Eaton Reports Higher First-Quarter Profit
ehicle parts maker Eaton Corp. said Monday its first-quarter net income rose to $208 million or $1.36 a share, from $187 million or $1.19 a year earlier.
First-quarter sales jumped 14% to $3 billion, Eaton said in a statement.
The earnings exceeded Eaton’s earlier forecast of a $1.20 to $1.30 per-share first-quarter profit.
“We now anticipate 4% growth in our end markets in 2006, slightly higher than we originally anticipated,” said Alexander Cutler, Eaton’s chairman and chief executive officer.
“[North American] heavy-duty truck market started the year with considerably stronger growth in both production and orders than we had anticipated,” he said in a statement.