Eaton 2Q profit drops
Eaton Corporation posted second-quarter sales of $5.8 billion, 3 percent above the same period in 2013.
Net income was $171 million, compared to net income of $494 million for the same period last year. Earnings were impacted by the divestiture of two small Aerospace businesses and the settlement of two longstanding litigations, for a pretax cost of $644 million.
Sales for the Electrical Products segment were $1.8 billion, up 4 percent over 2013.
Sales for the Electrical Systems and Services segment were $1.6 billion, the same as in the second quarter of 2013.
Hydraulics segment sales were $787 million, an increase of 2 percent over the second quarter of 2013.
Aerospace segment sales were $486 million, up 9 percent over the second quarter of 2013.
The Vehicle segment posted sales of $1.0 billion, up 3 percent compared to the second quarter of 2013.