Eaton Corp., the Cleveland-based diversified industrial manufacturer, has reported net income per share of $1.39 for the third quarter of 2003, an increase of 7% from net income per share of $1.30 in the third quarter of 2002.
Sales in the quarter were $2.03 billion – 11% above last year. Net income was $107 million compared to $93 million in 2002.
For the first nine months of 2003, sales were $5.98 billion, 10% higher than in 2002. Net income of $272 million increased 27% over last year, and net income per share of $3.67 rose 23% above 2002. Operating earnings in the first nine months of 2003 increased to $288 million, 17% more than in 2002, and operating earnings per share of $3.88 rose 13% compared to last year.
Alexander M. Cutler, Eaton chairman and chief executive officer, said, "We are very pleased with our third quarter results, which exceeded the guidance we provided at the beginning of the quarter.
"We continue to make good progress on integrating our recent acquisitions. The profits of the acquired businesses, while still modest, are beginning to reflect the benefits of our integration activities. In addition, working capital in these acquisitions has been significantly reduced and we expect further improvements over the balance of the year.
"While our end markets remained depressed in the third quarter, we anticipate modest growth in the fourth quarter compared to last year, driven principally by a stronger heavy-duty truck market in North America."
"We now anticipate full-year net income per share of $4.80 to $4.90 and fourth quarter net income per share of $1.15 to $1.25," said Cutler. "Excluding the restructuring charges to integrate our recent acquisitions, we are also confirming our full-year operating earnings guidance at $5.15 to $5.25 per share, the high end of our previous guidance. We anticipate fourth quarter operating earnings per share will be in the $1.30 to $1.40 range. We are pleased that in spite of end markets which are weaker than we expected at the beginning of the year, and the issuance of an additional 3.7 million shares, we expect to be able to post earnings at the high end of our original full year guidance."
Sales in the quarter were $2.03 billion – 11% above last year. Net income was $107 million compared to $93 million in 2002.
For the first nine months of 2003, sales were $5.98 billion, 10% higher than in 2002. Net income of $272 million increased 27% over last year, and net income per share of $3.67 rose 23% above 2002. Operating earnings in the first nine months of 2003 increased to $288 million, 17% more than in 2002, and operating earnings per share of $3.88 rose 13% compared to last year.
Alexander M. Cutler, Eaton chairman and chief executive officer, said, "We are very pleased with our third quarter results, which exceeded the guidance we provided at the beginning of the quarter.
"We continue to make good progress on integrating our recent acquisitions. The profits of the acquired businesses, while still modest, are beginning to reflect the benefits of our integration activities. In addition, working capital in these acquisitions has been significantly reduced and we expect further improvements over the balance of the year.
"While our end markets remained depressed in the third quarter, we anticipate modest growth in the fourth quarter compared to last year, driven principally by a stronger heavy-duty truck market in North America."
"We now anticipate full-year net income per share of $4.80 to $4.90 and fourth quarter net income per share of $1.15 to $1.25," said Cutler. "Excluding the restructuring charges to integrate our recent acquisitions, we are also confirming our full-year operating earnings guidance at $5.15 to $5.25 per share, the high end of our previous guidance. We anticipate fourth quarter operating earnings per share will be in the $1.30 to $1.40 range. We are pleased that in spite of end markets which are weaker than we expected at the beginning of the year, and the issuance of an additional 3.7 million shares, we expect to be able to post earnings at the high end of our original full year guidance."
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