CLEVELAND (April 17) — Eaton Corp. posted $3.2 billion in sales in the first quarter and a net income of $234 million.
Sales were up 5 percent over the same period in 2006, and both income and sales hit record numbers for the first quarter.
The Fluid Power segment first quarter sales hit $1 billion, a 7 percent jump from last year. Markets for the segment grew 6 percent over last year with global hydraulics shipments up 7 percent, commercial and business jet aerospace up 9 percent, defense aerospace up 5 percent and European automotive up 2 percent.
Operating profits were $117 million in the segment — $128 million excluding acquisition integration charges during the quarter.
Alexander Cutler, Eaton chairman and CEO, said the firm expects the U.S. hydraulic market to rebound through 2007. He said the improved mix of businesses and more operating efficiencies helped drive the higher margin in the segment.