Eaton’s 2Q Profit Dips; Company Boosts Outlook

Vehicle parts manufacturer Eaton Corp. said Monday its second-quarter net earnings dipped compared with a year ago, but its earnings per share remained the same and the company boosted its full-year profit outlook.

Eaton’s second-quarter profit slipped to $246 million or $1.64 a share, from $253 million or $1.64 a year ago. Per-share earnings were unchanged at $1.64 because the company repurchased stock.

Eaton also boosted its full-year profit guidance to a range above analysts’ estimates, the Associated Press reported.

The company said it will earn between $6.50 and $6.70 per share for the full year, up from an earlier projection of $6.20 to $6.40.

Its third-quarter profit will be $1.50 to $1.60 a share, AP said.

The company’s truck segment posted sales of $498 million, down 23% from a year ago, as North American region truck production dropped 51% year-over-year, Eaton said.

Automotive sector sales rose 7% to $442 million.