Eaton doubles first-quarter net income from year-earlier period

CLEVELAND (April 23)—Eaton Corp. more than doubled its first-quarter net income to $72 million on sales that increased 12 percent from year-earlier numbers to $1.92 billion. Eaton's revenue increase stemmed from improved sales from four acquisitions, higher exchange rates and continued growth in excess of its end markets, Alexander M. Cutler, Eaton chairman and CEO, said in the earnings release. Including the impact of the acquisitions of Dana Corp.'s Boston Weatherhead group and the Aerospace Division of Mechanical Products Inc., Eaton's Fluid Power segment increased sales by 17 percent to $697 million and operating income by 35 percent to $58 million. Eaton expects its end markets to be slightly weaker than a year ago during the first half of 2003, with growth resuming toward the end of the year, Cutler said.