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Diversified industrial manufacturer Eaton Corp., Cleveland, OH, reported sales in the second quarter were $2.90 billion, 32% below the second quarter of 2008. Core sales were down 26%. Profit was $29 million compared to $333 million in 2008.
For the first six months, sales were $5.7 billion, down 26.5% from the first half of 2008. The company recorded a loss of $21 million for the period, compared to profit of $580 million the prior year period.
"As we survey our end markets, the year is shaping up to be considerably weaker than we had forecast in April," CEO Alexander M. Cutler said. "We now anticipate our overall end markets will decline by between 21 and 22% versus our earlier forecast of a decline between 15 and 16%."
Second quarter sales for the Electrical Americas segment were $881 million, down 14% compared to 2008. Excluding acquisition integration charges of $2 million during the quarter, operating profits were $146 million, down 8% from results in 2008.
Sales for the Electrical Rest of the World segment were $595 million, a decline of 35% compared to the second quarter of 2008. The sales decline was comprised of an 11% decline due to foreign currency and a 24% decline in core sales.
The Electrical European segment reported operating profits of $16 million. Excluding acquisition integration charges of $10 million during the quarter, operating profits totaled $26 million, down 73%.
Hydraulics segment sales were $425 million, down 39%. Global hydraulics markets were down 39% in the quarter, with non-U.S. markets down 33% and U.S. markets down 45%.
Aerospace segment sales were $409 million, 12% below the second quarter of 2008. Aerospace markets declined 8% compared to the second quarter of 2008.
The Truck segment posted sales of $321 million in the second quarter, down 49% compared to 2008. Truck production in the second quarter was down 33%, with U.S. markets down 43% and non-U.S. markets down 22%.
Second quarter sales in the Automotive segment were $270 million, down 51% from the prior year. Global automotive markets were down 33% with U.S. markets down 48% and non-U.S. markets down 25%.