Diversified industrial manufacturer Eaton Corp., Cleveland, OH, reported sales of $4.28 billion for second quarter 2008, 32% above the second quarter of 2007. Profit was $333 million, an increase of 35% over the same quarter in 2007.
Sales growth in the second quarter consisted of 19% from acquisitions, 8% from organic growth, and 5% from exchange rates.
Our businesses performed extremely well in the second quarter, generating strong sales growth and record profits. We were able to achieve these results despite the nearly 40% rise in oil prices during the quarter," said Alexander M. Cutler, Eaton CEO.
"With 20% of our revenue from emerging countries and with continued strength in many of our product markets, we believe we are well-positioned to deal with the reduced growth outlook for the U.S. and European economies caused by higher fuel prices. "