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 ...
Diversified industrial manufacturer Eaton Corp., Cleveland, OH, reported sales in the fourth quarter of 2009 were $3.5 billion, up 3% from the same period in 2007. Profit was $163 million, a decrease of 36%.
Sales growth in the fourth quarter consisted of 13% percent growth from acquisitions, offset by a 6% decline from lower exchange rates and a 4% decline in organic growth. End markets in the fourth quarter declined by 6%.
For the full year 2008, the company reported sales of $15.4 billion, 18% above 2007. Profit increased 6% to $1.06 billion.
So far in 2009, our markets have continued to decline. We anticipate that our markets will decline through at least the second, and possibly the third, quarter, CEO Alexander M. Cutler ...
Diversified industrial manufacturer Eaton Corp., Cleveland, OH, reported sales of $4.1 billion for the third quarter, an increase of 25% over the same period a year ago. Profit was $315 million compared to $258 million in 2007, an increase of 22%.
Sales growth in the quarter consisted of 4% from organic growth, 19% from acquisitions, and 2% from exchange rates.
The severe issues in world financial markets have started to impact markets for our products. While it is not possible to forecast with precision the prospective impact upon our end markets, prudence suggests anticipating a significant slowdown,"CEO Alexander M. Cutler said. "While our year-over-year end market growth in the third quarter was 2 percent, we anticipate fourth quarter growth in our end ...