Eaton Reports Higher 2Q Income, Trims Forecast

Vehicle parts manufacturer Eaton Corp. said Tuesday its second-quarter net earnings jumped 35% led by more acquisitions, but the company trimmed its earnings forecast for the year.

Net income rose to $333 million, or $2.03 per share, from $246 million, or $1.64, a year earlier. Sales gained 32% to $4.28 billion.

The truck segment posted sales of $625 million, up 26% from a year ago, and truck markets in the second quarter were up 16%, with U.S. markets up 13% and non-U.S. markets up 19%.

Eaton said that “due to the reduction in our expectations for market growth,” it was lowering its earnings guidance for 2008 by 20 cents for both net income per share and operating income per share, with net per-share forecast at between $7.20 and $7.50, and operating income per-share of between $7.70 and $8.