Eaton earnings up 63 percent
Eaton Corporation announced operating earnings for the fourth quarter of 2013 of $516 million, up 63 percent over the fourth quarter of 2012.
Sales in the quarter were $5.5 billion, 28 percent higher than the same period in 2012. Net income in the fourth quarter of 2013 was $479 million compared to $179 million in 2012.
Alexander M. Cutler, Eaton chairman and chief executive officer, said, “Our growth accelerated in the fourth quarter, with core sales growth of 4 percent, the strongest quarter of core sales growth in 2013. In addition to our 4 percent core sales growth, we had 25 percent growth from acquisitions, offset slightly by a reduction of 1 percent from currency exchange.
For the full year 2013, sales were $22.0 billion, 35 percent higher than in 2012.
“Our full year 2013 sales increase of 35 percent reflects principally the revenues from our 2012 acquisitions, as growth in our markets remained sluggish for much of the year,” said Cutler. “We generated record operating earnings per share in 2013, up 5 percent over 2012, despite the additional shares we issued as part of the Cooper acquisition and the purchase price charges resulting from the five acquisitions completed in 2012. Operating cash flow in 2013 was a record $2.3 billion, up 37 percent over 2012.
Fourth quarter sales for the Electrical Products segment were $1.8 billion, up 57 percent from the fourth quarter of 2012, reflecting the impact of the Cooper Industries acquisition.
Fourth quarter sales for the Electrical Systems and Services segment were $1.6 billion, an increase of 38 percent over the fourth quarter of 2012, reflecting the impact of the Cooper Industries acquisition.
Hydraulics segment fourth quarter sales were $714 million, up 3 percent over the fourth quarter of 2012.
“The global hydraulics market has stabilized, with signs in some parts of the market that growth is improving,” said Cutler.
The Aerospace segment posted fourth quarter sales of $446 million, an increase of 3 percent over the fourth quarter of 2012.
The Vehicle segment posted sales of $930 million in the fourth quarter, up 7 percent over the fourth quarter of 2012.
INDUSTRIAL SUPPLY MAGAZINE
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