Eaton’s Income Rises in 3Q
Vehicle component-maker Eaton Corp. said its third-quarter net income rose to $510 million, or $1.07 a share, from $345 million, or $1.06, a year earlier.
Net sales climbed to $5.6 billion in the quarter from $3.9 billion a year ago, Eaton said in an Oct. 25 statement.
Operating income, which accounts for shares issued as part of Eaton’s 2012 acquisition of Cooper Industry, was $536 million, a 48% increase, the company said.
Eaton Chairman and CEO Alexander Cutler said the company is forecasting that its sales will not change in 2013 compared with 2012, due to “softness” in the North American Class 8 truck market. The company predicted in the second quarter that yearly sales would increase 1%.
