10 Best Environmental Stocks to Buy

2. Eaton Corporation plc (NYSE:ETN)

Number of Hedge Fund Holders: 90

Eaton Corporation plc (NYSE:ETN) is a power-management company with energy-efficient product offerings. It provides power management solutions to accelerate energy transition through electrification and digitalization.

Eaton Corporation plc (NYSE:ETN)’s strong focus on innovation has led it to be considered one of the most admired companies by FORTUNE. This shows in its recent shift to focus on the AI market, with its new product SmartRack Modular Data Center, a cutting-edge AI deployment modular solution that rapidly configures and deploys in various edge locations. The offering is set to revolutionize data infrastructure management. Eaton’s commitment to environmental sustainability is displayed through its ambitious 2030 targets. The company sets a target to reduce carbon emissions from its operations by 50%, achieve carbon-neutral operations, and certify all manufacturing sites as zero waste to landfill. As of 2024, the company has already reduced greenhouse gas emissions by 31% since 2018 and certified 79% of its manufacturing sites as zero waste to landfill, progressing robustly toward its 2030 goals. Further cementing its sustainability objectives, Eaton Corporation plc (NYSE:ETN) is undertaking clean energy projects across its global operations. New solar deployments are being set up to power innovation and manufacturing, significantly reducing the company’s carbon footprint and energy costs. These initiatives not only further the company’s environmental commitments but also solidify its position as a major player in the clean energy sector.

Eaton Corporation plc (NYSE:ETN) registered a record quarterly adjusted earnings per share of $2.84, a 15% rise over 2023. The 2024 revenue stands at $24.9 billion, with $6 billion being recorded in Q4, a year-on-year increase of 4.6%. Record segment margins were at 24.3%, 70 basis points over Q3 2023.

Overall, Eaton Corporation plc (NYSE:ETN)’s recent developments underscore its robust financial performance and strong commitment to environmental sustainability. The company is underway to meet its ambitious goals and contribute significantly to a sustainable energy landscape through strategic initiatives and innovative solutions.