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Diversified industrial manufacturer Eaton Corp., Cleveland, OH, reported sales in the second quarter were $2.90 billion,
32% below the second quarter of 2008. Core sales were down 26%. Profit was $29 million compared to $333
million in 2008.
For the first six months, sales were $5.7 billion, down 26.5% from the first
half of 2008. The company recorded a loss of $21 million for the period, compared to profit of $580 million
the prior year period.
"As we survey our end markets, the year is shaping up to be considerably
weaker than we had forecast in April," CEO Alexander M. Cutler said. "We now anticipate our overall
end markets will decline by between 21 and 22% versus our earlier forecast of a decline between 15 and 16%."
Second quarter sales for the Electrical Americas segment ...
Diversified industrial manufacturer Eaton Corp., Cleveland, OH, reported sales in the second quarter were $2.90 billion,
32% below the second quarter of 2008. Core sales were down 26%. Profit was $29 million compared to $333
million in 2008.
For the first six months, sales were $5.7 billion, down 26.5% from the first
half of 2008. The company recorded a loss of $21 million for the period, compared to profit of $580 million
the prior year period.
"As we survey our end markets, the year is shaping up to be considerably
weaker than we had forecast in April," CEO Alexander M. Cutler said. "We now anticipate our
overall end markets will decline by between 21 and 22% versus our earlier forecast of a decline between 15 and 16%."
Second quarter sales for the Electrical Americas segment were $881 million, down 14% compared
to 2008. Excluding acquisition integration charges of $2 million during the quarter, operating profits
were $146 million, down 8% from results in 2008.
Sales for the Electrical Rest of the World
segment were $595 million, a decline of 35% compared to the second quarter of 2008. The sales decline
was comprised of an 11% decline due to foreign currency and a 24% decline in core sales.
The Electrical European
segment reported operating profits of $16 million. Excluding acquisition integration charges of $10 million during the quarter,
operating profits totaled $26 million, down 73%.
Hydraulics segment sales were $425 million, down 39%. Global
hydraulics markets were down 39% in the quarter, with non-U.S. markets down 33% and U.S. markets down
45%.
Aerospace segment sales were $409 million, 12% below the second quarter of 2008. Aerospace
markets declined 8% compared to the second quarter of 2008.
The Truck segment posted sales
of $321 million in the second quarter, down 49% compared to 2008. Truck production in the second quarter
was down 33%, with U.S. markets down 43% and non-U.S. markets down 22%.
Second quarter sales in the Automotive
segment were $270 million, down 51% from the prior year. Global automotive markets were down 33% with U.S. markets down 48%
and non-U.S. markets down 25%.
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