Eaton profits rise, but full-year forecast cut

ERJ staff report (R&PN)

Cleveland, Ohio -- Automotive supplier Eaton Corp. reported higher second-quarter net income despite flat sales, but lowered its earnings projection for the full year.

The Cleveland-based manufacturer-a major hose producer-said its net income in the quarter rose 14 percent from a year earlier to $382 million.

Sales at Eaton slipped 0.5 percent, to $4.07 billion for the period.

“The uncertainty in Europe, as well as slower economic growth rates in China, India and Brazil, resulted in weakness in a number of our end markets,” said Alexander Cutler, Eaton chairman and CEO. “We now believe our end markets for the year are likely to grow by 3 percent to 4 percent, a reduction from the 5 percent growth we had forecast in April.”

From Rubber & Plastics News (A Crain publication)

Press material from Eaton