Eaton sales increase 35 percent
Company completes sale of hydraulics business
Eaton said it second-quarter sales were $5.2 billion, a 35 percent increase from the second quarter of 2020.
The sales increase consisted of 27 percent growth in organic sales, 5 percent growth from acquisitions, and 3 percent from positive currency translation.
Net income of $506 million, or $1.26 per diluted share, jumped from income of $51 million, or 13 cents per share, in the same period last year.
Eaton completes sale of its hydraulics business
Eaton also announced that it has completed the sale of its Hydraulics business to Danfoss A/S, a Danish industrial company.
Eaton’s Hydraulics business, which had sales of $1.8 billion in 2020, is a global leader in hydraulics components, systems, and services for industrial and mobile equipment.
“The completion of this sale marks another milestone in Eaton’s continued transformation into a higher growth company with more earnings consistency,” said Craig Arnold, Eaton chairman and chief executive officer. “This transaction creates considerable value for our shareholders and enables our hydraulics employees to be part of a company with a strong commitment to the hydraulics industry.”
Eaton now has four global businesses – Aerospace, Electrical, eMobility and Vehicle – with Electrical and Aerospace accounting for the majority of the company’s profit.
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.
