Eaton says operating earnings for the third quarter, excluding pre-tax charges of US$19m to integrate recent acquisitions, were US$616m, an increase of 15%.
Sales in the third quarter were US$5.7bn, 2% above the same period in 2013. Sales growth consisted of a 3% increase in core sales offset by 1% of negative foreign exchange.
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“We had a very strong quarter, setting numerous performance records at both the segment and corporate level,” said Eaton chairman and CEO, Alexander Cutler.
“Third quarter results came in near the high end of our guidance for the quarter. Our segment operating margins, which exclude acquisition integration charges, were a record 16% as productivity gains and effective cost control more than offset the impact of modestly lower-than-expected revenues.
“Our third quarter bookings in both of our electrical segments again showed good growth, as did orders in our aerospace segment.
“Reflecting continued slower growth in our markets outside North America, we now estimate our markets in 2014 are likely to grow 2%, down from our prior estimate of 3%.”
