Eaton sales climb 38%
Eaton Corporation said its sales in the second quarter were $5.6 billion, 38 percent above the same period in 2012.
Net income of $494 million improved from $382 million in the same quarter last year, but earnings per share fell from $1.13 in 2Q 2012 to $1.04 in 2013.
“Our 38 percent sales growth in the second quarter consisted of a decline of 2 percent in core sales, offset by 40 percent growth from acquisitions,” said Alexander M. Cutler, chairman and chief executive officer. “The decline in our core sales reflected soft conditions in several of our end markets, which have shown a continuation of the sluggish economic conditions experienced in many parts of the world during the second half of 2012 and in the first quarter of 2013."
Sales for the Electrical Products segment were $1.8 billion, up 95 percent over the second quarter of 2012, reflecting the impact of the Cooper Industries acquisition.
The Cooper acquisition also boosted sales for the Electrical Systems and Services segment, which climbed 78 percent to $1.6 billion.
Hydraulics segment sales were $772 million, an increase of less than 1 percent compared to the second quarter of 2012. Sales growth was driven by revenues from acquisitions completed in 2012, which accounted for 10 percent growth, offset by a 9 percent decline in core sales and a 1 percent decline from currency translation.
Aerospace segment sales were $446 million, up 2 percent over the second quarter of 2012.
The Vehicle segment posted sales of $1.0 billion, down 4 percent compared to the second quarter of 2012.
INDUSTRIAL SUPPLY MAGAZINE
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