Eaton sees 3Q revenues, income slip

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

Oct. 17, 2001

2 min read

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.”

Voice your opinion!

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

Continue Reading

Michelin introduces Michelin X Force Winter and Michelin X Force ZL Tires

Roeth: Private fleets advancing sustainability

Latest from News

Why Clear Communication is Key to Retaining Happy, Motivated Drivers

IdeaXchange

Why lack of communication hurts driver morale and what you can do about it

Drivers want to be seen. Supported. Heard. And they can tell when it’s genuine and when it’s just for show.

J.B. Poindexter & Co.

Equipment

JBPCO acquires ambulance manufacturer Demers Braun Crestline Medix

Parent company of work truck upfitting giants Reading Truck and Morgan Olson expands into the emergency vehicle market with the addition of one of North America’s largest ambulance...

Occidental Chemical, known as OxyChem, produces indispensable chemicals internationally. This small private fleet covers about 2.5 million miles annually, delivering products to customers across the U.S.

Members Only

Operation Safe Fleet: How Oxy built a winning private fleet

Leadership and training turned this chemical bulk hauler into one of the safest fleets in the U.S. Intensive training and experience pay off for Oxy's Occidental Chemical transportation...