DUBLIN—Eaton Corp. P.L.C. reported a 268-percent increase in net income for the fourth quarter of 2013, increasing to $479 million compared to $179 million in 2012.
Sales also rose 28 percent for the fourth quarter to $5.5 million.
"Our growth accelerated in the fourth quarter, with core sales growth of 4 percent, the strongest quarter of core sales growth in 2013," said Alexander Cutler, Eaton chairman and CEO. "In addition to our 4 percent core sales growth, we had 25 percent growth from acquisitions, offset slightly by a reduction of 1 percent from currency exchange."
Cutler said the firm generated record cash flow in the fourth quarter, with operating cash flow of $872 million, up 27 percent from 2012. The company completed its purchase price accounting for Cooper, and the executive said the Cooper integration remains ahead of schedule.
Hydraulics segment fourth quarter sales were up 3 percent over 2012 at $714 million for 2013. Operating profits were $84 million. Excluding acquisition integration charges of $8 million in the fourth quarter 2013, operating profits were $92 million, up 80 percent over 2012.
"The global hydraulics market has stabilized with signs in some parts of the market that growth is improving," Cutler said. "Our bookings in the fourth quarter increased 19 percent over last year, led by the mobile markets. For 2014, we anticipate our hydraulics markets will grow 3 percent."