Eaton reports higher earnings
Eaton Corporation announced that sales in the first quarter of 2014 were $5.5 billion, 3½ percent above the same period in 2013.
Operating earnings for the quarter were $483 million, an increase of 21 percent over 2013. Operating earnings per share were $1.01 for the first quarter of 2014, up 20 percent over the first quarter of 2013.
Hydraulics segment sales were $782 million, an increase of 3 percent over the first quarter of 2013. Operating profits in the first quarter were $108 million. Excluding acquisition integration charges of $4 million, operating profits were $112 million, an increase of 24 percent.
“The hydraulics markets in the first quarter of 2014 grew modestly over the first quarter of 2013,” said Alexander Cutler, Eaton chairman and chief executive officer. “Our bookings in the quarter increased 9 percent over the first quarter of 2013.”
Sales for the Electrical Products segment were $1.7 billion, up 4 percent over 2013.
Aerospace segment sales were $464 million, up 7 percent, while Vehicle segment posted sales of $996 million, up 6 percent compared to the first quarter last year.
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