ERJ staff report (LMH)
Cleveland, Ohio - Automotive supplier Eaton Corp. has reported a 4-percent decrease in third quarter sales totalling $3.95 billion (Euro 3.04 billion). Net income for the three months ended 30 Sept 2012 was $345 million, down from $365 million in 2011.
The company, which also makes electrical items, said the automotive segment posted third quarter sales of $390 million, down 12 percent from the third quarter of 2011. Global automotive markets were flat, with US markets up 8 percent and non-US markets down 3 percent. The segment reported operating profits of $41 million, down 34 percent from the third quarter of 2011.
â€œUS automotive production in the third quarter of 2012 was strong while European automotive production in the quarter declined considerably. For all of 2012, we now expect global automotive markets to grow 2 percent, 1 percent less than our expectations in July,â€ CEO Alexander Cutler said.
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News release from Eaton