Eaton's first quarter net income per share rose to $0.83, an increase of 80 percent over the first quarter of 2010.
Sales in the quarter were $3.8 billion, 23 percent above the same period in 2010. Net income was $287 million, up 85 percent over the first quarter of 2010.
Net income in both periods included charges for integration of acquisitions. Before acquisition integration charges, operating earnings per share in the first quarter of 2011 was $0.84, an increase of 75 percent over the first quarter of 2010. Operating earnings for the first quarter of 2011 were $289 million, an increase of 80 percent over 2010.
Eaton's markets enjoyed strong growth during the first quarter, increasing 14 percent compared to the first quarter of 2010. First quarter sales growth of 23 percent consisted of 19 percent organic growth, 2 percent from acquisitions, and 2 percent from higher foreign exchange rates. Eaton's Electrical Americas, Hydraulics and Truck markets grew more strongly than anticipated and the company is increasing its expectations to 10 percent growth of these three markets in 2011.
The Truck segment posted sales of $576 million, up 27 percent compared to the first quarter of 2010. Truck markets increased by 20 percent in the first quarter. The segment reported operating profits in the first quarter of $90 million, an increase of 96 percent over the first quarter of 2010.
"U.S. truck markets accelerated in the first quarter, growing 36 percent compared to the first quarter in 2010 and 16 percent over the fourth quarter of 2010," said Alexander M. Cutler, Eaton chairman and CEO, noting that non-U.S. markets grew 9 percent.
"We were pleased with the 15.6 percent operating margin our Truck segment posted in the first quarter," Cutler said. "As the NAFTA Class 8 market continues to expand over the course of this year, we believe margins will improve even further."
Eaton is raising its full year guidance by $0.15 for net income per share to between $3.66 and $3.96 and for operating earnings per share to between $3.70 and $4.
Sales in the quarter were $3.8 billion, 23 percent above the same period in 2010. Net income was $287 million, up 85 percent over the first quarter of 2010.
Net income in both periods included charges for integration of acquisitions. Before acquisition integration charges, operating earnings per share in the first quarter of 2011 was $0.84, an increase of 75 percent over the first quarter of 2010. Operating earnings for the first quarter of 2011 were $289 million, an increase of 80 percent over 2010.
Eaton's markets enjoyed strong growth during the first quarter, increasing 14 percent compared to the first quarter of 2010. First quarter sales growth of 23 percent consisted of 19 percent organic growth, 2 percent from acquisitions, and 2 percent from higher foreign exchange rates. Eaton's Electrical Americas, Hydraulics and Truck markets grew more strongly than anticipated and the company is increasing its expectations to 10 percent growth of these three markets in 2011.
The Truck segment posted sales of $576 million, up 27 percent compared to the first quarter of 2010. Truck markets increased by 20 percent in the first quarter. The segment reported operating profits in the first quarter of $90 million, an increase of 96 percent over the first quarter of 2010.
"U.S. truck markets accelerated in the first quarter, growing 36 percent compared to the first quarter in 2010 and 16 percent over the fourth quarter of 2010," said Alexander M. Cutler, Eaton chairman and CEO, noting that non-U.S. markets grew 9 percent.
"We were pleased with the 15.6 percent operating margin our Truck segment posted in the first quarter," Cutler said. "As the NAFTA Class 8 market continues to expand over the course of this year, we believe margins will improve even further."
Eaton is raising its full year guidance by $0.15 for net income per share to between $3.66 and $3.96 and for operating earnings per share to between $3.70 and $4.
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