Diversified industrial manufacturer Eaton Corp., Cleveland, OH, reported sales for the first quarter 2008 were $3.5 billion, 12% above the same period in 2007. Profit was $247 million.
Sales growth was the results of 2% organic growth, 6% from acquisitions and 4% from higher exchange rates. End markets for Eaton grew 2%.
Eaton reported it anticipated growth of 4% in its end markets in 2008, with international markets modestly stronger" than expectations in January and U.S. markets "slightly weaker."
Sales for the Electrical segment were $1.3 billion, up 20% over 2007. This includes 11% growth from acquisitions. Eaton reported end markets in electrical grew 7% in both U.S. and non-U.S. markets.
Hydraulics segment sales were $657 million, up 14% compared to the first quarter of 2007. Global hydraulics markets were up 4% in the quarter, with non-U.S. markets up 8% while U.S. markets were flat.
Aerospace segment sales were $430 million, 23% above the first quarter of 2007. The growth in sales includes 11% from acquisitions. Eaton's aerospace markets grew 6% compared with the first quarter of 2007.
The Truck segment posted sales of $567 million, down 2% compared to the first quarter of 2007. Truck markets in the first quarter were down 9%, with U.S. markets down 24% and non-U.S. markets up 17%.