Diversified industrial manufacturer Eaton Corporation announced net income per share of $1.57 for the third quarter of 2010, an increase of 38 percent from net income per share of $1.14 in the third quarter of 2009.
Sales in the quarter were $3.6 billion, 18 percent above the same period in 2009. Net income was $268 million compared to $193 million in 2009, an increase of 39 percent.
Stronger markets and improved operating performance resulted in the company exceeding its guidance, according to Alexander M. Cutler, Eaton chairman and chief executive officer.
The Truck segment posted sales of $534 million in the third quarter, up 33 percent compared to 2009. Truck markets in the third quarter were up 28 percent, with U.S. markets up 24 percent and non-U.S. markets up 31 percent. Operating profits were $74 million compared to $25 million in the third quarter of 2009.
“We are pleased with our 13.9 percent margin in the Truck segment during the third quarter,” said Cutler. “This margin performance is particularly noteworthy given the currently depressed production levels in the NAFTA Class 8 truck market.
“We believe truck markets in the fourth quarter will continue to improve, although at a slower rate than in the third quarter,” said Cutler. “We now estimate our Truck markets in 2010 to grow 26 percent versus our expectation of 23 percent at the end of the second quarter.”