Eaton Corporation sales fall 9 percent
Eaton Corporation announced operating earnings per share for the fourth quarter of $1.17, a decrease of 8 percent from the fourth quarter of 2014.
Net income of $534 million compared to income of $585 million in the same period last year.
Sales in the quarter were $5.1 billion, down 9 percent from the same period in 2014. Operating earnings for the fourth quarter of 2015, which exclude charges of $14 million to integrate recent acquisitions, were $541 million compared to $602 million in the fourth quarter of 2014.
“Our earnings came in above the high end of our guidance range. Organic sales in the fourth quarter declined by 4 percent compared to the fourth quarter of 2014, reflecting weakness in most of our markets. The impact of currency translation reduced sales by 5 percent. In light of the challenging markets, we were pleased with our performance in the quarter,” said Alexander M. Cutler, Eaton chairman and chief executive officer.
For the full year 2015, sales were $20.9 billion, 7½ percent lower than in 2014. The sales decline consisted of a decrease in organic sales of 2 percent and a decrease of 5½ percent from negative currency translation.
Hydraulics segment fourth quarter sales were $552 million, down 18 percent from the fourth quarter of 2014. Organic sales declined 12 percent, and negative currency translation was another 6 percent.
Fourth quarter sales for the Electrical Products segment were $1.7 billion, down 5 percent from the fourth quarter of 2014.
Fourth quarter sales for the Electrical Systems and Services segment were $1.5 billion, down 9 percent from the fourth quarter of 2014.
The Aerospace segment posted fourth quarter sales of $440 million, a decrease of 4 percent from the fourth quarter of 2014.
The Vehicle segment posted sales of $841 million in the fourth quarter, down 13 percent from the fourth quarter of 2014.
INDUSTRIAL SUPPLY MAGAZINE
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