Diversified industrial product manufacturer Eaton announced its second quarter 2012 financial report on July 23, 2012. In the quarter, Eaton’s net income per share was US$1.12, which was a year-on-year increase of 15% compared to US$0.97 in 2011, setting a new record. The second quarter sales were $4.1 billion, slightly lower than the same period in 2011. The net profit was 382 million US dollars, higher than the 336 million US dollars in the same period in 2011.

Alexander M. Cutler, Eaton’s chairman and chief executive officer, said: “We are very pleased that Eaton’s financial performance in the second quarter has set a new record. Our core sales have achieved a 3% growth, which has been brought about through acquisitions. However, foreign exchange fluctuations (such as the depreciation of the euro and the Brazilian real currency) caused a 5% reduction in the company’s assets, which offset these increases. The end market achieved a 3% growth this quarter.”

He went on to say, “In short, we continue to expect that Eaton will be able to create new records in sales and profits in 2012. Sales are expected to increase by 4% year-on-year, and earnings per share will increase by 10% year-on-year, in line with our profit forecast. Point the target."

Performance of each business group

This quarter, Eaton’s Electric Group’s sales were US$1.783 billion. Among them, the Americas Electric business sales of 1.1 billion US dollars, an increase of 10% year-on-year, refreshed the market quarterly sales record. Sales of electrical business in other regions of the world were US$683 million, a decrease of 13% from the same period in 2011.

The hydraulic group’s sales were US$769 million, a year-on-year increase of 6%, setting a new quarterly sales record. The Group’s operating profit was US$123 million, plus acquisition and integration expenses of US$3 million. Its second-quarter operating profit was US$126 million, a year-on-year increase of 5%, setting a new record.

The Aerospace Group’s sales for the quarter were US$436 million, a year-on-year increase of 7%; operating profit was US$59 million, an increase of 18% year-on-year; the Aerospace market grew by 1% year-on-year.

In the quarter, sales of truck parts business were US$625 million, a decrease of 7% from the same period in 2011; operating profit was US$120 million, which was the same as in the same period of 2011.

Sales of automotive components business for the quarter were US$422 million, a decrease of 8% year-on-year. The global auto market has grown by 1%, of which the US market has grown by 10%, and the market outside the United States has dropped by 3%. The operating profit of the automotive component business was US$48 million, a decrease of 13% year-on-year.

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