Diversified industrial manufacturer Eaton Corp. (NYSE: ETN), Dublin, Ireland, reported sales for the third quarter of $5.7 billion, an increase of 2 percent compared to the same period a year ago. Core growth of 3 percent was offset by a 1 percent decline from currency. Profit increased 18 percent to $602 million.
Third quarter sales for the electrical products segment were $1.9 billion, up 3 percent over the prior year period. Excluding acquisition integration charges of $8 million during the quarter, operating profits were $330 million, up 10 percent over 2013.
Sales for the electrical systems and services segment were $1.7 billion, an increase of 1 percent over the third quarter of 2013. Excluding acquisition integration costs of $4 million during the quarter, operating profits were $238 million, up 3 percent over results in 2013.
Hydraulics segment sales were $733 million, down 1 percent from the third quarter of 2013. Excluding acquisition integration charges of $2 million during the quarter, operating profits were $89 million, down 6 percent from the third quarter of 2013.
Aerospace segment sales were $454 million, up 1 percent over the third quarter of 2013. Operating profits in the third quarter were $72 million, up 13 percent year-over-year.
The vehicle segment posted sales of $1 billion in the third quarter, up 5 percent over the third quarter of 2013. The segment reported operating profits of $176 million, up 9 percent over the third quarter of 2013.
For the first nine months, sales for Eaton were $17 billion, an increase of 2.8 percent compared to the same period a year ago. Profit decreased 12.3 percent to $1.2 billion.
