Eaton Corp. sales jump 42 percent
Eaton Corporation announced record sales and operating earnings, driven by the acquisition of Cooper Industries.
Sales for the third quarter climbed 42 percent to $5.6 billion, compared to $3.9 billion in the same period last year. Growth was comprised of 40 percent from acquisitions and 3 percent from core growth, partially offset by a 1 percent decline from currency.
Operating earnings for the quarter, excluding charges of $38 million to integrate recent acquisitions, were $536 million, or $1.12 per share.
Third quarter sales for the Electrical Products segment were $1.8 billion, up 98 percent over 2012, reflecting the impact of the Cooper Industries acquisition.
Hydraulics segment sales were $739 million, down 3 percent from the third quarter of 2012.
Aerospace segment sales were $448 million, up 7 percent over the third quarter of 2012.
The Vehicle segment posted sales of $964 million in the third quarter, up 3 percent over the third quarter of 2012.
“Our third quarter results were slightly ahead of our second quarter results," said Alexander M. Cutler, Eaton chairman and chief executive officer. "We had expected that third quarter sales would be approximately $75 million higher than second quarter sales, reflecting the normal seasonal increase from the second to third quarter. Our actual revenue increase from the second to the third quarter was only $5 million, as a result of continued sluggish economic growth around the world. Our third quarter bookings, however, strengthened in our Electrical, Hydraulics, and Aerospace businesses, suggesting that growth is likely to accelerate as we go into 2014.
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