Diversified industrial manufacturer Eaton Corp., Cleveland, OH, first quarter were $2.8 billion, 20% below the same period in 2008. The company recorded a loss of $50 million for the quarter.
Our first quarter results reflect the impact of the severe downturn in many of our end markets and the expenses associated with personnel reductions made in the first quarter, CEO Alexander M. Cutler said. "Weaker than expected markets were partially offset by lower than originally anticipated severance expense. The lower severance expense was primarily due to the length of time it has taken to conclude severance plans in several countries."
Sales for the Electrical Americas segment were $859 million, down 6% from 2008. Excluding acquisition integration charges of $1 million during the quarter, operating profits were $107 million, down 25% from 2008.
Sales for the Electrical Rest of World segment were $544 million, an increase of 38% over the first quarter of 2008. The increase was made up of 70% growth from acquisitions, offset by a 16% decline from foreign exchange and a volume decline of 16%. The segment reported an operating loss of $6 million.
Hydraulics segment sales were $430 million, down 35% compared to the first quarter of 2008. Global hydraulics markets were down approximately 30% in the quarter.
Aerospace segment sales were $418 million, 3% lower than the first quarter of 2008. Aerospace markets declined 4% compared to the first quarter of 2008.
The Truck segment posted sales of $292 million, down 49% compared to the first quarter of 2008. The segment reported an operating loss in the first quarter of $34 million.
The Automotive segment posted first quarter sales of $270 million, down 50% from the first quarter of 2008. The segment posted an operating loss in the first quarter of $46 million.