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April 29, 2014 11:30 AM, EDT
Eaton’s First-Quarter Incomes Improves
Eaton Corp./YouTube

Vehicle component maker Eaton Corp. said its first-quarter net income rose to $441 million, or 92 cents a share, from $380 million, or 79 cents, a year earlier.

Net sales climbed to $5.49 billion in the quarter from $5.31 billion a year ago, Eaton said in an April 29 statement.

Operating income, which excludes $66 million in costs related to acquisitions, was $483 million, a 21% increase, the company said.

Sales in the vehicle segment increased 6% to $996 million, and operating profit in the first quarter was $151 million, up 14% over the first quarter of 2013.

“North American markets were particularly strong in the quarter,” Eaton Chairman and CEO Alexander Cutler said in a statement. “We now expect the Nafta Class 8 truck market to be 280,000 in 2014, up from our prior estimate of 265,000.”

Cutler said the company is maintaining its 2014 guidance of $4.50 to $4.90 earnings per share.

The company said it expects its integration with electrical-equipment supplier Cooper Industries to generate $95 million in operating earnings in 2014 and $150 million in operating earnings in 2015.