At Eaton Corp., Cleveland, fourth-quarter profit soared 70 percent, spurred by stronger sales in its electrical and truck segments.
In a recent press release, Eaton reported net income of $114 million, or $1.44 a share, compared with $67 million, or 94 cents a share, a year earlier. Eaton also announced plans to initiate a 2-for-1 stock split and repurchase 2.1 million shares on a pre-split basis.
The company’s fourth-quarter sales increased 17 percent to $2.08 billion from $1.78 billion. Sales for its electrical segment, rose to $612 million. Total-year sales rose 12 percent to $8.06 billion from $7.21 billion a year earlier. Eaton’s 2003 net income rose 37 percent to $386 million, or $5.13 a share, from $281 million, or $3.92 a share, a year earlier. Excluding restructuring costs and other items from both periods, the company said operating earnings in 2003 totaled $410 million, or $5.45 a share, compared with $315 million, or $4.40 a share, in 2002. “We had a very good year. We are very pleased with our fourth quarter, which exceeded our previous guidance,” Alexander M. Cutler, chairman and CEO, said in a prepared statement. Eaton expects growth to accelerate in its electrical market.