Eaton Corp. said Tuesday its fourth-quarter earnings fell 50% on charges related to its $13 billion acquisition of Ireland-based Cooper Industries.
Net income fell to $179 million, or 46 cents per share, from $362 million, or $1.08, a year ago. Sales rose 7% to $4.3 billion, the truck and auto components maker said.
Its full-year net income fell to $1.22 billion, or $3.46 per share, from $1.35 billion, or $3.93 per share. Sales rose 2% to $16.3 billion.
The Cooper deal added $152 million in transaction costs and $24 million in acquisition integration charges in the fourth quarter, Eaton CEO Alexander Cutler said in a statement.
Its truck segment’s fourth-quarter operating profit was $81 million, down 41% from last year, while sales fell 26% to $504 million.
Overall truck markets fell 13%, with U.S. markets down 14% and non-U.S. markets down 12%, Eaton said.
Its automotive segment’s fourth-quarter operating profit fell 60% to $17 million, while sales declined 8% to $367 million.
Hydraulics fourth-quarter operating profit dropped 52% to $51 million, while sales fell 2% to $693 million.
