Eaton Posts $52 Million First-Quarter Loss

Vehicle parts manufacturer Eaton Corp. said Monday it lost $52 million on the first quarter as sales slumped.

The company’s 30-cent per-share loss compared with a profit of $247 million, or $1.64 per share, a year ago. Sales fell 20% to $2.81 billion.

Its truck segment’s sales fell 49% to $292 million and the unit posted an operating loss of $34 million.

Eaton in February had forecast a 25- to 35-cent per-share loss, down from an earlier forecast of flat earnings, Bloomberg reported.

Eaton also lowered its 2009 forecast, saying it would earn $2.50 to $3 per share for the year, down from an earlier projected $3.60 to $4.20 per share.