The 2020 Mid-Year Economic Update_long

Eaton Corp. 3Q Sales Up 25%

Diversified industrial manufacturer Eaton Corp., Cleveland, OH, reported sales of $4.1 billion for the third quarter, an increase of 25% over the same period a year ago. Profit was $315 million compared to $258 million in 2007, an increase of 22%.
 
Sales growth in the quarter consisted of 4% from organic growth, 19% from acquisitions, and 2% from exchange rates.
 
The severe issues in world financial markets have started to impact markets for our products. While it is not possible to forecast with precision the prospective impact upon our end markets, prudence suggests anticipating a significant slowdown,"CEO Alexander M. Cutler said. "While our year-over-year end market growth in the third quarter was 2 percent, we anticipate fourth quarter growth in our end ...

Diversified industrial manufacturer Eaton Corp., Cleveland, OH, reported sales of $4.1 billion for the third quarter, an increase of 25% over the same period a year ago. Profit was $315 million compared to $258 million in 2007, an increase of 22%.
 
Sales growth in the quarter consisted of 4% from organic growth, 19% from acquisitions, and 2% from exchange rates.
 
The severe issues in world financial markets have started to impact markets for our products. While it is not possible to forecast with precision the prospective impact upon our end markets, prudence suggests anticipating a significant slowdown,”CEO Alexander M. Cutler said. “While our year-over-year end market growth in the third quarter was 2 percent, we anticipate fourth quarter growth in our end markets to be flat with the prior year.”
 
Third quarter sales for the Electrical segment were $1.94 billion, an increase of 59% over third quarter 2007. Operating profits were $259 million.
 
In the Hydraulics segment, third quarter sales were $638 million, 7% above the third quarter of 2007. Operating profits in the third quarter were $71 million.
 
The Aerospace segment posted third quarter sales of $469 million, an increase of 12%. Operating profits were $75 million.
 
The Truck segment reported sales of $620 million in the third quarter, up 15% compared to 2007. Operating profits were flat compared to 2007 at $95 million.
 
Third quarter sales for the Automotive segment were $446 million, down 14% from the third quarter of 2007. Operating profits in the third quarter were $18 million.

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