Eaton Warns; Doesn’t See Quick Turnaround
Chairman Alexander Cutler said Eaton’s truck business is struggling to break even during “the worst industry conditions in over a decade.”
He also said that the European, Asian and South American markets are also beginning to decline in response to weakness in North America.
The Cleveland-based company said its earnings will be as much as 30% lower than analysts' forecast of $1.21 per share. It earned $1.65 per share in the second quarter of last year.
In the third quarter, Eaton said it expects to see gains of about $30 million from the sale of non-core businesses.
Earlier this year, the company said it would cut 600 jobs at its hydraulics operations in order to cut costs.
(Click here for the full press release.)
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