Eaton Posts 12% Increase in 1Q Earnings
Eaton Corp. reported May 1 that first-quarter net income was $488 million, up 12% or $1.10 per share, which compares with $435 million or $0.96 per share for the first quarter of 2017, according to the Dublin-based power management company.
First-quarter sales were $5.3 billion, up 8% compared with the first quarter of 2017 when sales were $4.8 billion.
“We had a strong first quarter with revenues above the high end of our guidance range and earnings per share at the high end of our guidance range,” Eaton CEO Craig Arnold said.
Sales in the electrical products segment were $1.7 billion, up 5% compared with 2017, and sales in the electrical systems and services segment increased by 4% to $1.4 billion from $1.3 billion, the company reported. Sales of hydraulic products were $710 million, up 20.9% from the year-ago quarter. Vehicle total sales were $893 million, up 13.6% from $786 million in the year-ago quarter.
The company also raised its 2018 earnings expectation by 10 cents, and it now is expected in the range of $5.10 to $5.30 per share for the year.