Eaton income rises on lower sales
Eaton Corporation announced record net income per share of $1.12 for the second quarter of 2012, an increase of 15 percent over the 97 cents earned in the second quarter of 2011.
Sales in the second quarter were $4.1 billion, slightly below the second quarter of 2011. Net income in the second quarter was $382 million compared to $336 million in 2011.
Hydraulics segment sales were $769 million, up 6 percent compared to the second quarter of 2011, and a quarterly record for the segment. The sales increase was comprised of a 3 percent increase in core sales and a 6 percent increase from acquisitions, partially offset by a 3 percent decrease due to foreign exchange. Global hydraulics markets were up 2 percent in the quarter, with U.S. markets up 7 percent and non-U.S. markets down 2 percent.
“We closed the acquisition of Turkish hose manufacturer Polimer Kaucuk (SEL) at the start of June, and we closed the acquisition of Korean hydraulics manufacturer Jeil Hydraulics in early July,” said Alexander M. Cutler, Eaton chairman and chief executive officer. “These two acquisitions add important product capabilities and significantly enhance our presence in emerging markets.”
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.
