Diversified industrial manufacturer Eaton Corp (NYSE: ETN), Cleveland, OH, reported first quarter sales of $3.1 billion, an increase of 10% over sales a year ago. Profit was $155 million, compared to a loss of $50 million in first quarter 2009. Organic sales increased 5%.
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\”The expanding world economy drove growth in most of our markets and our newly-reset cost structure allowed us to realize attractive incremental margins,\” CEO Alexander M. Cutler said. \”We now anticipate our end markets for all of 2010 will grow by 6 percent. In general, we are seeing the strongest growth in Asia and Brazil, while many U.S. markets are starting to accelerate and Europe is recovering more modestly.\”
Sales for the Electrical Americas segment were $802 million, down 7% from 2009. Operating profits were $105 million. Excluding acquisition integration charges of $1 million during the quarter, operating profits were $106 million, down 1% from the first quarter of 2009.
Sales for the Electrical Rest of World segment were $608 million, an increase of 12% over the first quarter of 2009. The segment reported operating income of $42 million. Excluding $7 million of charges to integrate our recent acquisitions, the segment had operating profits of $49 million, compared to $10 million in the first quarter of 2009.
Hydraulics segment sales were $490 million, an increase of 14% compared to the first quarter of 2009. Operating profits in the first quarter were $54 million, compared to $7 million in the first quarter of 2009 excluding acquisition integration charges.
Aerospace segment sales were $376 million, 10% lower than the first quarter of 2009. Operating profits in the first quarter were $49 million.
The Truck segment posted sales of $453 million, up 55%. The segment reported operating profits in the first quarter of $46 million compared to a loss of $34 million in the first quarter of 2009.
The Automotive segment posted first quarter sales of $374 million, up 39%, with operating profits of $42 million compared to a loss of $45 million in the first quarter of 2009.
