The 2020 Mid-Year Economic Update_long

Eaton 3Q Sales Fall 26%

Profit for the electrical manufacturer was down 26% from the prior year.
eaton

Diversified electrical manufacturer Eaton Corp. (NYSE: ETN), Cleveland, OH, reported third quarter sales of $3.0 billion, down 26% from the third quarter 2008. Profit decreased 39% to $193 million. Core sales were down 23%.

Year-to-date, sales were $8.7 billion, down 26% from the first nine months of 2008. Profit decreased 81% to $172 million.

Third quarter sales for the Electrical Americas segment were $843 million, down 20% compared to 2008. Operating profits in the third quarter were $142 million.

Sales for the Electrical Rest of World segment were $646 million, a decline of 28% compared to the third quarter of 2008. The segment reported operating profits of $45 million.

In the Hydraulics segment, third quarter sales were $418 million, down 34% from the third quarter of 2008. Operating profits in the third quarter were $18 million.

The Aerospace segment posted third quarter sales of $394 million, a decrease of 16% from the third quarter of 2008. Aerospace markets in the third quarter are estimated to have declined 14%. Operating profits in the third quarter were $57 million.

The Truck segment posted sales of $401 million in the third quarter, down 35% compared to 2008. Truck markets in the third quarter were down 31%, with U.S. markets down 43% and non-U.S. markets down 17%. Operating profits were $25 million, down 74% versus 2008.

The Automotive segment posted third quarter sales of $326 million, down 27% from the third quarter of 2008. Automotive unit production in the third quarter declined 17%, with North American production down 21% and production outside the U.S. down 15% compared to the third quarter of 2008. Operating profits in the third quarter were $23 million, up 21% compared to the third quarter of 2008.

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