Eaton posts 16 percent sales gain
Diversified industrial manufacturer Eaton Corp. said that its Q2 sales were $3.38 billion, 16 percent above the second quarter of 2009.
Net income was $226 million compared to $29 million in 2009.
Net income per share of $1.33 for the second quarter of 2010 compares to 17 cents in the second quarter of 2009.
"Our earnings in the second quarter substantially exceeded our expectations for the quarter, driven primarily by stronger end markets. Our sales in the second quarter were 9 percent higher than in the first quarter of 2010, reflecting the continued expansion in our markets around the world," said Alexander M. Cutler, Eaton chairman and CEO.
Hydraulics segment sales were $568 million, up 34 percent compared to the second quarter of 2009. Global hydraulics markets were up 34 percent in the quarter, with U.S. markets up 40 percent and non-U.S. markets up 30 percent. Operating profits in the second quarter were $77 million compared to $14 million in the second quarter of 2009.
"The global hydraulics markets in the second quarter continued the strong rebound we saw in the first quarter," said Cutler. "We believe hydraulics markets will show further growth over the balance of the year. As a result, we now believe global hydraulics markets for all of 2010 will increase by 26 percent, considerably stronger than our previous growth expectations."
INDUSTRIAL SUPPLY MAGAZINE
The May/June issue of Industrial Supply magazine features an in-depth cover story about GHX Industrial. Plus, we're featuring articles by contributing writers Dr. Bharani Nagarathnam and Frank Hurtte, as well as interviews with numerous product and distribution industry experts.
