Posted July 26, 2011
Eaton sales climb 21%
Eaton Corporation announced sales in the second quarter were $4.09 billion, 21 percent above the second quarter of 2010.
Net income in the second quarter was $336 million, or 97 cents per share, compared to $226 million, or 66 cents per share, in 2010.
Hydraulics segment sales were $728 million, up 28 percent compared to the second quarter of 2010. Global hydraulics markets were up 18 percent in the quarter, with U.S. markets up 21 percent and non-U.S. markets up 16 percent. Operating profits in the second quarter were $120 million, up 56 percent compared to the second quarter of 2010.
"The global hydraulics markets in the second quarter continued the strong rebound we saw in the first quarter," said Alexander M. Cutler, Eaton chairman and chief executive officer. "For all of 2011, we continue to believe global hydraulics markets will grow 18 percent.
"Our Hydraulics segment had an outstanding quarter, achieving record sales, operating profits, and margins," said Cutler. "We were particularly pleased with the record quarterly margin of 16.5 percent."
