CLEVELAND (April 27, 2012)—Eaton Corp. has reported improved first-quarter results and again has raised its earnings guidance modestly for the full year.
The diversified manufacturing company said its net income in the quarter was up 8 percent, to $311 million from $287 million.
Diluted per-share profits rose a bit more, increasing 10 percent to 91 cents from 83 cents, because of fewer shares outstanding this year.
Sales at Eaton edged up 4 percent, to $3.96 billion from $3.8 billion.
Alexander M. “Sandy” Cutler, Eaton chairman and chief executive officer, said, “We set first-quarter records in sales, segment operating margins and earnings per share. Our earnings per share in the first quarter exceeded the high end of our earnings guidance.
“We continue to believe that for the full year markets will grow 5 percent, but we now believe the rate of growth in our U.S. markets will be higher than originally expected and the rate of growth in our non-U.S. markets will be lower than originally expected.”
He said for full year 2012, he expects another record year, with revenue growth of 7.5 percent and operating earnings per share growth of 14 percent.