusted Earnings Per Share $5.60 - $5.90
Organic Revenue (1) – 1%
Acquisition Revenue 2%
Divested Revenue (7.5)%
Adjusted Segment Operating Margins 17.8% - 18.2%
Corporate Expenses (interest, pension, other corporate) Flat with 2019 levels
Tax Rate on Adjusted Earnings 14.8% - 15.8%
Operating Cash Flow $3.4B - $3.6B
Free Cash Flow $2.8B - $3.0B
Capex $550M
Share Repurchases $2.4B - $2.8B
1st Quarter Outlook
Adjusted Earnings Per Share $1.16 - $1.26
Organic Revenue (3)%
Acquisition Revenue 2%
Divested Revenue (3)%
Adjusted Segment Operating Margins 15.8% - 16.2%
Tax Rate 15% - 16%
"One secular consumer trend we are increasingly investing in is electric vehicles (EVs). In addition to owning Aptiv and NXP, leading component suppliers for EVs, we initiated a new position in the second quarter in Eaton, a global manufacturer of electrical, power management and hydraulics components and equipment. Eaton is a critical player in supporting the increasing electrification of the global economy with opportunities in areas ranging from utility generation and distribution infrastructure to EV charging stations, solar power systems and electricity supply for data centers. Eaton has transformed itself over the last decade from a heavy industrial company into a diverse set of businesses levered to the more attractive secular growth of electrification. We anticipate this focus will allow electrical products’ revenue to grow in the mid-to-high single digits and support margin improvement."