Eaton’s First-Quarter Profit Jumps

Truck and auto components maker Eaton Corp.’s first-quarter profit jumped 80% as its truck unit’s sales rose 27%.

Net income rose to $287 million, or 83 cents per share, from $155 million, or 46 cents, a year ago. Revenue rose 23% to $3.8 billion, from $3.1 billion.

Its truck segment’s sales rose to $576 million, as truck markets rose 20%, Eaton said in a statement. The unit’s operating profit almost doubled, to $90 million.

“U.S. truck markets accelerated in the first quarter, growing 36% compared to the first quarter in 2010 and 16% over the fourth quarter of 2010,” said CEO Alexander Cutler. “Our non-U.S. markets grew 9%.”

Automotive segment sales rose 19% to $446 million, with an operating profit of $50 million, also up 19% from a year ago. U.S. auto markets rose 17%, while markets outside the U.S. grew 12%.

Eaton also reported big gains in its electrical and hydraulics units. Electrical sales rose 22% to $743 million, with an operating profit of $70 million, up from $42 million a year ago.

Hydraulics sales rose 40% to $685 million, with operating profit almost doubling, to $106 million.