Posted January 27, 2011
Eaton sales rise 17 percent
Diversified industrial manufacturer Eaton Corporation announced sales for the 2010 fourth quarter were $3.7 billion, 17 percent higher than the same period in 2009.
Net income was $280 million compared to $211 million in 2009, an increase of 33 percent. Net income per share of $1.63 reflected a 30 percent increase over $1.25 in the fourth quarter of 2009.
For the full year 2010, sales were $13.7 billion, 16 percent higher than 2009. Net income was $929 million, an increase of 143 percent over 2009, and net income per share of $5.46 was 141 percent more than in 2009.
"Our full year 2010 sales growth of 16 percent reflects a rebound from the depressed market levels of 2009 and our 30 percent growth in revenues from developing countries," said Alexander M. Cutler, Eaton chairman and chief executive officer. "We are pleased with the momentum we see in our businesses and with the strong incremental earnings we have been able to generate from the additional sales volume."
In the Hydraulics segment, fourth quarter sales were $571 million, 36 percent higher than the fourth quarter of 2009. Hydraulics markets in the fourth quarter grew 38 percent compared to the same period in 2009, with U.S. markets up 46 percent and non-U.S. markets up 32 percent.
Operating profits in the fourth quarter were $72 million, and adjusting for acquisition integration charges of $1 million in the fourth quarter of 2010, were $73 million. This compares to operating profits in the fourth quarter of 2009 of $13 million.
