Posted April 20, 2011
Eaton posts 23% sales gain
Diversified industrial manufacturer Eaton Corporation announced first quarter sales of $3.8 billion, 23 percent above the same period in 2010.
Net income was $287 million, up 85 percent over the first quarter of 2010. Net income per share of 83 cents was 80 percent higher than the first quarter of 2010.
Sales for the Electrical Americas segment were $964 million, up 20 percent over 2010. The sales increase was made up of a 15 percent increase in core sales, 4 percent from acquisitions, and 1 percent from foreign exchange. Operating profits were $132 million.
Hydraulics segment sales were $685 million, an increase of 40 percent compared to the first quarter of 2010. Global hydraulics markets increased 27 percent in the quarter compared to the first quarter of 2010.
For all of 2011, we now believe hydraulics markets are likely to grow by 18 percent, up from our prior estimate of 16 percent," said Alexander M. Cutler, Eaton chairman and chief executive officer.
