Eaton sales decline 5 percent
Eaton Corporation announced that sales in the first quarter of 2015 were $5.2 billion, 5 percent lower than the same period in 2014.
Operating earnings for the first quarter of 2015, excluding pre-tax charges of $11 million to integrate recent acquisitions, were $473 million.
Operating earnings per share, which exclude charges of 2 cents per share to integrate recent acquisitions, were $1.01 for the first quarter of 2015, the same as the first quarter of 2014.
“Our 5 percent sales decline in the first quarter consisted of 1 percent organic growth offset by negative 6 percent from currency translation,” said Alexander M. Cutler, Eaton chairman and chief executive officer. “Our operating earnings per share were flat with the first quarter of 2014, driven by a 9 cent negative impact from lower currency translation and a higher tax rate. Without this impact, our first quarter 2015 operating earnings per share would have grown by 9 percent.
Sales for the Electrical Products segment were $1.7 billion, down 2 percent from 2014. Organic sales grew 4 percent, offset by a 6 percent decline from currency translation.
Sales for the Electrical Systems and Services segment were $1.4 billion, down 5 percent from the first quarter of 2014. Organic sales were down 1 percent and currency translation was negative 4 percent.
Hydraulics segment sales were $665 million, down 15 percent from the first quarter of 2014. Organic sales in the quarter declined 9 percent and currency translation was negative 6 percent.
Aerospace segment sales were $464 million, equal to the first quarter of 2014. Organic growth of 8 percent was offset by 5 percent from the two divestitures completed in the middle of 2014 and by 3 percent from negative currency translation.
The Vehicle segment posted sales of $955 million, down 4 percent compared to the first quarter of 2014. Organic growth of 4 percent was offset by negative currency translation of 8 percent.
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