Diversified industrial manufacturer Eaton Corp., Cleveland, OH, (NYSE:ETN) reported sales for the fourth quarter of 2011 were $4 billion, up 10 percent from the same period in 2010. Profit was $362 million.
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Sales growth in the fourth quarter consisted of 9 percent growth in core sales and 1 percent from acquisitions. End-markets grew 8 percent.
For the full year 2011, sales were $16 billion, 17 percent higher than 2010. Profit was $1.35 billion.
Eaton completed nine acquisitions in 2011, acquiring businesses with total revenues in 2011 of $320 million.
Fourth quarter sales for the Electrical Americas segment were $1.1 billion, up 11 percent from the fourth quarter of 2010. End markets for Electrical Americas segment grew 10 percent in the fourth quarter, and orders grew 11 percent. Nonresidential electrical, residential electrical and industrial control markets showed good growth for Eaton in the quarter.
Fourth-quarter sales for Electrical Rest of World segment were $699 million, 9 percent lower than the fourth quarter 2010. Markets in this segment declined 6 percent, with Europe and APAC showing weakness. Orders in the fourth quarter fell 10 percent.
In the company’s Hydraulics segment, fourth-quarter sales were $705 million, 23 percent higher than the prior-year period. Hydraulics markets in the fourth quarter grew 9 percent, with U.S. markets up 16 percent and non-U.S. markets up 3 percent. Bookings in the quarter were up 5 percent.
The Aerospace segment posted fourth-quarter sales of $430 million, an increase of 8 percent over the fourth quarter of 2010. Markets in this segment grew by 4 percent.
The Truck segment posted sales of $680 million in the fourth quarter, up 31 percent. Truck markets grew 27 percent in the fourth quarter, with U.S. markets up 52 percent and non-U.S. markets up 10 percent.
The Automotive segment posted fourth-quarter sales of $398 million, up 1 percent over the fourth quarter of 2010. Core sales grew 8 percent in the quarter, offset by a 5 percent reduction related to the divestiture of a small automotive plastics joint venture in 2011 and a 2 percent reduction from foreign exchange.
Automotive unit production in the fourth quarter grew by 8 percent, with U.S. markets up 20 percent and non-U.S. markets up 3 percent.
