Vehicle parts manufacturer Eaton Corp. said Tuesday its first-quarter profit was $155 million, or 91 cents a share, compared with a loss of $50 million, or 30 cents, a year ago, as truck segment sales improved.
Revenue rose 10.3% to $3.1 billion. Eaton said that excluding charges related to changes in healthcare law, its earnings would have been $1.05 per share.
The truck segment’s sales rose 55% to $453 million, with an operating profit of $46 million compared with $34 million loss a year ago. Truck markets rose 19%, Eaton said.
Net income in both comparable quarters included charges for acquisitions integration. First-quarter operating income was $161 million, compared with an operating loss of $36 million in 2009.
“We were pleased with the 10.2% operating margin our truck segment posted in the first quarter,” said Chairman and Chief Executive Officer Alexander Cutler.
“Despite still very low North American volumes, our margins reflect the benefits of the cost reduction actions taken in 2009,” he said in a statement.
Eaton said it expects its second-quarter earnings to be between $1.05 and $1.15 per share.
