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Power management company Eaton Corp. (NYSE: ETN), Dublin, Ireland, reported sales for the first quarter of $5.5 billion, an increase of 3.4 percent from the prior-year quarter. Profit increased 16.1 percent to $439 million.
“Our first quarter results are a solid start to the year, coming in slightly above the midpoint of our range in spite of the negative impact from the severe winter weather we encountered in North America," said Alexander Cutler, CEO. "We entered 2014 expecting it would be a year of modest global economic growth, leading to 3 percent growth in our markets. We continue to believe our markets will grow 3 percent in 2014."
Electrical products sales were up 4 percent year-over-year to $1.7 billion. Electrical systems and services sales were flat at $1.5 billion. Hydraulics sales were up 3.4 percent to $782 million. Aerospace sales were up 6.9 percent to $464 million, while vehicle segment sales were up 6.1 percent to $996 million.