Eaton’s Earnings Rise 15% for Fourth Quarter
Company Boosts First-Quarter Dividend by 10%
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Vehicle parts manufacturer Eaton Corp. said Monday that its fourth-quarter earnings rose nearly 15% from a year ago.
The company earned $241 million or $1.59 a share, up from $210 million or $1.38 for the same quarter a year earlier.Separately, Eaton boosted its first-quarter dividend by 10% to 43 cents a share.The earnings matched Wall Street’s expectations, the Associated Press reported. Sales rose 10% to $3.1 billion.Eaton said it would earn $1.30 to $1.40 for the first quarter 2007 and $6.05 to $6.25 for the full year.The truck segment’s sales rose 13% to $620 million, while operating profit fell 30% to $76 million, Eaton said. Excluding an adjustment, the operating profit fell 5%.For the full year, Eaton’s sales rose 12% to $12.4 billion. Net income rose 18% to $950 million from $805 million, while per-share income rose 19% to $6.22, from $5.23.The company said it was maintaining its forecast for North American heavy-truck production of between 205,000 and 210,000 units this year, compared with the 378,000 last year, said Alexander Cutler, Eaton’s chairman and chief executive officer.The trucking unit reported an operating profit of $448 million for 2006, down from $453 million in 2005, including acquisition integration charges of $5 million last year and $4 million in 2005, Eaton said.
Vehicle parts manufacturer Eaton Corp. said Monday that its fourth-quarter earnings rose nearly 15% from a year ago.
The company earned $241 million or $1.59 a share, up from $210 million or $1.38 for the same quarter a year earlier.Separately, Eaton boosted its first-quarter dividend by 10% to 43 cents a share.The earnings matched Wall Street’s expectations, the Associated Press reported. Sales rose 10% to $3.1 billion.Eaton said it would earn $1.30 to $1.40 for the first quarter 2007 and $6.05 to $6.25 for the full year.The truck segment’s sales rose 13% to $620 million, while operating profit fell 30% to $76 million, Eaton said. Excluding an adjustment, the operating profit fell 5%.For the full year, Eaton’s sales rose 12% to $12.4 billion. Net income rose 18% to $950 million from $805 million, while per-share income rose 19% to $6.22, from $5.23.The company said it was maintaining its forecast for North American heavy-truck production of between 205,000 and 210,000 units this year, compared with the 378,000 last year, said Alexander Cutler, Eaton’s chairman and chief executive officer.The trucking unit reported an operating profit of $448 million for 2006, down from $453 million in 2005, including acquisition integration charges of $5 million last year and $4 million in 2005, Eaton said.
