Truck and auto components maker Eaton Corp. said Monday its second-quarter profit rose 47% as its truck unit’s sales rose to a quarterly record.
Eaton’s net income rose to $336 million, or 97 cents per share, up from $226 million, or 66 cents, a year ago. Sales rose 21% to $4.09 billion.
Its truck segment reported an operating profit of $120 million, as sales rose 37% to a quarterly record $673 million.
Truck production rose 27%, with U.S. markets up 53% and non-U.S. markets up 5% in the quarter, the company said in a statement.
“We continue to expect the [North American] Class 8 market to total 265,000 units in 2011,” said Chairman and CEO Alexander Cutler, adding that Eaton expects “more modest growth” in other regions.
The year is shaping up to be better than we forecasted in April,” Cutler said in a statement. “We now anticipate our overall end markets will grow by 11% versus our earlier forecast of 10%.”
Eaton also boosted its full-year guidance, saying it expects 2011 to be a year of record sales and profits, with sales projected to be 19% above last year and 6% above its previous record in 2008.
It boosted its full-year per share guidance at the midpoint by 15 cents, to net income of between $3.86 and $4.06 per share.
Eaton’s automotive segment posted sales of $460 million, up 18%. Global automotive markets were up 9%, with U.S. markets up 15% and non-U.S. markets up 7%. The segment posted an operating profit of $55 million, up 41% from a year ago.
