DUBLIN—Eaton Corp. P.L.C. reported a decrease in sales, but an increase in net income for first quarter of 2015, the firm said on April 29.
Sales came in at $5.22 billion, down from $5.42 billion in 2014. Net income, however, increased to $467 million from $441 million during the same period last year.
Chairman and CEO Alexander M. Cutler said the sales decline was a result of 6 percent currency translation.
“Our first quarter results are a solid start to the year, coming in slightly above the midpoint of our guidance despite the impact from additional negative currency translation,” Cutler said in a statement.
Eaton's Hydraulics segment's sales dropped 15 percent to $665 million, while its Aerospace segment remained flat at $464 million.
Cutler attributed the drop in Hydraulics to downturn in the global market for agricultural equipment and Chinese construction equipment.
The firm's Vehicle segment posted sales of $955 million, a 4 percent decline compared to 2014.
Eaton is a power management company with 2014 sales of $22.6 billion and 102,000 employees in 175 countries.