Eaton reported net income per share of 91 cents for the first quarter of 2012, an increase of 10% over the first quarter of 2011, with its Truck segment reporting sales up by 10%.
Overall, Eaton's sales in the quarter were a first quarter record of $4 billion, 4% above the same period in 2011. Net income was $311 million, up 8% over 1Q 2011.
Net income in both periods included charges for integration of acquisitions. Before acquisition integration charges, operating earnings per share in the first quarter of 2012 were 92 cents, an increase of 10% over the first quarter of 2011. Operating earnings for the first quarter of 2012 were $313 million, an increase of 8% over 2011.
Eaton's Truck segment posted sales of $631 million, up 10% compared to last year's first quarter.
Except for the company's Automotive and Electrical Rest of World segments, all segments saw increased sales.
For the year, Chairman and Chief Executive Alexander Cutler says he expects another record year with revenue growth of 7.5% and operating earnings per share growth of 14%. Despite rising fuel costs, analyst reports of a stalled truck market and reports of cancelled orders and factory production cute, Cutler says, "We're not panicked. You've got people over-reacting to pieces of data."
Eaton forecasts that production of heavy-duty trucks in North American will reach nearly 300,000 vehicles, about 16% higher than the 259,000 vehicles built in 2011.
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