Eaton announces strong fourth-quarter 2010 results

Diversified industrial product manufacturer Eaton announced its net earnings per share of $1.63 for the fourth quarter of 2010, an increase of 30% from the $1.25 per share net income for the same period in 2009. Net income for both periods includes costs associated with acquisition integration. Excluding this fee, net income per share for 2010 was $1.69, an increase of 25% from the $1.35 per share net income for the same period in 2009.

Alexander M. Cutler, Eaton’s chairman and chief executive officer, said: “Eaton’s performance in the fourth quarter of 2010 was very strong. Despite spending US$36 million in a legal case in Brazil, it’s equivalent to At 15 cents per share, the quarter's growth in various areas still greatly exceeded our expectations."

Fourth-quarter sales of 3.7 billion US dollars, compared with the same period in 2009 increased by 17%. The company's net income was 280 million US dollars, an increase of 33% compared with 2009's 211 million US dollars. Excluding acquisition integration expenses, operating income in the fourth quarter of 2010 was US$291 million, compared with US$229 million in the same period of 2009, and operating income increased by 27%.

“The 17% growth achieved in the fourth quarter was mainly composed of several factors: core sales increased by 16%; acquisitions increased by 2%; and 1% due to exchange rate changes fell slightly. The end market is This quarter has grown by 13%,” said Ke Renjie. “Our profit rate in the fourth quarter was as high as 13.7%, breaking the previous quarter's 13.4% profit margin and achieving significant growth.”

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