Eaton announces second-quarter earnings per share growth of 47% over the same period last year

Diversified industrial product manufacturer Eaton announced on July 27, 2011 that its net income per share for the second quarter of 2011 was $0.97, an increase of 47% compared with net earnings per share of $0.66 for the same period in 2010. Sales for the quarter were US$4.09 billion, up 21% from the same period last year; this quarter's profit was US$336 million, compared with US$226 million in the same period last year.

Net income for both periods of 2010 and 2011 includes costs associated with acquisition consolidation. Excluding this portion of costs, operating income per share in 2011 was $0.97, an increase of 43% compared to $0.68 for the same period in 2010. Operating income was $338 million, compared to $232 million in the same period of 2010.

Alexander M. Cutler, Eaton’s chairman and chief executive officer, said: “We are satisfied with the second quarter’s performance and exceeded our earnings forecast cap for the quarter. Our second quarter sales were better than the The quarter increased by 8%, reflecting the continued expansion of our markets throughout the world."

"Compared to the same period of last year, our second-quarter sales increased by 21% this year." Ke Renjie said, "14% of this comes from core growth, 6% comes from foreign exchange transactions, and 1% comes from acquisitions. This quarter end market Then achieved a 12% increase."

Ke Renjie said: "In the second quarter, our divisional operating profit rate achieved a good 13.9% record and set a new record. We are very pleased with this."

"This year's performance may be expected to be better than we expected in April. Compared to the previous 10%, we now expect the entire terminal market to grow by 11%," said Ke Renjie.

"We expect net income per share for the third quarter of 2011 to be in the range of $1.01 to $1.11. Excluding acquisition integration costs, operating earnings per share will be in the range of $1.03 to $1.13. We look forward to higher levels in the third quarter. Sales and profit margins partially offset higher tax rates."

“We are improving our full-year earnings forecast. Given our strong performance in the second quarter and better expectations for the full-year market, we will increase our 2011 full-year earnings per share forecast by US$0.15, or per share. The net income is between $3.86 and $4.06, and the operating income per share will be adjusted between $3.9 and $4.1."

“We look forward to achieving record sales and profits in 2011. Compared to 2010, we expect sales to increase by 19% in 2011 compared to our sales record set in 2008. It will be 6% higher, and our earnings forecast for this year's median operating income per share is 42% higher than the same period of last year and 16% higher than the previous record of operating income per share. We are particularly looking forward to the 2011 results because we Many important businesses have only just begun to recover from the economic downturns of 2008 and 2009,” adds Koren.

Performance of each business group

In the second quarter of 2011, the company’s sales in the Americas Electrics business market was US$1.03 billion, up 16% from the same period in 2010, including 11% growth in core sales, 4% growth due to acquisitions, and 1% Growth due to exchange rate changes. Operating profit for the quarter was $144 million. Excluding the $1 million in acquisition integration costs, operating profit for the quarter was $145 million, up 20% from the same period in 2010.

Ke Renjie said: “Our American electrical terminal market grew by 10% in the second quarter, and the industrial market performed the strongest this quarter.”

"The pre-sale volume of the Americas Electric Market in this quarter was 9% higher than the record pre-sale volume of this market in the same period of 2010 after adjustment of the exchange rate." Ke Renjie said, "We look forward to the American electrical market to grow by 7% in 2011. And according to the strong development momentum of this year's market, we believe that the performance of the Americas electric market will be even better next year."

Ke Renjie said: “We completed the acquisition of CI ESI de Colombia SA (ESI) in the second quarter. This acquisition will help Eaton expand its business in Colombia and build a platform for future development in the region.”

Sales of electrical business in other regions of the world rose 18% from the same period last year to $787 million. Of these, 5% came from core sales growth and 13% from foreign currency growth.

Eaton Electric's operating profit for the quarter was $77 million. Excluding the acquisition fee of US$1 million, operating profit totaled US$78 million, an increase of 16% over the same period in 2010.

“In the second quarter, our market grew by 6%, and the European and Asian electric markets also increased by 6%. After adjusting for exchange rates and acquisitions, due to the sharp decline in solar inverter orders, the company’s electrical business in other regions of the world The sales volume decreased by 4%. However, for the whole year of 2011, we still maintain a 7% growth expectation for the electrical business in other regions of the world.” Ke Renjie said, “This quarter we completed the low-voltage electrical business of ACTOM in South Africa. The acquisition will not only consolidate our position in South Africa's electrical market, but also provide a favorable platform for our future development in South Africa."

The sales of the company's hydraulic group rose by 28% compared to the same period last year to $728 million. Global hydraulic market sales rose 18% in the quarter, with the US market rising by 21% and non-US market rising by 16%. Operating profit increased by 56% year-on-year to US$120 million.

“As we have seen in the first quarter, the global hydraulics market continues to maintain a strong rebound in the second quarter,” said Ke Renjie. “After adjusting the exchange rate, our pre-sales rose by 20% during the quarter. Throughout the year, we have always believed that the global hydraulic market will reach 18% growth."

Ke Renjie continued: “Our hydraulic business performed well this quarter and achieved record sales, operating profit and profitability. We are particularly pleased to be able to achieve a record quarterly profit margin of 16.5%.”

“In the second quarter, our filtration business made further strategic developments, not only completed the acquisition of Internormen Technology Group, but also announced the signing of an agreement to acquire E.Begerow Co., Ltd. These two acquisitions will make us The filtration business has doubled in size, and has provided important new products for our terminal market,” said Ke Renjie.

The Aerospace Group’s sales were US$409 million, an increase of 11% over the same period of last year; market sales increased by 4% compared to the same period last year; operating profit was US$50 million, compared to US$48 million in the same period of last year.

Ke Renjie said: "As a result of the reduction in military orders, the exchange-adjusted aerospace group's pre-sales fell by 1% this quarter. However, in the second half of this year, we believe that the expansion of commercial aircraft production plans will offset the weakness of the military space market, so we are still The global aerospace market in 2011 is expected to maintain growth of 4%."

"Similar to the first quarter, our second-quarter profit margin was also affected by the increase in many expenditures, which come from changes in the scope of services, project delays and implementation of new customer programs. But we believe our profit in the second half of the year. The rate will exceed the level of the first half of the year."

Truck Parts Business generated a new sales record of USD 673 million in the second quarter, an increase of 37% over the same period in 2010. Truck parts production rose by 27%, of which the US market increased by 53% and the non-US market increased by 5%. Operating profit reached 120 million U.S. dollars.

“We continue to expect that the North American Free Trade Agreement Group 8 market will reach 265,000 in 2011. In addition, we expect the market will have relatively modest growth.” Ke Renjie said, “We are very pleased to achieve 17.8% profit this quarter. The rate, and thus the profitability forecast for our truck business throughout the year, is expected to increase further as production continues to climb during this business cycle."

Compared with the same period of last year, sales of automotive components business rose by 18% to 460 million US dollars. The global auto market rose by 9%, the US market rose by 15%, and the non-U.S. market rose by 7%. The operating profit of the automotive business was US$55 million, an increase of 41% over the same period of last year.

Ke Renjie said: “We are very happy that the automotive components business has achieved a 12% profit margin, which also promotes us to increase our annual profit forecast. Although global automotive output was affected by the Japanese market supply during the quarter, we were also slightly affected. Fortunately, we suffered much less disturbance than many industry experts had predicted, and we believe global vehicle production will rebound in the third quarter as the supply situation resumes."

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