The company said net sales rose 8% in Q1 2024, driven entirely by organic sales. Gross profit margin increased from 34.4% in Q1 2023 to 37.3% in Q1 2024.

1. 01

   The company said net sales rose 8% in Q1 2024, driven entirely by organic sales. Gross profit margin increased from 34.4% in Q1 2023 to 37.3% in Q1 2024.

2. 02

   Electrical Americas said its net sales rose 17% in Q1 2024, driven entirely by organic sales growth. Its operating margin increased from 22.9% in Q1 2023 to 29.2% in Q1 2024.

3. 03

   The company said it began a new multi-year restructuring program in Q1 2024. It said charges incurred in Q1 totaled $63 million, and total estimated charges for the entire program are $375 million. The program is expected to be completed in 2026, and mature-year benefits are expected to be $325 million.

4. 04

   The company said net cash provided by operating activities for the first 3 months of 2024 increased $140 million from the same period of 2023. Over the same period, capital expenditures were $183 million, and it repurchased 0.5 million shares for a total of $138 million.

Key figures

Quarter ended March 31, 2024

Revenue

$5.9B

Net income

$821M

EPS

$2.04

Operating cash flow

$475M

Analysis scope · Management's discussion (MD&A)We analyzed the Management's Discussion and Analysis (MD&A) section. Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.