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In The News:

Eaton Sales Increase 16% in 2010

Diversified industrial manufacturer Eaton Corp. (NYSE: ETN), Cleveland, OH, reported sales for the fourth quarter were $3.7 billion, 17 percent higher than the same period in 2009. Profit increased 33 percent to $280 million.

For the full year 2010, sales were $13.7 billion, 16 percent higher than 2009. Profit was $929 million, compared to 2009 profit of $383 million.

"Our full year 2010 sales growth of 16 percent reflects a rebound from the depressed market levels of 2009 and our 30 percent growth in revenues from developing countries," CEO Alexander M. Cutler said.

Fourth quarter sales for the Electrical Americas segment were $1 billion, up 22 percent from the fourth quarter of 2009. Operating profits in the fourth quarter were $163 million, up 29 percent.

Fourth quarter sales for the Electrical Rest of World segment were $768 million, up 10 percent over the fourth quarter of 2009. Operating profits were $81 million.

In the Hydraulics segment, fourth quarter sales were $571 million, 36 percent higher than the fourth quarter of 2009. Hydraulics markets in the fourth quarter grew 38 percent compared to the same period in 2009, with U.S. markets up 46 percent and non-U.S. markets up 32 percent. Operating profits in the fourth quarter were $72 million.

The Aerospace segment posted fourth quarter sales of $400 million, an increase of 5 percent from the fourth quarter of 2009. Aerospace markets in the fourth quarter grew by 1 percent. Operating profits in the fourth quarter were $63 million.

The Truck segment posted sales of $518 million in the fourth quarter, up 17 percent compared to 2009. Truck markets in the fourth quarter grew 16 percent, with U.S. markets up 20 percent and non-U.S. markets up 14 percent. Operating profits were $66 million, an increase of 29 percent compared to the fourth quarter of 2009.

The Automotive segment posted fourth quarter sales of $394 million, up 9 percent from the fourth quarter of 2009. Automotive unit production in the fourth quarter grew by 9 percent, with U.S. markets up 10 percent and non-U.S. markets up 9 percent. Operating profits in the fourth quarter were $43 million, an increase of 34 percent over the fourth quarter of 2009.

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