Diversified industrial manufacturer Eaton Corp., Cleveland, OH, (NYSE:ETN) reported sales for the second quarter 2011 were up 21 percent from the prior-year period. Profit in the quarter was $336 million.
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Sales growth included 14 percent core growth, 6 percent from foreign exchange and 1 percent from acquisitions. End markets grew 12 percent for Eaton in the quarter.
Second quarter sales for the Electrical Americas segment were $1.03 billion, up 16 percent from 2010. The sales increase was comprised of 11 percent core growth, 4 percent from acquisitions, and 1 percent from foreign exchange. End markets for Electrical Americas segment grew 10 percent during the second quarter. Eaton reported that the industrial markets were the strongest sector of the business in the quarter.
Sales for the Electrical Rest of World segment were $787 million, an increase of 18 percent compared with the second quarter of 2010. The sales increase was comprised of a 5 percent increase in core sales and a 13 percent increase from foreign currency.
Hydraulics segment sales were $728 million, up 28 percent from the second quarter of 2010. Global hydraulics markets were up 18 percent in the quarter, with U.S. markets up 21 percent and non-U.S. markets up 16 percent. Bookings were up 20 percent in the second quarter.
Aerospace segment sales were $409 million, up 11 percent compared to the second quarter of 2010. Aerospace markets were up 4 percent compared to the second quarter of 2010. Bookings declined 1 percent during the quarter, reflecting lower military bookings. Eaton expects planned expansion in commercial aircraft production in the second half of 2011 will offset slowness in military markets.
The Truck segment posted quarterly sales of $673 million in the second quarter, up 37 percent compared to 2010. Truck production in the second quarter was up 27 percent, with U.S. markets up 53 percent and non-U.S. markets up 5 percent. The segment reported operating profits of $120 million.
The Automotive segment posted second quarter sales of $460 million, up 18 percent from the second quarter of 2010. Global automotive markets were up 9 percent, with U.S. markets up 15 percent and non-U.S. markets up 7 percent.
