Eaton sales fall 5 percent
Eaton Corporation reported sales of $5.1 billion for the second quarter, down 5 percent from $5.4 billion in the same period last year.
Net income of $492 million was down by 8 percent from $535 million in last year's second quarter.
Craig Arnold, Eaton chairman and chief executive officer, said, “Our second quarter results came in above the midpoint of our guidance, reflecting solid performance despite weak conditions across many of our markets. Our 5 percent sales decline in the second quarter consisted of a 4 percent decline in organic sales and an additional 1 percent decline from negative currency translation."
Hydraulics segment sales were $589 million, down 8 percent from the second quarter of 2015. Organic sales in the quarter declined 7 percent and currency translation was negative 1 percent. Operating profits in the second quarter were $59 million, down 21 percent from the second quarter of 2015.