Eaton Reports Higher 3Q Income; Cuts ’08 Forecast

Vehicle parts manufacturer Eaton Corp. said Monday its third-quarter net earnings rose, but lowered its full-year forecast due to economic conditions.

Third-quarter net income rose to $315 million, or $1.87 per share, from $258 million, or $1.71, a year ago. Revenue rose 25% to $4.1 billion, Eaton said in a statement.

The company lowered its 2008 earnings-per-share guidance due to “severe issues in world financial markets,” to a range of $7.10 to $7.20, from a previous forecast of $7.20 to $7.50.

Eaton’s truck segment’s sales rose 15% to $620 million.

Truck markets improved 6%, with U.S. markets up 3% and non-U.S. markets up 11%. Segment operating profit was $95 million, matching the year-ago period.