Eaton downgrades third-quarter earnings estimates

CLEVELAND (Sept. 21)— Eaton Corp., parent of Aeroquip, Sept. 18 downgraded its third-quarter earnings expectations of slightly over $1.55 per share to flat or down 10 percent from the $1.45 the company earned in the same quarter of 1999. The supplier projected fourth-quarter earnings would be near the current analyst consensus estimates of about $1.75 per share, however. Like other automotive suppliers, Eaton noted heavy duty truck production declines, weakening of the euro, a slowdown in overall auto production and specifically the recall-related closures at Ford Motor Co. as contributors to the lower earnings estimates.