Power management company Eaton Corp. (NYSE: ETN), Dublin, Ireland, reported sales for the first quarter of $5.2 billion, a decrease of 5 percent from the prior-year quarter. Profit increased 5.9 percent to $467 million.
"Our first quarter results are a solid start to the year, coming in slightly above the midpoint of our guidance despite the impact from additional negative currency translation," said CEO Alexander M. Cutler. "Our 5 percent sales decline in the first quarter consisted of 1 percent organic growth offset by negative 6 percent from currency translation."
In the first quarter, electrical products sales were down 2 percent year-over-year to $1.7 billion and electrical systems and services sales were down 5 percent to $1.4 billion.
Hydraulics sales were down 15 percent to $665 million, while aerospace sales were flat at $464 million. Vehicle segment sales were down 4 percent to $955 million.