Eaton’s Third-Quarter Income Falls

Eaton Corp.’s third-quarter net income fell to $345 million, or $1.02 per share, from $365 million, or $1.07, a year ago.

Sales slipped 4% to $3.95 billion, the truck and auto components maker said.

Its truck segment’s sales dropped 23% to $549 million. The unit’s operating profit was $103 million, down 26% from last year’s.

Truck production fell 8%, with U.S. markets down 3% and non-U.S. markets down 11%, Eaton said.

Automotive segment sales declined 12% to $390 million, while operating profit fell 34% to $41 million. Global auto markets were flat.

Hydraulics sales rose 6% to $763 million, with an operating profit of $93 million, down from $109 million a year ago.