First-quarter earnings more than doubled for Eaton Corp., according to the Cleveland, Ohio-based auto and truck parts manufacturer.
Eaton reported earnings of $72 million, or $1 per share, compared with $33 million, or 47 cents, for the same quarter last year.
Earnings are anticipated to be 96 cents a share.
"We are very pleased with our first quarter results, which were ahead of our expectations despite flat markets and considerable economic uncertainty," Eaton Chairman Alexander M. Cutler told the Associated Press. "For the past four quarters, we have experienced growth in revenue and improved operating margins compared to the same period a year ago."
Cutler said he expects markets to be weak in the first half of the year with a rebound toward the end of the year.
The company, with 47,000 employees, downsized its workforce by about 2,000 last year.
Eaton earned $77 million for the quarter, excluding restructuring charges, compared with $66 million in last year's first quarter.
Sales during the quarter were $1.92 billion, which were up 12% from $1.72 billion in the same quarter last year.
Eaton reported earnings of $72 million, or $1 per share, compared with $33 million, or 47 cents, for the same quarter last year.
Earnings are anticipated to be 96 cents a share.
"We are very pleased with our first quarter results, which were ahead of our expectations despite flat markets and considerable economic uncertainty," Eaton Chairman Alexander M. Cutler told the Associated Press. "For the past four quarters, we have experienced growth in revenue and improved operating margins compared to the same period a year ago."
Cutler said he expects markets to be weak in the first half of the year with a rebound toward the end of the year.
The company, with 47,000 employees, downsized its workforce by about 2,000 last year.
Eaton earned $77 million for the quarter, excluding restructuring charges, compared with $66 million in last year's first quarter.
Sales during the quarter were $1.92 billion, which were up 12% from $1.72 billion in the same quarter last year.
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