Eaton Corp. plc (NYSE: ETN), Dublin, Ireland, reported sales for the third quarter of $5.6 billion, an increase of 41.9 percent compared to the same period a year ago. Forty percent of growth came from acquisitions and 3 percent came from core growth, partially offset by a 1 percent decline from currency. Profit increased 47.8 percent to $510 million.
Third quarter sales for the electrical products segment were $1.8 billion, up 98 percent over 2012, reflecting the impact of the Cooper Industries acquisition. Excluding acquisition integration charges of $9 million during the quarter, operating profits were $310 million, up 79 percent over 2012.
Sales for the electrical systems and services segment were $1.6 billion, an increase of 80 percent over the third quarter of 2012, reflecting the impact of the Cooper Industries acquisition. Excluding acquisition integration costs of $10 million during the quarter, operating profits were $241 million, up 115 percent over results in 2012.
Hydraulics segment sales were $739 million, down 3 percent from the third quarter of 2012. Excluding acquisition integration charges of $8 million during the quarter, operating profits were $97 million, down 1 percent from the third quarter of 2012.
Aerospace segment sales were $448 million, up 7 percent over the third quarter of 2012. Operating profits in the third quarter were $64 million, up 31 percent year-over-year.
The vehicle segment posted sales of $964 million in the third quarter, up 3 percent over the third quarter of 2012. The segment reported operating profits of $161 million, up 12 percent over the third quarter of 2012.
For the first nine months, sales for Eaton were $16.5 billion, an increase of 37.9 percent compared to the same period a year ago. Profit increased 33.1 percent to $1.4 billion.
