Eaton Corp.’s Fourth-Quarter Net Income Rises
Vehicle component-maker Eaton Corp. said its fourth-quarter net income rose to $482 million, or $1 a share, from $180 million, or 46 cents, a year earlier.
Net sales climbed to $5.5 billion in the quarter from $4.3 billion a year ago, Eaton said in a Feb. 4 statement.
Full-year net income increased to $1.8 billion, or $3.90 per share, from $1.2 billion, or $3.46 per share, a year prior. Revenue for 2013 increased 35% to $22 billion.
Operating income for 2013, which excludes $163 million in charges related to integration with Cooper Industries, increased 42% to $2 billion.
“During the quarter, we completed our purchase price accounting for Cooper. Our Cooper integration remains well ahead of schedule, setting a solid foundation for the $95 million of additional Cooper integration savings we expect to realize in 2014,” Eaton Chairman and CEO Alexander Cutler said in a statement.
The company is forecasting first-quarter operating earnings per share to be between 95 cents and $1.05.
Eaton said it expects full-year earnings to be between $4.50 and $4.90 per share, excluding an estimated $168 million in charges related to acquisitions. The company predicted yearly sales would increase 3%.
