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Eaton Corp. Eaton is a global diversified industrial manufacturer of highly engineered products that serve industrial, vehicle, construction, commercial and aerospace markets. Principal products include hydraulic products and fluid connectors, electrical power distribution and control equipment, truck drivetrain systems, engine components and a wide variety of controls. The company has 59,000 employees and 195 manufacturing sites in 24 countries. Eaton Automotive is a leading supplier of powertrain components and control systems to vehicle manufacturers. Eaton Automotive operations provide innovative engine management components, automotive controls and switches, traction modifying devises such as differentials and VORAD collision warning technologies. Eaton Automotive is a world class supplier of vehicle systems that provide comfort, convenience, performance and safety. Eaton Aeroquip is a leader in mobile and industrial hydraulics, hoses and couplings. Eaton reports fourth quarter operating earnings of $1.40 per share and record results for full year CLEVELAND, OHIO… Diversified industrial manufacturer Eaton Corporation (NYSE:ETN) today announced operating earnings per share of $1.40 during the fourth quarter of 2000, 12 percent below one year earlier. Sales in the quarter were $2.14 billion, 3 percent below last year. Net income before unusual items was $98 million versus last year’s $119 million. Net income, including restructuring charges in both years and a gain on the sale of a business in 1999, was $84 million, or $1.20 per share, in the fourth quarter of 2000 compared to $224 million, or $2.98 per share, for the comparable quarter of 1999. Sales and operating earnings per share for the full year 2000 were at record levels. Net income before non-recurring items reached $473 million, or $6.52 per share, on sales of $8.99 billion. Comparable 1999 earnings were $439 million, or $5.95 per share, on sales of $8.40 billion. Including all unusual items, earnings reached $6.24 per share in 2000 compared to $8.36 per share in 1999. Fourth quarter Automotive Components sales were $428 million, 6 percent below one year earlier, in large part because of the weak euro exchange rate. Cutler noted that a 2 percent decline in volume compared favorably with the trend of Eaton’s light vehicle markets, including a 7 percent drop in production in the NAFTA region, a 3 percent decline in Europe, and a 27 percent rise in South American output. He attributed the above market volume performance largely to new product introductions. Segment profits in the quarter were $45 million, down $14 million from year-earlier results. Fourth quarter Truck Components sales were 36 percent below one year ago, at $273 million. This compares to a 50 percent decline in NAFTA production of Class 8 trucks, a 30 percent drop in NAFTA medium-duty truck production, a 2 percent rise in European truck output and a 4 percent increase in South American commercial vehicle production. The segment had an operating loss of $12 million compared to profits of $54 million before restructuring charges one year ago. Fluid Power sales were a fourth quarter record $631 million, with a weaker euro's impact on sales offset by acquisitions. The 5 percent volume increase compares to a flat year-to-year trend of North American fluid power markets and a 2 percent increase in aerospace markets. Segment profits before restructuring charges were $72 million, up 16 percent from one year ago. Industrial & Commercial Controls sales and profits were at fourth quarter records. Sales of $616 million were 3 percent above last year, with a 5 percent increase in Cutler-Hammer sales offset by year-to-year declines in Navy and Commercial Controls. This compares to about a 4 percent increase in North American shipments of distribution equipment and industrial controls. Segment profits of $64 million were 25 percent higher than last year at 10.3 percent of sales. (January 22, 2001)
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