Auto parts maker Eaton Corp posted higher than expected quarterly profit on Monday, citing cost cuts, early signs of recovery in its markets, and a boost from the weak US dollar, but sales reportedly fell short of expectations.
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Eaton reported net income of US$193m, or $1.14 per share, down from $318m, or $1.87 per share a year earlier. Excluding acquisition-related charges, Eaton earned $1.21 per share, Reuters reported. Sales fell 26% to $3.03bn.
Analysts, on average, were expecting Eaton to earn 92 cents per share, on sales of $3.13bn, according to Thomson Reuters.
