Eaton's sales fall 30 percent
Eaton Corporation reported sales in the second quarter of 2020 were $3.9 billion, down 30 percent from the second quarter of 2019.
Net income of $51 million, or 13 cents per diluted share, dropped from $636 million, or $1.50, in the same period last year.
Sales for the Electrical Americas segment were $1.5 billion, down 29 percent from the second quarter of 2019 driven by a 20 percent impact from the divestiture of the Lighting business.
Hydraulics segment sales were $411 million, down 32 percent from the second quarter of 2019, driven by a 30 percent decline in organic sales.
Aerospace segment sales were $461 million, down 27 percent from the second quarter of 2019, driven by the downturn in commercial aviation.
The Vehicle segment posted sales of $327 million, down 59 percent from the second quarter of 2019. Organic sales were down 52 percent.
eMobility segment sales were $56 million, down 33 percent from the second quarter of 2019. The decline was entirely due to lower organic sales.
INDUSTRIAL SUPPLY MAGAZINE
The March/April issue of Industrial Supply magazine features an in-depth cover story about Joyce Lansdale and Vallen. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and David Kahle, as well as interviews with numerous product and distribution industry experts.
