Eaton’s Third-Quarter Earnings Rise
Heavy-duty vehicle parts manufacturer Eaton Corp. said Monday its third-quarter net earnings rose 4%, though the company lowered its full-year profit forecast.
Eaton’s net income rose to $258 million or $1.71 a share, from $248 million, or $1.62 a year earlier, the company said in a statement.
Revenue rose 7% to $3.3 billion.
The company said it will earn between $6.50 and $6.60 per share for the full year, down from an earlier projection of $6.50 to $6.70.
Its fourth-quarter projection is $1.60 to $1.70 per share.
“The [North American] heavy-duty truck market is not rebounding as we had expected and the greater weakness in U.S. housing starts is negatively impacting our residential electrical, hydraulics construction equipment,” Chief Executive Officer Alexander Cutler said in a statement.
