Eaton sales fall 7 percent
Eaton Corporation plc announced that sales in the second quarter of 2015 were $5.4 billion, 7 percent lower than the same period in 2014.
Operating earnings for the second quarter of 2015, excluding pre-tax charges of $12 million to integrate recent acquisitions, were $543 million.
Operating earnings per share, which exclude charges of 2 cents per share to integrate recent acquisitions, were $1.16 for the second quarter of 2015, up 5 percent over the second quarter of 2014, adjusted for the Aerospace divestitures and the litigation settlements recorded in the second quarter of 2014.
“Revenue was slightly below expectations due to weaker conditions in most of our markets,” said Alexander M. Cutler, chairman and chief executive officer. “The 7 percent sales decline in the second quarter consisted of a decline of 6 percent from currency translation and a decline of 1 percent in organic sales. Following weaker than expected market conditions in the first quarter, we had expected our end markets to strengthen during the balance of this year."
Sales for the Electrical Products segment were $1.8 billion, down 3 percent from 2014. Organic sales grew 3 percent, which was more than offset by a 6 percent decline from currency translation.
Sales for the Electrical Systems and Services segment were $1.5 billion, down 8 percent from the second quarter of 2014. Organic sales were down 4 percent and negative currency translation was 4 percent.
Hydraulics segment sales were $643 million, down 18 percent from the second quarter of 2014. Organic sales declined 11 percent and negative currency translation was 7 percent.
Aerospace segment sales were $454 million, down 7 percent from the second quarter of 2014. Organic sales declined 2 percent, negative currency translation was 3 percent, and the two divestitures completed in the second quarter of 2014 reduced revenues by 2 percent.
The Vehicle segment posted sales of $989 million, down 4 percent compared to the second quarter of 2014. Organic sales growth of 4 percent was offset by negative currency translation of 8 percent.
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