Industrial manufacturer Eaton Corp. has announced net income per share of $1.44 for the fourth quarter of 2003, an increase of 53% over net income per share of $.94 in the fourth quarter of 2002.

Sales in the quarter were $2.08 billion -- 17% above the same period in 2002 and a record for the fourth quarter. Net income was $114 million compared to $67 million in 2002, an increase of 70%.
For the full year 2003, sales were $8.06 billion, 12% above 2002, and the highest sales since 2000. Net income of $386 million increased 37% over 2002, and net income per share of $5.13 rose 31%.
Alexander M. Cutler, Eaton chairman and chief executive officer, said, "We had a very good year. We are very pleased with our fourth quarter, which exceeded our previous guidance."
He said Eaton is splitting its stock 2-for-1; increasing its quarterly dividend by 12.5%; contributing $75 million to its qualified pension plans; and initiating a plan to repurchase 2.1 million shares on a pre-split basis to offset the shares issued during 2003 from the exercise of stock options.
"As we survey our end markets in 2004, we anticipate growth of approximately 4%," said Cutler. "As in 2003, we expect to outgrow our end markets by 2 to 3%. We will also record additional growth from the full year impact of the Delta acquisition, and from the new joint ventures we established during the year with Caterpillar, and with Shaanxi Fast Gear and Senstar in China."