Posted October 25, 2011
Eaton income up 37%
Eaton Corporation announced record net income per share of $1.07 for the third quarter of 2011, an increase of 37 percent over the $0.78 earned in the third quarter of 2010.
Sales in the third quarter were $4.12 billion, 15 percent above the third quarter of 2010. Net income in the third quarter was $365 million compared to $268 million in 2010.
The 15 percent sales growth was comprised of 11 percent core growth, 2 percent from acquisitions, and 2 percent from foreign exchange. End markets grew 11 percent in the quarter.
Hydraulics segment sales were $717 million, up 23 percent compared to the third quarter of 2010. Global hydraulics markets were up 14 percent in the quarter, with U.S. markets up 18 percent and non-U.S. markets up 11 percent. Operating profits in the third quarter were $109 million. Excluding acquisition integration costs of $1 million during the quarter, operating profits were $110 million, up 45 percent over the third quarter of 2010.
