Revenue during the quarter went up marginally by 0.73 percent to $4,848 million from $4,813 million in the previous year period. Gross margin for the quarter expanded 10 basis points over the previous year period to 31.72 percent. Total expenses were 89.48 percent of quarterly revenues, down from 90.01 percent for the same period last year. This has led to an improvement of 53 basis points in operating margin to 10.52 percent.

Operating income for the quarter was $510 million, compared with $481 million in the previous year period.

Craig Arnold, Eaton chairman and chief executive officer, said, "Our first quarter net income and operating earnings per share were above the high end of our guidance range. Coming into the quarter, we had expected sales would be down 3 percent, split evenly between a decline in organic sales and negative currency translation. Our organic sales instead grew 2 percent and currency translation was slightly less negative than we had forecast, resulting in 1 percent revenue growth. This is the first quarter of revenue growth since the fourth quarter of 2014, evidence that a number of our markets are starting to turn up."

For financial year 2017, the company forecasts diluted earnings per share to be in the range of $4.45 to $4.75.

For the second-quarter, the company forecasts diluted earnings per share to be in the range of $1.05 to $1.15.