Eaton sees 3Q revenues, income slip

Oct. 17, 2001
Truck component maker Eaton Corp. said its net dropped to $47 million in the third quarter of 2001, down from $77 million in the same period last year. Eaton added that sales for the quarter were $1.75 billion, 13% below sales during the same quarter last year. During the third quarter, Eaton also took $33 million worth of pre-tax charges related to the restructuring of its operations. It also realized
Truck component maker Eaton Corp. said its net dropped to $47 million in the third quarter of 2001, down from $77 million in the same period last year. Eaton added that sales for the quarter were $1.75 billion, 13% below sales during the same quarter last year.

During the third quarter, Eaton also took $33 million worth of pre-tax charges related to the restructuring of its operations. It also realized a gain of $23 million from the sale of non-core businesses. After all unusual items in both periods, third quarter net income was $40 million compared to $69 million one year ago.

For the first nine months of 2001, operating earnings per share were $2.64 on sales of $5.60 billion. Comparable earnings last year were $4.23 per share, on sales of $6.36 billion, said Eaton.

"Eaton’s third-quarter earnings came in about where we expected in the wake of the September 11 terrorist attack on our nation," said Alexander M. Cutler, Eaton’s chairman and CEO. "While it is still early to accurately assess the full impact of that tragedy on the U.S. and world economy, we expect Eaton’s markets will be down again this quarter and remain below year-ago levels until the second half of 2002.”

Sponsored Recommendations

Tackling the Tech Shortage: Lessons in Recruiting Talent and Reducing Turnover

Discover innovative strategies for recruiting and retaining tech talent in the trucking industry at our April 16th webinar, where experts will share insights on competitive pay...

Stop Sweating Temperature Excursions

Advanced chemical indicators give you the peace of mind that comes from reliable insights into your supply chains. Compromised shipments can be identified the moment they arrive...

How Electric Vehicles Help You Prolong the Life of Your Fleet

Before adopting electric vehicles for commercial/government fleets, prioritize cost inquiries. Maintenance is essential; understand the upkeep of EV fleets. Here’s what you need...

How to Choose the Right Route Planning Solution

This free buyer's guide will help equip you with the knowledge and insights needed to analyze route planning software and vendors in the market and, ultimately, make an informed...

Voice your opinion!

To join the conversation, and become an exclusive member of FleetOwner, create an account today!