Eaton’s 1Q Earnings Rise 22%
Eaton Corp. said Monday its first-quarter earnings rose 22% in part due to its $13 billion acquisition of Ireland-based Cooper Industries last year.
Net income rose to $380 million from $311 million a year earlier, though earnings per share fell to 79 cents from 91 cents, due to an increase in the number of outstanding shares.
Sales jumped 34% to $5.31 billion, Eaton said in a statement.
The truck and auto component maker said its vehicle-segment sales operating profit dropped 18% to $132 million, while sales fell 11% to $939 million.
Chairman and CEO Alexander Cutler said Eaton expects to earn $1.05 to $1.15 in the second quarter, excluding integration charges, and that it is maintaining its full-year operating guidance of $4.05 to $4.45 per share.
