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Eaton Corp. (NYSE: ETN), Dublin, Ireland, reported 2013 sales were $22 billion, an increase of 35 percent from the previous year. Profit increased 52.9 percent to $1.9 billion.
Sales for the fourth quarter were $5.5 billion, an increase of 28 percent year-over-year, with core sales up 4 percent. Profit more than doubled to $482 million, compared to $180 million the previous year.
Electrical products sales for the quarter were up 57 percent to $1.8 billion, reflecting Eaton's acquisition of Cooper Industries. Fourth-quarter revenues for the electrical systems and services segment were $1.6 billion, an increase of 38 percent from the previous year, again reflecting the Cooper Industries acquisition.
Revenues for the hydraulics segment were $714 million, up 3 percent, while revenues for aerospace segment were $446 million, an increase of 3 percent. Revenues for the vehicle segment increased 7 percent year-over-year to $930 million for the quarter.
“Our full year 2013 sales increase of 35 percent reflects principally the revenues from our 2012 acquisitions, as growth in our markets remained sluggish for much of the year,” said Alexander M. Cutler, CEO of Eaton.