Eaton Corporation ETN reported third-quarter 2020 earnings of $1.18 per share, which surpassed the Zacks Consensus Estimate of $1.05 by 12.7%. However, earnings were down 22.4% year over year due to weakness in some of its end markets.GAAP earnings for the reported quarter were $1.11 per share compared with $1.44 in the year-ago period. The difference between GAAP and operating earnings for the reported quarter was due to a one-time charge of 5 cents associated with acquisitions and divestitures, as well as 2 cents related to a multi-year restructuring program.RevenuesTotal quarterly revenues came in at $4,526 million, which beat the Zacks Consensus Estimate of $4,200 million by 7.8%. However, total revenues decreased 14.8% from the year-ago quarter.For the reported quarter, organic sales were down 9% from the prior-year period. Divestiture of the Lighting and Automotive Fluid Conveyance businesses resulted in an 8% decline in revenues, while acquired assets added 2% to third-quarter sales.Eaton Corporation, PLC Price, Consensus and EPS Surprise Eaton Corporation, PLC price-consensus-eps-surprise-chart | Eaton Corporation, PLC QuoteSegment DetailsElectrical Americas’ total third-quarter sales were $1,699 million, down 16.7% from the year-ago level. The decline was due to the impact of the Lighting business divestiture and negative currency translation. However, higher organic sales and contribution from the acquired assets marginally offset the drop in revenues.Electrical Global’s total sales were $1,196 million, down 7.6% from the year-ago quarter. Organic sales were down 10% from the year-ago quarter, primarily due to the COVID-19 outbreak. Positive currency translation offset the negatives by 2%.Hydraulics’ total sales were $439 million, down 15.4% from the year-ago quarter. The revenue decline was due to fall in organic sales.Aerospace total sales were $540 million, down 12.9% from the year-ago quarter. The decline was due to downturn in commercial aviation, partially offset by growth in military sales. Organic sales were down 26%, partially offset by a 12% increase from the acquisition of Souriau-Sunbank and 1% growth from the impact of positive currency translation.Vehicle total sales were $573 million, down 24.7% from the year-ago quarter. Decline in organic sales, divestiture of the automotive fluid conveyance business and negative currency translation affected the results.eMobility segment’s total sales were $79 million, flat year over year. The decline in organic sales was offset by positive currency translation.Highlights of the ReleaseSelling and administrative expenses were $754 million, down 14.8% from the year-ago quarter.The company’s third-quarter research and development expenses were $132 million, down 10.2% from the prior-year period. Interest expenses for the quarter were $41 million, down 12.8% from the year-ago period.Orders in Hydraulics were up 8% year over year, while the same in Electrical Americas, Electrical Global, and Aerospace was down 1%, 6%, and 22%, respectively.The company decided to implement a multi-year restructuring program that will cost nearly $280 million. Restructuring charges incurred under this program for the nine months ended Sep 30, 2020 was $197 million.During the quarter, it repurchased shares worth $177 million, with its year-to-date buyback totaling $1.5 billion.Financial UpdateEaton’s cash was $429 million as of Sep 30, 2020 compared with $370 million on Dec 31, 2019.As of Sep 30, 2020, long-term debt of the company was $6,948 million, down from $7,819 million on Dec 31, 2019.GuidanceEaton narrowed its 2020 free cash flow guidance to the range to $2.4-$2.6 billion from $2.3-$2.7 billion.It is targeting share buyback in the range of $1.7-$1.9 billion in 2020.Zacks RankCurrently, Eaton has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Other ReleasesRegal Beloit Corporation RBC delivered better-than-expected results for the third quarter of 2020, with earnings surpassing estimates by 39.52%.ABB Ltd. ABB third-quarter operating earnings were in line with the Zacks Consensus Estimate of 21 cents per share.Emerson Electric EMR came out with fiscal fourth-quarter 2020 quarterly earnings of $1.10 per share, which beat the Zacks Consensus Estimate of 95 cents.Legal Marijuana: An Investor’s DreamImagine getting in early on a young industry primed to skyrocket from $17.7 billion in 2019 to an expected $73.6 billion by 2027.Although marijuana stocks did better as the pandemic took hold than the market as a whole, they’ve been pushed down. This is exactly the right time to get in on selected strong companies at a fraction of their value before COVID struck. Zacks’ Special Report, Marijuana Moneymakers, reveals 10 exciting tickers for urgent consideration.Download Marijuana Moneymakers FREE >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Emerson Electric Co. (EMR): Free Stock Analysis Report Regal Beloit Corporation (RBC): Free Stock Analysis Report ABB Ltd (ABB): Free Stock Analysis Report Eaton Corporation, PLC (ETN): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research